Lightyear Raises $110 Million To Bring Its Solar Electric Car To Market

Lightyear which is a startup that has been developing electric cars based on solar power has announced a $110 million in a round of funding that will enable it Bira its vehicle to the markets The company came to prominence when it was spun out of Solar Team Eindhoven which was basically a group of engineering students from the Technical university of Eindhoven who were competing in the world solar challenge with their Stella and Stella Lux energy positive solar cars. These cars were producing more energy than they consumed.

The Solar Team Eindhoven even recently unveiled a solar RV also, but Lightyear has graduated to becoming a full fledged automotive player than a college project. The project which was announced back in 2019 promised an electric sedan with integrated solar cells and that enabled it to give a whopping range of 725 kilometres based on the WLTP cycle.

The team at Lightyear has made bold claims of an 724 kilometre range

"We reached the $110 million funding milestone with the help of one of the largest international insurers in the Netherlands, Cooperation DELA. This investment aligns with their long-term focus on sustainability. Together, we can work on our shared mission of bringing clean mobility to everyone, everywhere," said the company.

Also Read: Lightyear One to be made by Valmet Automotive

"It is great to see the acknowledgement from investors, which is a testament to the confidence that they have in Lightyear. Thanks to the trust and funding received from our investors, we can further grow as a company and bring our Lightyear One exclusive model on the market in 2022," said Lex Hoefsloot, the CEO and cofounder of the company.

It still plans to deliver the first units to the market in 2022 but it must be noted that this car will not come cheap as it will cost upwards of $100,000 at around $170,000 for a starting price.