Helmond-based company behind the solar car has financial problems.
Lightyear 0 is built by Atlas Technologies, a subsidiary of Atlas Technologies Holding. The company, located on the Automotive Campus in Helmond, applied for suspension of payment for this subsidiary from the curator on Monday. Which confirmed CEO and co-founder Lex Hoefsloot to the Financieel Dagblad.
Lightyear speaks of a 'strategic restructuring', which is necessary to safeguard the company vision. Lightyear was founded in 2016 by students from Eindhoven University of Technology, who won the World Solar Challenge in 2013, 2015 and 2017. The company now has 544 employees and has so far raised more than €200 million in several investment rounds.
Lightyear wants to launch a more affordable variant on the market in the future. Companies and the government had so much confidence in the solar car plan that massive investments were made in it.
According to Hoefsloot, the investments raised are linked to the holding company and it is not yet clear to what extent investors will be affected by the suspension of the subsidiary. It is also still unclear what the consequences are for Valmet Automotive. Last week, leasing company Arval ordered 10.000 units of the Lightyear 2.
deferral
The request for postponement of payment submitted to the court on Monday relates to business unit Atlas Technologies BV, which houses the production of the Lightyear 0. When a company is in financial trouble and is no longer able to meet its obligations, a suspension of payments can be applied for. This is a temporary solution where creditors are requested to postpone payments for a certain period of time.
The trustee will investigate whether there is a solution to the problems and whether the company is ultimately able to pay off the debts. If this is not the case, the court may decide to declare the company bankrupt. Long story short: Lightyear had big plans and of course realizing them costs money. During an investment round, the company raised €81 million, partly thanks to the Dutch government.
