Lightyear reboots with a smaller team and fresh funding aiming at low-cost EVs
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Lightyear, a Netherlands-based startup, has resumed its business as a new firm with a substantially smaller crew months after officially declaring bankruptcy but claiming to continue development of its mass-market solar EV, the company announced.
According to a press release issued today by the startup, it has completed a restructuring plan that has pleased all parties concerned, allowing it to relaunch as a totally new firm called Lightyear Technologies. Following the original declaration of bankruptcy in January, Lightyear's parent company, Atlas Technologies Holding, followed suit today, allowing Lightyear to be reborn as the new corporation.
The restart of Lightyear was made possible by current investors. Arnoud Aalbersberg represents the Impact Investor Group (IIG) that raised the required investment: "As a concerned investor, I stood up in early February to safeguard the interests of individual investors. That same group also made the restart financially possible. We succeeded!" Lightyear’s largest investors also facilitated the restart by contributing Lightyear’s intellectual property to the restructured company.
The startup's IP and a separate solar panel subsidiary will become part of Lightyear Technologies as part of the restructuring, resulting in a team of around 100 individuals – much less than the 600 on staff in the company's initial incarnation.
Lex Hoefsloot, CEO and co-founder, noted: "I am very happy that we managed to complete the restructuring, which we believe is in the interest of the sustainable success of Lightyear, taking into account the interests of its stakeholders. The whole team and many of our stakeholders have worked hard to make this possible. I would like to explicitly thank all of them."
The Lightyear team will maintain a defined set of priorities. In the following months, the emphasis will be on building the Lightyear 2 at a low cost and raising more funds for the next steps in the development of the Lightyear 2 and its extremely efficient technology.
Lightyear's operating firm was declared insolvent in January. Atlas Technologies Holding, Lightyear's parent firm, has now followed suit. This step was required to complete Lightyear's restructuring as a new firm. The IP and staff from the Holding's solar panel division will be incorporated into this new firm.
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