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UPDATE - Solar carmaker Sono Motors raises over EUR 53m in community funding

Company founders and the solar car. Image by Sono Motors (sonomotors.com).

Story has been updated on January 21.

January 21 (Renewables Now) - Sono Motors, a German company that designed a solar electric vehicle (SEV), has raised EUR 53.34 million (USD 59m) in its community funding campaign.

The campaign, launched by the firm on December 2, aimed to secure EUR 50 million and surpassed that goal in the weekend.

Sono will invest the proceeds in production facilities for prototypes of the Sion, it solar-backed EV. It says the car can cover up to 5,800 free and carbon-neutral kilometres per year, thanks to the solar cells on its surface. Sono’s plan is to produce 260,000 vehicles, using renewable electricity in Sweden.

On announcing the community funding campaign last month, the company said more than 10,000 supporters had already preordered and prepaid a Sion. Laurin Hahn, CEO and cofounder, also explained why the company decided to move away from traditional financing:

“We realized again and again over the past few months that we have entirely different goals to traditional financial investors. Aggressive growth and quick profits are difficult to reconcile with a sustainable corporate and vehicle concept which is designed to give access to affordable and eco-friendly electromobility throughout.”

Last year Sono Motors ditched its long-term corporate strategy and took a new direction, which delayed production of the first Sions into September 2021. It plans to seek follow-up financing from the growing Sono Motors community, complemented by long-term investors who share and support the company’s value system and vision.

(EUR 1 = USD 1.11)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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