Sono Motors Corporate Update

MUNICH, Germany, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Sono Group N.V. (NASDAQ: SEV) (hereafter referred to as “Sono Motors” or the “Company”, parent company to “Sono Motors GmbH”), the Company that seeks to revolutionize the future of solar-powered transportation, today announced its corporate updates.

• On 17 November 2021, the Company listed on NASDAQ under the ticker “SEV”. The net proceeds of €137 million ($156 million) generated through the IPO enable Sono Motors to continue development of the Sion, the world's first solar electric vehicle (SEV) featuring the Company’s patented solar technology, as well as further development of Sono Motors’ proprietary solar technology. This technology is engineered to enable integration and licensing for a wide range of vehicle architectures that go beyond the Sion, such as buses, trucks, and last-mile vehicles.
• Sono Motors has amassed about 16,700 refundable reservations by year-end 2021; reservations increased by nearly 4,000 in 2021, which is equivalent to a 31% y-o-y increase. Reservations in the fourth quarter of 2021 amounted to around 2,300, and the average down payment per reservation is nearly €2,500 net, while the minimum requirement is €500 (incl. 19% VAT).
• Cash position at year-end 2021 was €133 million. As was previously highlighted in the Company’s prospectus, filed with the SEC on 18 November 2021, to commence series production of the Sion, the Company will need to raise significant additional capital.
• Since completion of the IPO, one additional LOI to explore the integration of Sono Motors’ patented solar technology across other transportation platforms has been signed.
• By year-end of 2021, a total of 231 people, with over 30 different nationalities, were employed at Sono Motors, representing an approximate team size increase of 120% over the course of the year.
• To enhance quality, testing and speed of the development, Sono Motors has engaged thyssenkrupp and Bertrandt to build the first Sion series-validation vehicles (generation 3) closer to Sono Motors’ headquarters in Munich. When series production begins, the Company still expects such construction to occur in Sweden.
• Mr. Wilko Stark was recently appointed to the board of directors of Levere Holdings (a NASDAQ listed special acquisition company (SPAC) to power the future of mobility). In connection with this appointment Mr. Stark has informed the Company of his decision to resign as Chair and member of Sono Motors’ Supervisory Board, effective as of 27 January 2022. Sono Motors’ Supervisory Board has appointed Martina Buchhauser as the interim Chair.