Solar-Powered Vehicle Demand Soars in Q2 2022: Rising Orders for 'Sion' Solar-Electric Car and Growing B2B Solar-Retrofit Projects
Sono Group N.V., a Dutch company specialising in solar technology solutions for sustainable mobility, has announced a series of developments in its business-to-business (B2B) segment. The company has unveiled the 'Solar Bus Kit', a scalable solution for sustainable mobility in commercial transport, and is expanding its offerings to include solar retrofit solutions for electric trucks, refrigerated trailers, and potentially buses.
In Q1 2022, Sono Group reported its first revenues and a profit of €8.8 million, primarily from fair value adjustments to convertible debt instruments. This marks a transition into a commercial growth phase for the company. At Transport Logistic 2022, Sono showcased these innovations and engaged with industry leaders, resulting in strong market interest, a considerable number of business leads, and new partnership opportunities.
Sono Group has entered into a committed equity facility with Berenberg, allowing the organisation to sell and issue up to $150 million of its ordinary shares over a period of 24 months. The company also raised approximately $41.5 million through a follow-on offering of 10,930,000 ordinary shares on 11 May 2022.
Despite reporting a net loss of €35.2 million and €0.45 loss per share in the second quarter of 2022 and €61.0 million and €0.81 loss per share in the first half of 2022, Sono Group remains optimistic about its future prospects. The company intends to continue advancing its solar solutions, focusing on both low-voltage and high-voltage integration for vehicles with varying power demands, such as electric trucks, hybrid systems, and applications with continuous auxiliary loads.
Sono Group plans to expand its solar integration solutions into new vehicle categories and geographies, leveraging its growing partner network. Additional installations and co-development projects with fleet operators are in the pipeline. The company will host a webcast for analysts at 8:00 a.m. Eastern Time (2:00 p.m. CEST) on 8 September 2022, where it will provide further updates on its financial performance and growth strategy.
In the B2C sector, Sono Group has 20,000 reservations for the Sion, a solar-integrated electric car aimed at consumer markets. However, the company has pivoted much of its focus toward commercial and B2B applications in the near term, and there is no clear indication that mass production or consumer sales of the Sion have resumed as a core strategy.
In summary, Sono Group's strategy is centred on immediate commercial opportunities in the B2B space, while keeping B2C options open for future development. The company will continue to engage with the investment community, highlighting its commercial progress and growth trajectory at industry events and investor conferences.
- Sono Group's expansion in the B2B segment includes new solar retrofit solutions for various industries such as transportation, which could potentially include buses, electric trucks, and refrigerated trailers.
- With the increasing focus on environmental science and sustainable mobility, the company's profit of €8.8 million in Q1 2022 marks a significant transition into a commercial growth phase for Sono Group, particularly in the field of science and technology.
- As Sono Group continues to advance its solar solutions, it aims to leverage technology and its growing partner network to expand solar integration solutions into new vehicle categories and geographies, thereby promoting sustainable mobility in both commercial and consumer markets.
