Lightyear plans to use the funds to mass-produce its "Lightyear One" car and launch the vehicle by 2022. Here are the top-line bullets you need to know.
Lightyear, a solar-powered electric car developer, has raised $110M in a Series C. The round drew participation from investors like DELA, among others.
How’s the company performing?
- Netherlands-based Lightyear is developing long-range, solar-powered electric vehicles that are grid-independent and can be driven anywhere.
- The company’s technology allows its vehicle to consume 83 Wh/km, making it 3x more efficient than other similar vehicles.
- Lightyear partnered with Valmet Automotive in June 2021 to develop its “Lightyear One” model.
- The company plans to manufacture around 946 cars for distribution across the European Union, Switzerland, and Norway.
Why does the market matter?
- The global solar vehicle market is projected to grow at a CAGR of 43.3% to reach a value of $4.09B by 2030, according to Allied Market Research.
- Rising demand for emission-free vehicles due to climate change, increasing use of electric vehicles, and growing demand for energy-efficient fuels have contributed to industry growth.