Sono Motors Commits to Focus Exclusively On Solar Tech Company, and Has Terminated the Sion Program
24 Février 2023 - 2:35PM
The solar mobility solutions provider Sono Group N.V. (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. 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. 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. 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. Given the resource-intensive nature of the Sion
program, including personnel requirements, the Company is now
implementing a significant cost reduction program.
“This pivot marks a significant step in Sono Motors’ business
development," said Laurin Hahn, co-founder and CEO of Sono Motors.
“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. 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.“
Sono Motors is currently working as a development-partner and
supplier with companies across ten countries in Europe, Asia, and
the United States. Customers include Mitsubishi Europe, CHEREAU,
and two Volkswagen subsidiaries – Scania and MAN Truck & Bus.
Going forward, Sono Motors intends to focus specifically on buses
and third-party OEM cars. 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. Talks with potential investors will now
exclusively focus on solar technology.
The potential of Sono Motors’ technology has been validated not
only by the Company’s commercial partnerships, but also by the
European Union. In 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). Sono Motors has also announced
that it now has 52 patents filed or granted, 42 of which are for
the Company’s proprietary solar technology, a significant increase
from 10 patents filed or granted at the time of the Company’s IPO
in November 2021. The number of patents filed or granted include
patents relating to the same invention filed in different
jurisdictions.
The success of the Sion’s 18-vehicle series-validation program
was, in the Company’s view, proof that the concept of a solar
electric vehicle (SEV) works. Just before entering pre-series
production, the Sion was on a trajectory to become a disruptor in
the automotive solar technology industry. In terms of Sion
reservations with deposits made before the #savesion campaign, the
Company announced a payback plan to reimburse in various
installments including a bonus over the next two years. Although
Sono Motors has terminated the Sion program, the Company will
continue to utilize patented technology developed in its ongoing
integration and retrofit business. On top, Sono Motors intends to
sell its Sion program.
In light of the Company’s decision to terminate the Sion
program, the Company plans the redundancy of approximately 300
employees. In this context, Thomas Hausch has decided to step down
from his role as COO but will support the Company’s transition.
“Without Thomas' professional dedication and outstanding character
our Sion program would have not made it this far. We are so
thankful for his past and future championing of our mission," said
Laurin Hahn.
NOTEThe above-mentioned CINEA
funds will be strictly used only for SEAMLESS-PV project activities
as agreed with the project partners and the European Commission and
will not be used in any other activities.
ABOUT SONO MOTORSSono Group N.V. (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 third-party OEM cars,
buses, refrigerated vehicles, and recreational vehicles — to extend
range and reduce fuel costs as well as the impact of CO2 emissions,
paving the way for climate-friendly mobility.
CONTACT Media:Christian Scheckenbach |
press@sonomotors.com | www.sonomotors.com/press
Investors:Kirill Bagachenko |
ir@sonomotors.com | ir.sonomotors.com
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 and risks
related to future results of operation, (iii) risks related to
required funding and our ability to continue as a going concern,
(iv) risks related to our ability to monetize our solar technology,
(v) risks related to the uncertainty of the projected financial
information with respect to our business, (vi) potential
cancellations of reservations, leading to significant
cash-outflows, which may exceed our available liquid means and
could require us to file for insolvency, (vii) the impact of the
pivot decision on our reputation, (viii) effects of competition on
our future business and (ix) 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.
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