Lightyears Solar closes seed funding round
The company says the new capital will help ramp up the pace of their pipeline of project developments in New Zealand. Lightyears Solar is currently constructing its first
large-scale solar farm in Waiuku, Auckland, which is due for completion in August this year, and expects to commence construction of two further large-scale projects later in 2023.
The targeted investor round includes investment from the Unites States and contributes to the knowledge and governance of the company.
Lightyears Solar’s co-founder and development manager, Matt Shanks, says, “2022 was an amazing year for us, with five solar farms consented, with a combined capacity of over 30 MW. We’ve continued to build our team of technical experts and are growing our capability in solar farm construction. We’ve received significant interest in solar farm investment from within New Zealand and offshore and are scaling our operations to take advantage of this interest. New Zealand Trade and Enterprise has been a great help to us throughout the capital raise process and has some great resources for companies like us.”
Data scientist Thomas Newman was an early investor and urges other investors to support projects like this and to make bold investments in the transition to 100% renewable energy. “As a climate-conscious investor and entrepreneur, I'm excited to see this company successfully raising capital to develop utility-scale solar projects in New Zealand. It's critical that we continue to invest in renewable energy solutions that can deliver results quickly and efficiently to combat the urgent threat climate change poses.
“Despite the pressing need for action, many investors remain hesitant to support sustainable projects like this. It's time for the investment community to recognise the importance of investing in sustainable infrastructure and to take bold action to accelerate the deployment of renewable energy solutions.
The Lightyears Solar team
“Together, we can create a more sustainable future for ourselves and future generations. Let's leverage our collective resources and expertise to drive meaningful progress towards a more sustainable world.”
Investor Brendan Kayes works in renewable energy technology development in the United States and has a strong interest in companies deploying solar technology at scale, as well as in the startup company ecosystem in New Zealand.
“Early-stage investment is a great way to grow wealth generally, and to support the New Zealand renewable energy sector towards providing 90% of the country’s electricity by 2025.,” says Brendan.
“To meet this target, immediate deployment of additional renewable resources is needed. It appears to be a very opportune time to develop New Zealand’s renewable energy base beyond hydroelectricity, and Lightyears Solar is building a strong team,
“Solar electricity is a reliable and low-maintenance method of generating electricity with no emissions and a small environmental footprint. In many locations it is also now the most cost-effective way to add electrical generation capacity.”