Sono Motors raises EUR 45m in fresh funds

Image by Sono Motors (sonomotors.com).

December 18 (Renewables Now) - Germany's Sono Motors GmbH has raised EUR 45 million (USD 55m) in Series C financing for the development of its solar electric car.

The funding round was led by a number of institutional investors, including Swedbank (STO:SWED-A) and DNCA Finance, as well as a number of family offices.

Earlier in 2020, the company raised EUR 53 million in a crowdfunding campaign. With the latest funding round, the company has secured almost EUR 100 million in equity and debt financing and paid reservations.

Sono Motors' self-charging car will have solar panels embedded in lightweight car body parts to fully cover the entire exterior of the vehicle. It is expected to be the first mass-produced solar electric vehicle. Over 12,600 units have been pre-ordered, according to the company.

(EUR 1.0 = USD 1.225)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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