Promising restart

Sono Motors signs investor deal for its solar integration business, on its path to finalizing restructuring - Seite 2

Following the signing of the investor deal, Sono Motors has in recent days been able to offer all employees, who were given notice at the end of October, re-employment, which has already been accepted by the majority of the workforce. "I see this great willingness to return as a clear sign of an exceptionally high level of motivation and dedication. These employees are the backbone of Sono Motors and I strongly believe that together we can all emerge stronger from the expected conclusion of the self-administration proceedings," Mr. Schiermeister continued.

The first priority is now the market launch of the Solar Bus Kit, a solar retrofit solution specially developed by Sono Motors for diesel and electric buses to significantly reduce their CO2 emissions. In addition, Sono Motors will continue to drive forward the development and marketing of its unique solar integration technology, which can sustainably power a wide range of vehicle applications, such as refrigerated vehicles, last-mile delivery vans and passenger cars, and thus make a significant contribution to the climate and mobility transition.

Despite the ongoing self-administration proceedings, Sono Motors continued to establish new and strengthen existing customer relationships throughout 2023, and recently deepened its collaboration with one of the 10 largest vehicle manufacturers in the world by signing a new service agreement. Since March 2023, the total number of customers and partners for Sono Motors’ solar technology has increased from 25 to 28.

ABOUT SONO MOTORS GMBH

Sono Motors has made it its mission to fundamentally revolutionize global mobility. The company's mission is to equip every vehicle with solar cells. The company's groundbreaking proprietary solar technology is designed to be seamlessly integrated into a wide range of vehicle types – including cars from third-party OEMs, buses, refrigerated vehicles and RVs – to increase ranges, lower fuel costs and reduce CO2 emissions, paving the way for climate-friendly mobility.

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FORWARD-LOOKING STATEMENTS

This press release may contain 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 intentions of Sono Motors GmbH and Sono Group N.V. (together, the “companies”) 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 could cause the actual results, performance or achievements of the companies to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: our expectations regarding the companies’ self-administration proceedings, the outcome of which is uncertain; the companies’ ability to maintain relationships with creditors, suppliers, customers, employees and other third parties as a result of the self-administration proceedings and the related increased performance and credit risks associated with the companies’ constrained liquidity position and capital structure; the companies’ ability to successfully fulfill the conditions precedent to the closing so as to gain access to the funding offered in the current investor deal; Sono Group N.V.’s ability to maintain its stock exchange listing; and the length of time that Sono Group N.V. and Sono Motors GmbH continue to operate under the self-administration proceedings. Many of these risks and uncertainties relate to factors that are beyond the companies’ ability to control or estimate precisely, such as the actions of courts, regulatory authorities 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 companies assume no obligation to update any such forward-looking statements.