Sono Motors' crowdfunding project has overcome the psychologically extremely important hurdle of more than € 40 million. Early yesterday evening, the start-up surprisingly reported more than € 44 million in committed funds. A jump of € 10 million after receiving the money in the past few days. This increases the likelihood that the Sion project can be further developed. Production in Trollhättan, which is targeted for 2021, has not yet been secured.
The crowdfunding project is still open until January 20, by then the target € 50 million should be complete. During this time, Sono Motors wants to continue to stir the drum and to gain support and sympathy on all channels. Test drives in Munich with the 2017 SEV concept are also possible again and can be booked online. If the desired goal is reached, it is possible to build the prototypes and complete the development.
More than € 44 million
Which institutions are investing a larger sum in the German solar car project? In the message to the community, Sono Motors names the German investment company WiVenture and the German ELFH Holding. Together they are investing 10 million euros in Sono Motors. Behind WiVenture is Matthias Willenbacher, who as one of the founders and former board member of Juwi AG Backed energy from renewable energies years ago. He has been promoting the Sono Motors concept of solar-powered electric cars since an early stage.
This makes Sono Motors the first vehicle manufacturer to be supported by a community, the community of which makes the reservation company share in the profit of the company.
In order to keep the bureaucratic effort low, the company said, the investment will be made via a subordinated convertible loan, which is to be converted into equity at the next capital increase. The payment of the amount is linked, among other things, to corresponding shareholder resolutions and the inflow of at least € 35 million through the community funding campaign.
As a result of this restriction, it can be seen that further deposits by sponsors are still necessary, even if it is only about a million. In addition, the commitments of the community must be kept. Because a minimum of 35 million has to flow from the campaign, which would not have been the case yesterday.
The chances of successfully completing the largest European crowdfunding call are better than ever. For the funders, the investment is associated with a high risk, but also with the possibility of forming a manufacturer that is independent of group structures.