Lightyear funding news – Dutch-based Lightyear Secures €10Million in Funding

The NRC reports that Lightyear will be able to use the funding to improve production at its Venray, Netherlands, facility, where cutting-edge gear makes it possible to build flexible solar panels.

A group of TU Eindhoven students founded Lightyear in 2016 with the goal of developing solar-powered electric vehicles. With the goal of reducing dependency on charging stations using integrated solar technology, the business developed its flagship model, the Lightyear One, and obtained over €200M in financing to promote its mission.

The company decided to focus on researching and marketing solar cell technology instead of producing full automobiles as a response to these difficulties. Lightyear's intellectual property portfolio, which consists of 60 patent families pertaining to solar panel technology, supported this strategic reversal.

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This could imply that Lightyear can modify current equipment to accommodate its unique technology. The production process, which can generate up to 100,000 solar panels annually, is now run by just two people.

Lightyear solar roofs have the capacity to produce 200 watt-hours of electricity per square meter, which is enough to power an automobile's electronics and air conditioning. Under ideal circumstances, solar technology might meet as much as 15–25% of a car's energy requirements, enabling longer driving distances between battery recharges.

Instead of looking for outside funding, the company decided to raise money from its current investors, which allowed it to maintain control and avoid share dilution. With this strategy, Lightyear hopes to make future fundraising efforts easier as it expands its operations and looks to land bigger contracts.

About Lightyear

Lightyear The cumulative annual mileage of all the cars in the world is one light-year. They are impacting their earth by doing this. By 2035, they want to be able to drive a light-year with a renewable alternative.