The 50 million limits after less than 50 days of crowd investing was secured in a brilliant final spurt. In mid-January 2020, we were able to report that Sono Motors finally reached around 53 million euros after 50 days. Since then, things have been a little quiet around the Munich start-up. At the end of February 2020, Sono Motors will update you on the current situation.
Sono Motors invests crowd investment capital in new prototypes
We recall that in the final phase of the crowd investment there was a significant leap forward, with a 10 million euro investment from previous investors. But even now, after a successful crowd investment, the series production is not yet secured. As Jona Christians, founder and CEO of SONO Motors, told us in an interview, 205 million Euros will be needed after reaching the campaign target of 50 million Euros until production starts. Just how quickly this money can be gone is shown by the status report that Sono Motors will invest 15 million Euros for four prototypes, which should pave the way for series production of the Sion.
The necessary capital is available. Of the more than 53 million euros, around 36 million euros have now been received by the start-up. Conversely, this also means that ~ 17 million euros are still outstanding. If the ten million investment of the previous investor is not added, a large part of the crowd investment would still be outstanding.
"Currently, several financing strategies are being pursued. The Community Funding Campaign in combination with the newly gained attention is very helpful. The feedback from investors and banks is very positive. So are we." - Sono Motors
Backend & App development receives attention
In addition to prototypes, Sono Motors concentrates on backend & app development. "The first pilot project has been launched to test our mobility services and mass deployment. More will follow," the start-up said in the status report on LinkedIn. Work is also underway to offer pre-orderers (before and during the crowd investing campaign) access to a special Renault ZOE leasing deal. "We are almost finished. We are in the process of signing contracts. This will also be quite complex from a legal point of view, as such a case is unprecedented. We are also working with our partners to implement these solutions into the systems," Sono Motors said.
Valeo and Sono Motors announce expanded cooperation
There is also an update on another front. Valeo announced in a press release that the collaboration between Valeo and Sono Motors began two years ago. Now it is to be noticeably expanded. Valeo's task was to help develop Sion-shaped solar panels that generate electricity efficiently and are perfectly adapted to the design of the car, using technology developed by Sono Motors.
The technology enables the seamless integration of solar cells into the body of the car's surfaces. The exterior of the Sion is completely covered with solar panels embedded in lightweight body panels. Valoe's dark, almost invisible IBC cells meet the requirements of aesthetics and wear resistance and efficiently generate electricity from the sun to the battery. Valeo has now been nominated as the main supplier for the series. No financial details or information on the scope of the order were provided.
Source: LinkedIn - Sono Motors - Status report dated February 25, 2020