Solar electric automaker Lightyear to emerge from bankruptcy; Future still uncertain

Electric car manufacturer Lightyear said it will still continue with the production of its new affordable model, the Lightyear 2. The Helmond company, which makes electric cars that run in part on solar energy, was largely bankrupt, but will restart. The company and its loyal investors managed to raise 8 million euros within a day, which Lightyear said will be sufficient.

A spokesperson for the company was cautious, saying that the money has really only bought time. "This is good news, but there is still some work to be done."

He said that the 8 million euros allows Lightyear to soon move forward with its operations, including the production of the Lightyear 2. "The acute crisis is over. Now we can see how we will proceed," he said. "In any case, we are doing everything we can for a definitive restart."

He added that things are still going to change, with the formation of a new company staffed by new personnel. In the coming days, Lightyear will work out all the details with the parties involved. According to the Eindhovens Dagblad, about a hundred people will continue to work there, though the company previously counted over 600 employees.

On Friday, investor Arnoud Aalbersberg told radio station BNR that there was a plan for the restart. For this, the necessary amount of 8 million euros had to be collected first on Friday evening, and then later another "40 million or 45 million" euros will be needed.

Lightyear founder Lex Hoefsloot is satisfied in any case. "This is great news. Everyone involved has worked relentlessly to ensure the continuation of our mission. We have kept the interests of all stakeholders in mind throughout this process. We recognize the impact on our employees, investors, customers and suppliers is big, but we tried to find the best path for everyone."