Less than a month after declaring bankruptcy, the solar EV startup Lightyear is fighting back with a new company and a fresh capital base. The company has raised 8 million euros in a single day from a consortium of investors, with its intellectual property (IP) as collateral.
Lightyear’s flagship Lightyear 0 had just begun production in Finland when the company announced it was halting all production to focus on its second model, the much more affordable and mass produced Lightyear 2. This announcement was followed by the news that Lightyear had officially filed and been approved for bankruptcy, relinquishing its business to Holla legal & tax in the Netherlands as trustee.
The relaunch of Lightyear is powered by the fresh capital investments, and the company is confident that it can deliver its mass market solar EV to consumers. However, much of the laid-off staff at Lightyear version 1.0 is staring down unemployment as early as next week and the company will need to stay as lean and nimble as possible as it seeks additional funding.
The capital raise was lead by Individual Investors Group (IIG) who helped facilitate the relaunch by raising enough funding to act as a base for the new company. As part of the capital raise, Lightyear’s intellectual property will be brought over to the new version of the company as collateral for all stakeholders.
It remains to be seen if Lightyear can successfully scale and deliver its solar EV to customers, but the company is determined to make it happen. Lightyear is currently working out all the details with all parties involved in its rebirth, including the bankruptcy trustee, and we are sure to learn more soon.
FAQ
Q1. When will electric cars be available in the UK?
A1. Electric cars are already available in the UK and can be purchased from a variety of dealerships.
Q2. Where can I find electric car charging stations near me?
A2. You can find electric car charging stations near you by using online maps or apps such as PlugShare or ChargePoint.
Q3. Which electric car is the best?
A3. The best electric car depends on your individual needs and preferences. Some popular models include the Tesla Model 3, Nissan Leaf, and Chevrolet Bolt EV.
