Dutch solar car startup Lightyear has announced a new company that will focus entirely on Lightyear 2. But not all the details have been negotiated and the administrators have yet to approve it. According to Lightyear, enough capital has been generated to create a “solid capital base” for the new company. This was made possible through “the continued support and hard work of our loyal investor community.” Many investors, including private investors, join the Individual Investors Group (IIG).
“I am relieved that we were able to facilitate this relaunch by raising €8 million in one day from investors who had ventured out from the start,” said IIG founder Arnoud Aalbersberg. Broad audience to create solar-powered electric vehicles that are less dependent on the grid.”
The intellectual property will serve as collateral for the new company, he said. This is achieved through a special corporate structure in which intellectual property rights are held by a company other than the one responsible for operations (including production). In the coming days, Lightyear expects to work out all the details with all relevant parties, including the administrators, and to release further information as soon as possible.
However, the intellectual property involved in the case has apparently been pledged. Invest-NL leads a consortium of former intellectual property commitment holders. However, Lightyear can count on the support of Invest-NL: “Thanks to the efforts of many people, we are delighted that Lightyear can continue its mission,” said Invest-NL CEO Rinke Zonneveld. “Invest-NL invested heavily in Lightyear last year because we believe in the potential of its technology. Challenges remain significant, but there are also great opportunities for the company. We want to work with all involved to make Lightyear a success.”
At the end of January, Atlas Technologies, the operating company responsible for the production of the Lightyear solar car, was declared insolvent by a Dutch court. The financially troubled company had previously halted production of its first car in order to focus all resources on the planned mass-production Lightyear 2.
