Sono Motors Secures Funding From EU Commission Granted Project for Solar Technology
23 Janvier 2023 - 2:57PM
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 thousand
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.
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.
NOTESThese 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.
Reservations can only be made by persons located in 27 European
jurisdictions. We do not accept reservations from persons located
in any other country. We also do not accept reservations from U.S.
persons. This document is for information purposes only.
ABOUT SONO MOTORSSono Motors (NASDAQ: SEV) is
on a pioneering mission to accelerate the revolution of mobility by
making every vehicle solar. Sono Motors’ disruptive solar
technology has been engineered to be seamlessly integrated into a
variety of vehicle architectures — including buses, trucks,
trailers, and more — to extend range and reduce fuel costs as well
as the impact of CO2 emissions, paving the way for climate-friendly
mobility.
The Company’s trailblazing vehicle, the Sion, has the potential
to become the world’s first affordable solar electric vehicle (SEV)
for the masses. Empowered by a strong global community, Sono Motors
has approx. 21,000 reservations with advance deposits for the Sion
as of 30 November 2022.
PRESS CONTACT Christian Scheckenbach
| press@sonomotors.com | www.sonomotors.com/press
FORWARD-LOOKING STATEMENTSThis press release
includes forward-looking statements. The words "expect",
"anticipate", "intend", "plan", "estimate", "aim", "forecast",
"project", "target", “will” and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding the
Company's intentions, beliefs, or current expectations.
Forward-looking statements involve inherent known and unknown
risks, uncertainties, and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and may cause the actual results, performance, or
achievements of the Company to be materially different from those
expressed or implied by such forward looking statements. These
risks, uncertainties and assumptions include, but are not limited
to (i) the impact of the global COVID-19 pandemic on the global
economy, our industry and markets as well as our business, (ii)
risks related to our limited operating history, the rollout of our
business and the timing of expected business milestones including
our ability to complete the engineering of our vehicles and start
of production on time and budget and risks related to future
results of operation, (iii) risks related to our unproven ability
to develop and produce vehicles and with expected or advertised
specifications including range, and risks relating to required
funding, (iv) risks related to our ability to monetize our solar
technology, (v) risks relating to the uncertainty of the projected
financial information with respect to our business including the
conversion of reservations into binding orders, (vi) effects of
competition and the pace and depth of electric vehicle adoption
generally and our vehicles in particular on our future business and
(vii) changes in regulatory requirements, governmental incentives
and fuel and energy prices. For additional information concerning
some of the risks, uncertainties and assumptions that could affect
our forward-looking statements, please refer to the Company’s
filings with the U.S. Securities and Exchange Commission (“SEC”),
which are accessible on the SEC’s website at www.sec.gov and on our
website at ir.sonomotors.com. Many of these risks and uncertainties
relate to factors that are beyond the Company's ability to control
or estimate precisely, such as the actions of regulators and other
factors. Readers should therefore not place undue reliance on these
statements, particularly not in connection with any contract or
investment decision. Except as required by law, the company assumes
no obligation to update any such forward-looking statements.
Sono Group NV (NASDAQ:SEV)
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