Sono Motors has appointed Torsten Kiedel to the company’s Management Board with immediate effect. The Chief Financial Officer’s (CFO) main task is to ensure the financing of the electric car start-up.
In addition, the 41-year-old business administrator is expected to “make a key contribution to strategically aligning Sono Motors with its market entry and growth in the coming years,” as the company writes in a press release. The former CFO, Martin Sabbione, left Sono Motors in September 2019.
Since then, much has changed in the financing of the Munich-based company. After negotiations with a financial investor failed, founders and CEOs Laurin Hahn and Jona Christians launched a crowdfunding campaign in December 2019 to raise €50 million to continue operations. After an extension until mid-January 2020, this target was also achieved. Now the new CFO Kiedel is to work out the further financing.
In the notice of appointment of Kiedel, Hahn describes the financing environment and the lack of venture capital for start-ups in Germany as “still a challenge”. “After the completion of one of the most successful Community Funding Campaigns in Europe, the challenge now is to secure through financing until the start of production of the Sion and thus create financial sustainability as quickly as possible,” says Hahn, CEO. “We are very pleased to have Torsten onboard in this decisive phase who is an extremely experienced colleague and financing expert and is as enthusiastic and engaged with climate-friendly mobility as we are.”
Kiedel is moving from the lamp manufacturer Occhio to Sono Motors, where he was already CFO and thus responsible for finance and purchasing. The business graduate also has a wealth of experience in the mobility industry, including in the start-up environment. He was CFO of myTaxi for almost three years and Vice President Finance of Flixbus for three years. Prior to this, he also worked in various finance departments of the BMW Group.
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