Sono Motors Secures Funding From EU Commission Granted Project for Solar Technology

• Sono Motors Has Already Received €532,441 of €1.46 Million in Funding, the Remainder of Which Will Be Paid in Future Installments
• The Company Will Provide Knowledge and Expertise to the ‘SEAMLESS-PV’ Project As Well As Application of Its Proprietary Technology Into Various Vehicle Architectures
• Sono Motors Now Has a Total of 50 Patents Granted or Filed, 42 of Which Are for the Company’s Proprietary Solar Technology
  
  

MUNICH, Germany, Jan. 23, 2023 (GLOBE NEWSWIRE) -- 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.

NOTES

These 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 MOTORS

Sono 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 |  | 

FORWARD-LOOKING STATEMENTS

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