Lightyear cars under hammer to raise money for creditors – Brand makes restart

Premature death

It all seemed so beautiful: a Dutch car that was going to conquer the world on solar power. The Helmond-based company raked in millions of euros from investors and last November the first model went into production: the Lightyear 0. The development of the car had cost so much money, however, that no pennies were left for actual production. The company found itself with a huge debt and went bankrupt. Thus, the announced Lightyear 2 – which was supposed to be significantly cheaper than the 0 – also died an untimely death.

Resurgence 

But just before Easter, the brand’s resurrection has been announced. Lightyear may restart and start production of the Lightyear 2, reports trustee Reinoud van Oeijen. “It was an extremely complex process,” van Oeijen stated in a statement. “Yet we were able to do this in a relatively short time. With many different interests and a complicated structure, it was not easy.”

One hundred employees

The company will continue under the name Lightyear Technologies. This company will include the intellectual property and part of the inventory. Only some of the original employees are allowed to work for the automaker. There is room for one hundred of the more than six hundred employees.

“We tried to represent the interests of the employees from home and abroad as best we could,” Van Oeijen said. “At the same time, we also tried to minimize the damage for the creditors. This way, there was a chance for a relaunch.”

Auction

The bankrupt Lightyear still has a sizable debt outstanding and is going to sell some of its stock through an auction to compensate creditors. For example, some demo copies of the famous Lightyear 0 will go under the hammer. On Wednesday, April 19, interested parties in Helmond can come take a look at the items being sold. The auction closes on April 24.

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