Sono Motors, a German company that recently faced setbacks with the pilot project of its solar-panel-covered car, has confirmed its restructuring plan. The company aims to continue its development and provide its solar technologies to clients in the automotive industry.

Among the key announcements in the recent statement from the German company is the confirmation of its restructuring plan by the court in Munich. This marks a crucial step for Sono Motors in its corporate recovery process, allowing the company to proceed with its operations.

Sono Motors has also signed an investment agreement with the YA II PN fund (Yorkville). This investment is a significant component of the restructuring plan, providing financial support to the German company for its ongoing development. According to the disclosed information, the first funding installment was transferred by Yorkville on February 6th this year. The entire restructuring process is expected to be completed by the end of this month.

A pivotal project for Sono Motors was the development of an electric passenger car covered with photovoltaic cells. However, this project faced financial constraints and eventually failed. Since the beginning of 2024, Sono Motors has been implementing a new business model and corporate structure. The company has established a new leadership team, including managing directors Jana Schiermeister and Denis Azhar.

Under the new business model, the company plans to focus on its flagship products, such as the Solar Bus Kit and the Maximum Power Point Tracking Central Unit (MCU). The Solar Bus Kit is a practically ready-to-use photovoltaic kit that can be integrated with almost any bus, reducing CO2 emissions and increasing the range of electrically powered vehicles.

Importantly, Sono Motors has already entered into an agreement with Nova-Papír Zr, which will become the first official reseller of the Solar Bus Kit. In the initial phase, both companies have set a goal to sell 81 kits by the end of 2025. According to Sono's statement, this contract and collaboration are expected to facilitate the company's entry into the Hungarian market and further into Eastern Europe. Sono also plans to expand its collaboration by signing agreements with additional resellers.

Recall that the same company, which is currently building its business model primarily around photovoltaic kits for integration with buses and other types of vehicles, recently aimed to build and sell the electric car Sion. Its body was intended to be almost entirely covered with photovoltaic cells, allowing for continuous battery charging and thus increasing the vehicle's range.

The electric car Sion was supposed to be equipped with 456 solar cells, a lithium iron phosphate (LFP) battery with a gross capacity of 54 kWh, and the ability to charge with alternating current (AC) at 11 kW. The company was also working on bidirectional charging capabilities. However, in 2023, Sono Motors decided to close the Sion project due to a lack of funds.

Despite the challenges faced by the ambitious electric car project, Sono Motors is now focusing on its new initiatives, emphasizing photovoltaic technology integration and expanding collaborations with industry partners. With the restructuring process nearing completion, the company aims to regain its position in the automotive industry while contributing to the development of environmentally friendly transportation solutions.

Based on: https://www.gramwzielone.pl