Lightyear struggles out of bankruptcy to focus on more affordable solar EV

Less than a month after Dutch solar electric vehicle (EV) company Lightyear was forced into bankruptcy, the company is trying to claw its way out of the situation with plans to launch a new company focused on its affordable solar EV, the Lightyear 2.

Lightyear, which was founded in 2016 with the goal of delivering a solar-powered electric vehicle, became the first company to enter series production of a solar EV in December when it began production of its flagship Lightyear 0, which came with a hefty purchase price of €250,000 (around $A387,000).

In mid-January, the company opened pre-orders for 10,000 units of the Lightyear 2, its “mass market” model with a more affordable price tag of €40,000 (around $A61,900), and with a promised 800 kilometres of range thanks to its solar canopy and record-breaking aerodynamics.

Not long after, however, Lightyear announced that it was halting production on its flagship Lightyear 0 model to focus on the Lightyear 2. This news was promptly followed a few days later by an official filing for bankruptcy.

On Tuesday, the company that it was seeking setting up a new company which would focus on producing the Lightyear 2, and said that – thanks to the “continuous support and efforts” from Lightyear’s “loyal investor community” – it was able to raise enough money to generate a solid capital base from which to form the new company.

The company says the intellectual property behind Lightyear’s EVs will be used as collateral for the new stakeholders. However, there are not yet any specific details with regards to their exit from bankruptcy or the future of production, with only a promise to “disclose more information when available.”

“This is great news,” said Lex Hoefsloot, the founder of Lightyear. “All involved worked relentlessly to secure the continuation of our mission.

“We kept the interests of all stakeholders at heart during this process. We realize that the impact on our employees, investors, clients and suppliers is significant, but we tried to find the best way forward for everyone.”