The funding of EUR 1.46 million was granted to Sono Motors by the EU Commission as part of the Seamless PV project and aims to develop automated photovoltaic (PV) manufacturing facilities over a period of four years, advance the industrialization of new manufacturing processes and demonstrate the cost-effectiveness and compatibility of the technology with various market requirements.
Sono Motors: Promising B2B solar business
The Munich-based startup already integrates solar cells into the body of its Sion, but also offers its patented solar technology to other vehicle manufacturers or fleet owners. In April 2022, the Munich-based mobility startup, together with the Munich Transport Company (MVG), introduced the company's solar technology in the form of Solar bus trailers in local public transport Sono Motors's proprietary solar technology is an independent part of the business model and, according to the company, is already generating revenue. A large portion of the Munich-based startup's granted or pending patents—42 of its 50 patents, to be precise—relate to its proprietary solar technology. Renowned partners have also been acquired for the B2B solar business, including Scania, Chereau, Rhenus Logistics, Mitsubishi Europe, and Munich Transport Company MVG.
Decisive days for the Sion
In addition to the successful financing for the solar business, Sono Motors is fighting for the survival of the Sion program with its #savesion campaign. Production start for the solar electric car was planned for the second half of 2023 (As of November 2022). However, since mid-December last year, the future of the Sion has been uncertain. The two Sono Motors founder Jona Christians and Laurin Hahn explain in addition:
"Sono Motors achieved important operational and commercial milestones throughout the year. These include promising new partnerships in our solar business and the launch of our Sion series validation vehicles. At the same time, financial markets experienced a downturn, and many technology companies lost up to 90 percent of their market capitalization. Mobility providers' share prices were particularly hard hit. As a result, financing our Sion program through equity capitalization has become increasingly difficult, leading to dilution. Raising the necessary capital is taking much longer than expected."
The #savesion campaign aims to raise €100 million gross through new or increased reservation deposits, investments, and other financial support to cover the investments up to pre-series production of the solar electric car in 2023. Shortly before Campaign end Not even half of the target amount has been reached yet. According to the founders, many investors have already advised them to focus on the less capital-intensive B2B solar business and abandon the Sion program. With the help of the campaign, the Munich-based company wants to let its community decide whether to continue with the Sion program or put it on hold.
