Solar mobility trailblazer reaches €100 million funding milestone
Funding positions the company for continued development of Solar Electric Vehicle Sion
Munich, December 16th, 2020 – Sono Motors, the company developing the innovative Solar Electric Vehicle Sion, recently announced it has completed €45 million in Series C financing. The company’s latest financing round was led by a collection of renowned European institutional investors – including Swedbank and DNCA – together with various family offices. Joh. Berenberg, Gossler & Co. KG served as the company’s exclusive advisor on the transaction.
“We are very proud of the positive feedback Sono has received from investors, as they continue to embrace clean technology innovation. This initial closing of our Series C financing is a testament to the confidence investors have in the Sion and its expected contribution to a more sustainable world,” said Torsten Kiedel, Chief Financial Officer of Sono Motors. “We are confident that our 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.”
Early this year, the company made news by closing €53 million in funding after one of the largest crowdfunding campaigns in European history. Adding in the latest Series C, Sono Motors has raised approximately €100 million across equity and debt financing as well as paid reservations.
As lead investor, Swedbank Robur supported the company through the Swedbank Robur Småbolag Europa fund, led by Mrs. Ulrika Enhorning. With more than €1 billion in assets under management, the fund has made notable investments in successful startups such as HelloFresh.
“We are delighted to announce that Swedbank Robur has decided to invest in Sono Motors, the German-based developer of Solar Electric Vehicles. We are especially proud to take the role as a lead investor and become part of the company’s journey to disrupt the strongly growing EV market with its revolutionary solar technology,” said Mrs. Enhorning. “The investment fits very well with our fund Swedbank Robur Småbolagsfond Europa and our ambitions to actively shape the transition towards a more sustainable future.”
Alongside Swedbank, DNCA participated in the round. “DNCA are extremely excited to join Sono Motors on its mission to bring Solar Electric Vehicles into the mass market. We believe that Sono is well-positioned to capitalize on the promising market opportunity and are delighted to be leading this funding round,” says Rajesh Varma, Fund Manager of DNCA Invest Beyond Global Leaders.
The Sion is projected to be the first mass-produced Solar EV, for which the company has already collected more than 12,600 pre-orders.
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This press release contains “forward-looking statements”. Forward-looking statements in this release include, but are not limited to, statements concerning the expected start of series production of the Company’s vehicles and certain of their specifications. Various risks and uncertainties could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements. Forward-looking statements speak only as of the date the statements are made and are based on information available to the Company at the time those statements are made and / or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect events or circumstances after the date that they were made, except as required by law.
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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 more than 140 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 Efficient Solution 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.