Dutch solar-vehicle company Lightyear is getting a fiscal boost. The Helmond-based EV developer announced it has received new financial support from systems development expert and repeat investor Sioux Technologies, together with BOM Brabant Ventures investment fund. The total amount of investment hasn’t been disclosed, however, the cash infusion is designed to help transition the EV developer into a car manufacturer – with the goal of delivering first orders by the end of 2021.
Despite the massive slump in car sales during the month of April, which are down more than 50 percent, and the other challenges brought on by the COVID-19 pandemic, investors believe that Lightyear has the potential to become a key player in the regional manufacturing industry. “The disparities between different car brands was significant,” details Jeroen Willems, investment manager at BOM. “Challengers of the incumbent automotive industry, such as Lightyear, are much less affected by the corona crisis than traditional carmakers. We expect the transition to sustainable mobility to accelerate even further as a result of the crisis.”