Solar mobility trailblazer reaches €100 million funding milestone
Funding positions the company for continued development of Solar Electric Vehicle Sion
16th December 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.
This press release may not be published, distributed or transmitted in the United States. This press release does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the “Securities”) of Sono Group N.V. or any of its affiliates (together, the “Company”) in the United States or any other jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any public offering of securities to be made in the United States, if any, will be made by means of a prospectus that may be obtained from the issuer or the relevant selling security holder and will contain detailed information about the Company and its management as well as financial statements.
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 pioneering mission to accelerate the revolution of mobility by making every vehicle solar. Sono Motors’ disruptive solar technology has been engineered to be seamlessly integrated into a variety of vehicle architectures — including buses, trucks, trailers, and more — to extend range and reduce fuel costs as well as the impact of CO2 emissions, paving the way for climate-friendly mobility.
The Company’s trailblazing vehicle, the Sion, has the potential to become the world’s first affordable solar electric vehicle (SEV) for the masses. Empowered by a strong global community, Sono Motors has over 20,000 reservations with advance down-payments for the Sion as of 1 September 2022.