Netherlands-based Lightyear Secures Strategic Investment from two South Korean Venture Capital Funds. Sunbo Angel Partners and Lighthouse Combined Investment. The investment amount has not been disclosed.
Both funds, with ties to South Korea’s automotive industry and other manufacturing corporate alliances, have recognized Lightyear’s potential to create the next era of highly efficient solar vehicle technology.
Lex Hoefsloot, CEO of Lightyear said, “We are excited to welcome Sunbo Angel Partners and Lighthouse as strategic investors. Our relationship began early this year at the CES in Las Vegas and our interactions in both the Netherlands and South Korea have facilitated a deeper relationship. As their limited partners (LPs) represent multiple automotive suppliers, this step also broadens our access within the strong South Korean automotive sector,”.
Youngchan Choi, CEO of Sunbo Angel Partners said, “We are excited to join forces with Lightyear and witness the remarkable synergies that arise from this collaboration. We strongly believe in the value that Lightyear brings in these crucial times and its power to steer the market towards efficient solar electric vehicles, ”.
Through this investment, Lightyear will gain access to Sunbo Angel Partners’ and Lighthouse’s robust ecosystem. This includes next-generation technologies in solar energy, electric motors, and advanced manufacturing capabilities from their portfolio companies and LPs.
Dr. Bernd Martens, former member of the board of management at Audi AG and advisor to the company said, “South Korean automakers are renowned for being early adopters of groundbreaking technologies. With their large footprint in the industry, they have a significant influence on what vehicles of the future can and will look like. Therefore this investment is an exciting step to strengthen Lightyear’s commercial pipeline and supply chain, offering opportunities for further synergies on a technology level,”.
In the past 6 years, Lightyear has built up a broad and strong patent portfolio supporting the development of highly efficient solar electric vehicles. Lightyear is a high-tech company based in the Netherlands, set up by serial winners of the World Solar Challenge.