Solar car maker looks to raise €50m by crowdfunding

December 02, 2019 //By Christoph Hammerschmidt
Solar car startup Sono Motors is looking to raise €50m from 2000 reservations on crowdfunding.
Solar car startup Sono Motors (Munich, Germany) has radically changed its financing concept and is looking to raise €50m from 2000 reservations on crowdfunding.

Even though market observers such as IDTechEx have given Sono Motors' solar car concept top marks, this is not enough for solid financing - a phenomenon that is by no means unknown in innovation-driven industries such as electronics and IT. Sono Motors wants to produce the Sion self-charging electric car, increasing its range by equipping the vehicle surface with solar cells. In addition to solar integration, the Sion will support a bidirectional charging infrastructure.

Now Sono has launched one of the largest community funding campaigns in Europe. By 30 December 2019, the company aims to achieve its campaign target of €50m through 2,000 reservations alongside the existing 10,000 reservations. The capital is to be invested primarily in production facilities and production prototypes of the Sion solar car.

The campaign follows a strategic reorientation in corporate financing. Beyond the classical financing rounds, the sustainable implementation of the corporate vision, the unrestricted focus on Sono Motors' goals as well as the production and delivery of the Sion are to be ensured. Follow-up financing will also be supported by the Sono Motors Community and complemented by sustainable investors who share and support the company's value system and vision.

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