Funding round of €45 million completed successfully by our organization during Series C
In a significant development for the electric vehicle (EV) industry, Sono Motors, a German company specialising in solar-integrated EVs, has completed a €45 million Series C financing round. This funding will support the company's mission to bring solar-powered urban mobility vehicles to the masses.
Current Development Status
Initially, Sono Motors planned to produce the Sion, their solar EV, at the ex-Saab NEVS facility. However, due to various challenges, production has been shifted to Valmet Automotive in Finland, with a target date of 2023. The production-ready Sion features significant upgrades over early prototypes, including new front and rear lights, cleaner exterior surfaces, an updated steering wheel, and redesigned seats. A unique interior element is a cabin air filtration system that incorporates living moss, integrated into a clear dash panel. The moss is treated to prevent mould, making it a distinctive feature in production vehicles.
The Sion's outer shell serves as a solar panel, allowing it to supplement its electric range via solar energy. This approach is similar to other solar EV projects, such as the Lightyear 0. Sono Motors has also become a contract manufacturer, producing vehicles for other brands and established automotive suppliers. The company aims to produce more than 250,000 Sion vehicles over a seven-year period.
Despite facing setbacks, including a temporary suspension and subsequent revival, the idea of a solar-powered urban mobility vehicle continues to inspire the market and other manufacturers.
Future Plans
Sono Motors remains committed to launching the Sion, leveraging its Series C funding to scale up production and address previous financial and logistical hurdles. The company is also exploring opportunities to manufacture for other solar EV brands, expanding its reach beyond its own products.
However, it's worth noting that there are currently no plans for a right-hand-drive Sion, which limits its market in regions like the UK. Future development will also focus on advanced solar cell technologies for future vehicle integration.
In a statement, Torsten Kiedel, Chief Financial Officer of Sono Motors, said, "This funding is a testament to investor confidence in the Sion and its contribution to a more sustainable world."
Key Takeaways
- Sono Sion remains a leading example of a solar-integrated electric vehicle, with production plans on track at Valmet Automotive in Finland. - The vehicle features innovative design elements, notably the living moss air filtration system. - Sono Motors is also serving as a contract manufacturer, broadening its business model beyond the Sion. - No right-hand-drive Sion is planned, limiting some market penetration. - Future development will benefit from recent Series C financing, supporting scaling and production ramp-up.
[1] Swedbank Robur, as lead investor, supported the company through the Swedbank Robur Småbolag Europa fund. [2] Rajesh Varma, Fund Manager of DNCA Invest Beyond Global Leaders, expressed excitement about joining the company's mission to bring Solar Electric Vehicles into the mass market. [3] Including the latest Series C, the company has raised approximately €100 million across equity and debt financing as well as paid reservations. [4] Mrs. Ulrika Enhorning, who led the fund, has made notable investments in successful startups such as HelloFresh. [5] The Securities Act of 1933 applies to any potential public offering of securities in the United States. [6] Early this year, the company closed €53 million in funding after one of the largest crowdfunding campaigns in European history. [7] Forward-looking statements in the press release may differ from actual outcomes due to various risks and uncertainties. [8] The solar technology is designed to extend range, reduce fuel costs, and lower CO2 emissions. [9] Sono Group N.V. (OTCQB: SEVCF) is on a mission to make every vehicle solar. [10] The financing round was led by Swedbank and DNCA, along with various family offices. [11] The company's proprietary Vehicle Integrated PV (ViPV) technology, together with integrated Mobility Services, will provide the Sion with a distinctive competitive edge in the global EV markets. [12] Contact information for media and investors is available on the company's website. [13] A prospectus will contain detailed information about the company and its management, as well as financial statements. [14] The company developing the Solar Electric Vehicle Sion has completed €45 million in Series C financing. [15] The company's solar technology can be integrated into various vehicle architectures. [16] Joh. Berenberg, Gossler & Co. KG served as the exclusive advisor on the transaction. [17] The company does not plan to publish, distribute, or transmit press releases in the United States. [18] The company assumes no obligation to update forward-looking statements unless required by law.
- Sono Motors, having secured €45 million in Series C financing, is now exploring opportunities to expand its reach beyond its solar EV, the Sion, by manufacturing for other solar electric vehicle brands.
- In the rapidly evolving technology and finance industries, the company's proprietary Vehicle Integrated PV (ViPV) technology, combined with its mission to make every vehicle solar, positions Sono Motors as a key player in the global solar-powered vehicle finance sector.
