Lightyear Secures $80.2 Million To Prepare For Mass Production Of Solar Electric Vehicles

According to recent report, Lightyear, a solar electric vehicle startup from the Netherlands, has just announced that it has received an investment of US$80.2 million.

The funds will help keep the company's operations on track, starting production of its first model this year and continuing development of its upcoming second model.

Lex Hoefsloot, Lightyear's CEO and co-founder, said, "In the current market environment, our technology has incredible potential for social impact, so I see this level of investment as a nod to the future of the company's products."

Backed by investors, Lightyear is well-positioned to move toward a sustainable future with plans to deliver the world's first solar-powered car.

The company's first car is the 250,000-euros Lightyear 0 (formerly known as the Lightyear 1), an expensive solar-electric vehicle that was scheduled to go into production in November, but will not be launched this year.

There are no plans for particularly large-scale production -- below 1,000. Lightyear said it hopes to produce more of the next-generation model.

The Lightyear 2 is the company's second solar-electric vehicle currently under development and is expected to go into production in 2025 at a cost of around 30,000 Euros, much lower than the first. Lightyear said the car has more than 10,000 reservations.