Cars powered by the sun have struggled to make it beyond the prototype stage because of the large area solar panels require. Fundraising in the early days was a challenge, as investors were reluctant to put their money into a new concept, Hoefsloot said.
“Right now, we’re at a much more mature” stage, adding that the majority of investments came from the Netherlands. Lightyear secured €81 million from a Dutch-led group of investors in September. The company, founded in the Netherlands in 2016, has also been developing Lightyear 2, its second high-volume model, with a starting price of around €30,000 . The Lightyear 2 is expected to go into production by 2025 and has reservations from leasing and car-sharing companies LeasePlan and MyWheels, according to the company.
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