9/22/2023 0 Comments Software companies sonoIn January 2023, the Company secured €1.46 million in funding from the EU Commission’s European Climate, Infrastructure and Environment Executive Agency (‘CINEA’) to advance the development of the Company’s proprietary solar technology (‘SEAMLESS-PV’ project). The potential of Sono Motors’ technology has been validated not only by the Company’s commercial partnerships, but also by the European Union. Talks with potential investors will now exclusively focus on solar technology. The Company will now scale up its technology, starting with the introduction of the next generation of its mass-market-ready retrofit solution for cleaner public transportation - the ‘Solar Bus Kit’ - planned for the second quarter of 2023. Going forward, Sono Motors intends to focus specifically on buses and third-party OEM cars. Customers include Mitsubishi Europe, CHEREAU, and two Volkswagen subsidiaries – Scania and MAN Truck & Bus. Sono Motors is currently working as a development-partner and supplier with companies across ten countries in Europe, Asia, and the United States. It was a difficult decision and despite more than 45,000 reservations and pre-orders for the Sion, we were compelled to react to the ongoing financial market instability and streamline our business.“ “Even though we had to terminate our original passion project, the Sion program, shifting our entire focus to business-to-business solar solutions provides us with an opportunity to continue to create innovative products in the solar space. “This pivot marks a significant step in Sono Motors’ business development," said Laurin Hahn, co-founder and CEO of Sono Motors. Given the resource-intensive nature of the Sion program, including personnel requirements, the Company is now implementing a significant cost reduction program. Termination of the Sion program reflects a decision to focus on a capital-light business model – an estimated 90% of the funding needs for 2023 were generated by the Sion program – in light of depressed capital market conditions. Fleet operators can benefit from integrating Sono Motors’ technology to save fuel, costs, and CO2, thereby contributing to the fight against climate change through a reduction in greenhouse gas emissions. The Company’s solar solutions, including hardware such as power electronics and software, are already in application today, with 23 B2B customers across Europe, Asia, and the United States piloting Sono Motors’ integrated solar technology on a variety of vehicles, including third-party OEM cars, buses, refrigerated vehicles, and recreational vehicles. (NASDAQ: SEV) (“Sono Motors” or the “Company”) today announced that it decided to pivot its business model to exclusively retrofitting and integrating its solar technology onto third party vehicles, and to terminate its Sion passenger car program (‘Sion program’), effective today. 24, 2023 (GLOBE NEWSWIRE) - The solar mobility solutions provider Sono Group N.V. Termination of Sion Passenger Car Program Positions the Company to Implement Significant Cost Reduction Measures Talks With Potential Investors to Focus on ‘Solar Only Business’ Given the Capital-Light Nature of the B2B Solar Business, the Company’s Funding Needs Are Expected to Decrease Materially Sono Motors Recently Secured Funding From EU Commission Granted Project for its Solar Technology Solar Solutions, Including Hardware Such as Power Electronics and Software, Benefit Fleet Operators by Saving Fuel and Costs and Reducing CO2 Emissions Solar Technology Has Been Engineered to Enable Integration With a Wide Range of Vehicles, Including Buses and Trucks Already Acquired 23 Customers To-Date For effortless mobility.Sono Motors Commits to Focus Exclusively on Solar Business for B2B Customers, And Has Terminated the Sion Passenger Car Program With a range of 255 kilometers according to WLTP standard you can also cover longer distances trouble-free. Thanks to 248 solar cells seamlessly integrated into the body, the Sion can charge its battery during the day through the power of the sun and can generate up to 34 kilometers of additional range per day. A car charging itself – a Solar Electric Vehicle. THE SION The Sion is the first series-produced car that can additionally charge its battery using solar power. We are taking matters into our own hands by making clean mobility affordable for everyone. VISION We need to stop wasting our planet's resources.
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