Munich-based electric car manufacturer Sono Motors has launched another round of financing. The capital will be used to bring development to series maturity and finance series production.
A little over a year ago Sono Motors completed its first crowdfunding campaign. Now the developer of the Sion electric car is asking the crowd for capital again. During a private subscription period prior to the start of the campaign, existing investors already invested over €5 million in the Munich-based startup. The young company plans to use the acquired capital to complete development and begin series production of the Sion in the fourth quarter of 2019.
The Sion electric car is equipped with solar panels on its surface. These generate electricity and give the vehicle additional range. The solar energy generated by the vehicle can also be used for other purposes, as the car battery can also supply electricity. Another special feature is moss integrated into the interior of the dashboard, which is intended to act as a natural air filter. The Sion will also be available for car sharing via an app. The owner will be able to earn money by renting out their car. Laurin Hahn, CEO and co-founder of Sono Motors, says:
"Our goal is to build a sustainable company. We believe that together with our community, we can make a difference. This was already confirmed by our successful crowdfunding campaign in 2016. That's why we want to continue to give all supporters the opportunity to participate in the growth of our company through crowdinvesting."
Sono CFO: “We have achieved important milestones in the last year”
The company has already booked 8,000 paid vehicle reservations. If these are then redeemed, this would represent an order volume of approximately 140 million euros. Martin Sabbione, CFO of Sono Motors, says:
"We achieved important milestones last year. We managed to double our company's value in a short period of time. The funds from this financing round will be used to finalize series development and complete the validation phase of the Sion, as well as finance the crucial next steps of industrialization."
