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Sono Motors Has Already Received €532,441 of €1.46 Million in Funding, the Remainder of Which Will Be Paid in Future Installments
The Company Will Provide Knowledge and Expertise to the ‘SEAMLESS-PV’ Project As Well As Application of Its Proprietary Technology Into Various Vehicle Architectures
Sono Motors Now Has a Total of 50 Patents Granted or Filed, 42 of Which Are for the Company’s Proprietary Solar Technology
MUNICH, Germany, 23 January 2023 – The Munich-based solar mobility solutions provider Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) secured €1.46 million in funding from the European Climate, Infrastructure and Environment Executive Agency (“CINEA”) to advance the development of the Company’s proprietary solar technology. The SEAMLESS-PV project was granted by the EU Commission and aims, over the course of four years, to develop automated photovoltaic (PV) manufacturing equipment, address the industrialization of novel manufacturing processes, and demonstrate the technology’s cost-efficiency and compliance with market requirements and standardization frameworks in various sectors. Sono Motors will provide its knowledge and expertise in the field of vehicle integrated photovoltaics (ViPV) via application of this technology into three different vehicle architectures.
Sono Motors received the first installment of €532,441 during its ongoing #savesion campaign. In the course of the campaign the Company has already received payment commitments from its Community and other sources worth approximately €45 m. This support is making it conceivable that Sono Motors achieves its target of about €100 m gross in new or increased reservation deposits, investments, or other sources of funding within the next few days. This sum is intended to cover a large part of the investments up to pre-series production of the solar electric vehicle Sion in 2023 and trigger a positive domino effect as the first step in a far-reaching financing strategy.
During the campaign, Sono Motors’ B2B solar business continues to generate revenue. As an independent part of the business model, Sono Motors’ proprietary solar technology is being integrated into vehicles from other manufacturers, such as buses, trailers, trucks, and camper vans. It provides power for a variety of vehicle systems, reducing CO2 emissions and fuel consumption. The Company has already acquired 23 partners such as Scania, CHEREAU, Rhenus Logistics, Mitsubishi Europe, and Munich’s public transport provider MVG.
Sono Motors also announces that it now has a total of 50 patents granted or filed, 42 of which are for the Company’s proprietary solar technology. The strong growth in patents – up from 10 at the time of the Company’s IPO in November 2021 – helps to maintain Sono Motors’ position as a pioneering leader in the field of solar technology innovation. These patents partly relate to the same invention being filed in different jurisdictions.
NOTE
These funds will be strictly used only for SEAMLESS-PV project activities as agreed with the project partners and the European Commission and won’t be used in any other activities.
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