Helmond-based Lightyear, a company that manufactures solar-powered cars, announced on Thursday, December 21, that it has secured strategic investment from two South Korean venture capital funds — Sunbo Angel Partners and its sister company Lighthouse Combined Investment.
The announcement comes two months after Lightyear pivoted its business to producing solar roofs for car manufacturers through its subsidiary Lightyear Layer.
We reported about Sunbo’s proposal in August after both entities signed a letter of intent on June 28. However, the agreement has been made official now.
“We are excited to welcome Sunbo Angel Partners and Lighthouse as strategic investors. Our relationship began early this year at the CES in Las Vegas and our interactions in the Netherlands and South Korea have facilitated a deeper relationship. As their limited partners (LPs) represent multiple automotive suppliers, this step also broadens our access within the strong South Korean automotive sector,” says Lex Hoefsloot, CEO of Lightyear.
Through this investment, the Dutch company will gain access to Sunbo Angel Partners’ and Lighthouse’s robust ecosystem.
It includes next-generation technologies in solar energy, electric motors, and advanced manufacturing capabilities from their portfolio companies and LPs.
Sunbo Angel Partners: What you need to know
Sunbo Angel Partners (SAP) is a global venture capital firm headquartered in Busan, South Korea, with offices in Ulsan, Gwangju, Seoul, Singapore, and Berlin.
The VC invests in technology-driven startups from different sectors, such as ICT, Industrial HW/SW, Biotechnology, AR/VR, Fintech, and more.
“We strongly believe in the value that Lightyear brings in these crucial times and its power to steer the market towards efficient solar electric vehicles,” says Youngchan Choi, CEO of Sunbo Angel Partners.
Lightyear: What you need to know
Founded in 2016 by Arjo van der Ham, Koen van Ham, Lex Hoefsloot, Martijn Lammers, and Qurein Biewenga, Helmond-based Lightyear is a tech company developing an ultra-energy-efficient automotive platform.
Through its design and integrated solar cells, the company aims to eliminate the two biggest concerns for electric cars – high charging frequency and limited range.
“South Korean automakers are renowned for being early adopters of groundbreaking technologies. With their large footprint in the industry, they have a significant influence on what vehicles of the future can and will look like. Therefore this investment is an exciting step to strengthen Lightyear’s commercial pipeline and supply chain, offering opportunities for further synergies on a technology level,” states Dr. Bernd Martens, former member of the board of management at Audi AG and advisor to the company.
Earlier this year, the company decided to suspend the production of Lightyear 0 after Atlas Technologies BV, which is responsible for the production of Lightyear 0, declared bankruptcy.
In March, the Dutch company announced its plans to set up a new company and raised enough funding to create a solid capital base from the Individual Investors Group (IIG).
As a part of the process, the company also announced that its Intellectual Property (IP) will be brought to the new company as collateral for all stakeholders.
Invest-NL, leading the consortium of former IP pledge holders, agreed to accommodate this for the new company.
Consequently, the Dutch company opened the waiting list for Lightyear 2 to make electric driving accessible and convenient at a more affordable price.
The production of Lightyear 2, the company’s solar car, has been temporarily halted due to difficulties in securing new investors for further development.
Instead, it will focus on producing solar roofs for car manufacturers through its subsidiary Lightyear Layer.
Read the orginal article: https://siliconcanals.com/news/startups/dutch-lightyear-secures-funding/
