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Helmond-based Lightyear, an organization that manufactures solar-powered automobiles, introduced on Thursday, December 21, that it has secured strategic funding from two South Korean enterprise capital funds — Sunbo Angel Companions and its sister firm Lighthouse Mixed Funding.
The announcement comes two months after Lightyear pivoted its enterprise to producing photo voltaic roofs for automotive producers by way of its subsidiary Lightyear Layer.
We reported about Sunbo’s proposal in August after each entities signed a letter of intent on June 28. Nevertheless, the settlement has been made official now.
“We’re excited to welcome Sunbo Angel Companions and Lighthouse as strategic traders. Our relationship started early this 12 months on the CES in Las Vegas and our interactions within the Netherlands and South Korea have facilitated a deeper relationship. As their restricted companions (LPs) signify a number of automotive suppliers, this step additionally broadens our entry inside the robust South Korean automotive sector,” says Lex Hoefsloot, CEO of Lightyear.
By this funding, the Dutch firm will achieve entry to Sunbo Angel Companions’ and Lighthouse’s strong ecosystem.
It contains next-generation applied sciences in photo voltaic power, electrical motors, and superior manufacturing capabilities from their portfolio corporations and LPs.
Sunbo Angel Companions: What you should know
Sunbo Angel Companions (SAP) is a worldwide enterprise capital agency headquartered in Busan, South Korea, with places of work in Ulsan, Gwangju, Seoul, Singapore, and Berlin.
The VC invests in technology-driven startups from completely different sectors, reminiscent of ICT, Industrial HW/SW, Biotechnology, AR/VR, Fintech, and extra.
“We strongly consider within the worth that Lightyear brings in these essential instances and its energy to steer the market in direction of environment friendly photo voltaic electrical autos,” says Youngchan Choi, CEO of Sunbo Angel Companions.
Lightyear: What you should know
Based in 2016 by Arjo van der Ham, Koen van Ham, Lex Hoefsloot, Martijn Lammers, and Qurein Biewenga, Helmond-based Lightyear is a tech firm creating an ultra-energy-efficient automotive platform.
By its design and built-in photo voltaic cells, the corporate goals to remove the 2 greatest considerations for electrical automobiles – excessive charging frequency and restricted vary.
“South Korean automakers are famend for being early adopters of groundbreaking applied sciences. With their giant footprint within the trade, they’ve a big affect on what autos of the longer term can and can appear to be. Due to this fact this funding is an thrilling step to strengthen Lightyear’s industrial pipeline and provide chain, providing alternatives for additional synergies on a expertise stage,” states Dr. Bernd Martens, former member of the board of administration at Audi AG and advisor to the corporate.
Earlier this 12 months, the corporate determined to droop the manufacturing of Lightyear 0 after Atlas Applied sciences BV, which is liable for the manufacturing of Lightyear 0, declared chapter.
In March, the Dutch firm introduced its plans to arrange a brand new firm and raised sufficient funding to create a stable capital base from the Particular person Traders Group (IIG).
As part of the method, the corporate additionally introduced that its Mental Property (IP) might be delivered to the brand new firm as collateral for all stakeholders.
Make investments-NL, main the consortium of former IP pledge holders, agreed to accommodate this for the brand new firm.
Consequently, the Dutch firm opened the ready listing for Lightyear 2 to make electrical driving accessible and handy at a extra inexpensive value.
The manufacturing of Lightyear 2, the corporate’s photo voltaic automotive, has been briefly halted because of difficulties in securing new traders for additional growth.
As an alternative, it should concentrate on producing photo voltaic roofs for automotive producers by way of its subsidiary Lightyear Layer.
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