More than 10,000 supporters set an example for sustainable future mobility in one of the largest Community Funding Campaigns.
Munich, January 21, 2020 – The Munich-based mobility provider Sono Motors has successfully completed the extension of its campaign to finance the company and has exceeded its target of 50 million euros. With one of the largest community funding campaigns in Europe, an average of one million euros a day has been invested in the campaign over a period of 50 days, of which around 75 percent stem from reservation holders of the Sion – the first solar electric vehicle (SEV), 19 percent from existing and new investors and around 6 percent from loans and donations. In December 2019, in full transparency Sono Motors announced a strategic reorganization of the company’s finances to protect its values and technologies. Therefore, they gave the Sono Motors community the possibility to take the decision on whether to continue the "project Sion".
"53 million euros, invested by the centre of society, for the forward-looking and sustainable mobility concept of a start-up is a clear signal, also directed at politicians to make adjustments. Electromobility and the support of young companies in Germany has to be pursued faster and more vigorously. We at Sono Motors now see it as our responsibility to live up to the trust placed in us by our supporters. Together with the community, we will continue on our path to bring the Sion into production as quickly as possible," says Laurin Hahn, CEO and co-founder of Sono Motors.
The Sono Motors community will continue to play a key role in the further financing of the company, together with sustainable and value-based investors. The inflows from the now completed community funding campaign will be used to finance the construction of series prototypes and to set up production. Sono Motors plans to produce a total of 257,000 Sion over a period of seven years at the former Saab plant in Trollhättan, Sweden. The company currently has 13,000 reservations for the Sion.
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Sono Motors is on a mission to enable a revolutionary mobility system, where every electric vehicle is solar, shared, and independent from fossil-fuels. Today, an experienced specialist team is developing a forward-looking electric car that is suitable for daily use, the Sion. Both the Sion’s integrated solar technology and innovative mobility services will enable users to access clean mobility, harness solar energy and reduce CO2 impacts.
Sono Motors was founded in 2016 and has rapidly grown to approximately 200 employees today. The team combines a range of burgeoning global talent with industry veterans, including former employees from BMW, Nissan, Chrysler, Daimler, Audi, Mozilla, Sixt, FlixBus and mytaxi. Since its foundation, the company has raised approximately € 100M through reservations and funding. The company released its first generation Sion prototype in 2017 and has amassed 13,000 reservations with advance payments. In 2018, Sono Motors was recognized as a Solar Impulse Foundation by the Solar Impulse Foundation. In January of 2020, Sono Motors successfully closed one of the largest community crowdfunding campaigns in Europe.
Sono Motors’ Sion intends to blend disruptive technology with affordability to enable individual contribution to global sustainability. The Sono solar technology replaces traditional paint with proprietary integrated solar panels that can form to various applications. Additionally, the Sion’s solar panels can add up to 245 km or 152 mi (112 km or 70mi on average) of additional driving range per week to the car’s battery. The Sion is expected to have the lowest TCO (total cost of ownership) in its category at the start of production, which is scheduled for the first half of 2023.