Lightyear's Operating Company Atlas Technologies Declared Bankrupt
Solar EV startup Lightyear has announced that Atlas Technologies, its operating company responsible for the production of solar cars, has been declared insolvent by a Dutch court.
Obviously, this spells uncertainty for the future of Lightyear, which announced a week ago that production of the Lightyear 0 was suspended six weeks after it started. The company said it would focus on a much cheaper solar EV, the Lightyear 2, due to launch in 2025.
The startup said on January 23 that it had to submit the request for "the opening of suspension of payment proceedings with respect to Atlas Technologies B.V."
The suspension has been granted by Rechtbank Oost-Brabant located in 's-Hertogenbosch in the Netherlands. "Today this court declared Atlas Technologies B.V. bankrupt. The court appointed Mr. R. van Oeijen from Holla legal & tax as trustee," Lightyear said in a short statement.
"Lightyear regrets having to make this announcement for all employees, customers, investors and suppliers and will work closely with the curator and all the people who are involved and hope for their understanding and support. In the coming period the trustee will focus on the position of the employees and creditors as well as assessing how the Lightyear concept can be continued."
