Nippon Yusen Kabushiki Kaisha (NYK) and Yusen Logistics Co., Ltd. (YL) have introduced a digital platform for managing greenhouse gas (GHG) emission reductions*. The platform is provided by 123Carbon B.V. (123Carbon), a Netherlands-based startup working on decarbonizing the logistics sector. NYK and YL, a comprehensive logistics group, will use the platform to support the reduction of Scope 3** GHG-emissions by allocating to platform customers the GHG-emission reductions achieved through the use of alternative fuels in our ocean, air, and land transport services and issuing certificates confirming those reductions. Process for Managing and Allocating GHG-Emission Reductions – NYK Generates and manages GHG-emission reductions through the use of biofuels in its bulk shipping business, recognizes the environmental value of these reductions, then allocates them to YL and issues a certificate of confirmation. The first allocation will be completed on the platform after verification by a third-party certification organization. – YL Procures GHG-emission reductions generated by ocean shipping companies like NYK and its airline partners*** and provides accompanying certificates. Additionally, for land transport, YL will utilize sustainable fuels derived from waste cooking oil and other renewable materials to power its own trucks in some countries and areas, actively creating and managing GHG-emission reductions as a transport operator. A one-stop service on the platform will be officially launched by YL shortly. – Customers can monitor GHG-emission reduction methods and the alternative fuels used to generate the reductions. – The management and allocation of GHG-emission reductions are secured using blockchain technology to prevent data tampering. – The entire process, from calculating GHG-emission reductions to allocating, is verified by a third-party certification organization to ensure the platform’s reliability and transparency. Achieving a decarbonized society is a global challenge that must be tackled head-on. Companies require close collaboration with customers, partners, and other stakeholders to reduce Scope 3 GHG-emissions from transportation. By leveraging our expertise as a comprehensive global logistics group, we will contribute to reducing GHG-emissions in customers’ supply chains by launching a one-stop service that enables appropriate allocation of GHG-emission reductions created by each transport mode. Comment from Jeroen van Heiningen, Managing Director, 123Carbon Diagram of GHG-emission-reduction management and allocation “We welcome NYK and YL as new users to our advanced platform. They are not only using our registry services, but have also adopted our branded platform, allowing them to directly involve their customers in their low carbon activities. We are looking forward to executing this trial and collaborating with NYK and YL on this exciting topic.” NYK supplies biofuel to car carriers, bulk carriers, and crude oil tankers. In November 2023, the company released the “NYK Group Decarbonization Story,” which sets a GHG-reduction target to achieve net-zero emissions by 2050. YL is working toward its medium-term target of reducing GHG-emissions by 45% by 2030, focusing primarily on Scope 1 and 2 emissions to align with its goal of achieving decarbonization by 2050. The NYK Group will continue to take a long-term perspective in its efforts and promote initiatives that contribute to reducing GHG-emissions, working with its customers to realize a decarbonized society. Source: Nippon Yusen KaishaMUNICH, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The solar technology company Sono Group N.V. SEVCF (hereafter referred to as "Sono" or the "Company", parent company to Sono Motors GmbH or "Sono Motors") today announced its financial results for the first six months of 2024, highlighting a €60.6 million profit and its recovery following its exit from insolvency earlier this year. Key financial highlights €60.6 million profit: The profit primarily stemmed from the extinguishment of liabilities, parental guarantee reversal and recapitalization and reconsolidation of Sono Motors. Operational efficiency: General and administrative expenses decreased significantly from €8.1 million in H1 2023 to €2.9 million in H1 2024, reflecting leaner operations post-restructuring. Substantial reduction in development expenses: Cost of development expenses decreased by over 96% from €16.0 million in H1 2023 to €0.6 million in H1 2024, reflecting the streamlined focus on retrofitting solar technology onto third party vehicles and the discontinuation of the Sion passenger car program. Strengthened cash position: The Company maintained a cash balance of €2.2 million as of June 30, 2024, which was further enhanced by receipt of the second tranche of funding from YA II PN, Ltd. ("Yorkville") in September 2024 in the amount of €3.0 million. This funding reinforced the Company's financial stability and supported its operational growth. Six-Month 2024 Milestone Achievements Exiting insolvency: The Company's wholly-owned subsidiary, Sono Motors, successfully exited its self-administration proceedings in February 2024, marking what the Company believes is a crucial step towards the financial and operational stability of Sono. Additional funding: In H1 2024 Sono received funding commitments of up to €9 million, of which €4 million were received in February 2024 and €3 million in September 2024. Subject to compliance with the terms of the investment, the Company expects the commitments to position it to obtain sufficient funding for its business strategy and operations through June 2025. Commencement of OTCQB trading: On July 2, 2024, the Company's ordinary shares began trading on OTCQB under the symbol "SEVCF," enhancing access for investors and reinforcing shareholder transparency. Recent Updates Green Innovation Award: Sono received the prestigious Green Innovation Award at the Intermobility and Bus Expo (IBE) in Rimini, Italy. The Company believes this accolade highlights the innovative and transformative nature of Sono's solar technology and reinforces its strong position in sustainable mobility solutions. Partnership with Hofmeister & Meincke: Sono is leveraging Hofmeister & Meincke's strong market presence in Germany and globally to distribute its Solar Bus Kit, Solar Kits for trucks and vans and other solar products to potential customers. A recently completed training program for 80 Hofmeister & Meincke's sales representatives ensures they are equipped to effectively promote Sono's innovative solutions, expanding the reach of sustainable mobility technologies. Expanded product portfolio: Sono expanded its portfolio with new options for its solar bus kit, new solar kits for trucks, vans and trailers, as well as high-voltage solar solutions for refrigerated vehicles. These innovative solutions are designed to help fleet operators reduce fuel consumption, lower emissions and cut operational costs, showcasing Sono's commitment to sustainable and versatile solar applications across various vehicle types. Progress Toward Planned Nasdaq Uplisting: On November 7, 2024, at an extraordinary general meeting of shareholders, key measures to advance Sono's planned uplisting to the Nasdaq Capital Market were approved. These included appointing Owen May to the Supervisory Board, approving amendments to the Articles of Association to meet Nasdaq requirements, and authorizing preferred shares intended to enable potential future conversion of debt into equity. Debt-to-Equity Conversion Term Sheet Signed: Sono has entered into a non-binding term sheet with Yorkville to convert approximately $32 million in outstanding debt into equity through the issuance of preferred shares. This initiative, pending the signing of definitive agreements, strengthens Sono's balance sheet, reduces default risk, and marks significant progress towards the Company's planned Nasdaq uplisting. Looking Ahead Managing Director, CEO and CFO George O'Leary said, "We believe our results demonstrate the resilience of our business model and the effectiveness of our strategic pivot to solar retrofit solutions. We see the €60.6 million profit and successful exit from insolvency mark as a key turning point for Sono, setting the stage for sustainable growth." The Company remains committed to advancing its solar integration technology, providing scalable solutions for the transportation sector and reducing dependence on fossil fuels. For more information about Sono Group N.V., Sono Motors GmbH and their solar solutions, visit sonogroupnv.com and sonomotors.com . ABOUT SONO GROUP N.V. Sono Group N.V. SEVCF and its wholly-owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. CONTACT: Press: press@sonomotors.com | ir.sonomotors.com/news-events Investors: ir@sonomotors.com | ir.sonomotors.com LinkedIn: https://www.linkedin.com/company/sonogroupnv FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", "will" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of the Company and Sono Motors (together, the "companies"). Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and could cause the companies' actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: our ability to access the unfunded portion of the investment from YA II PN, Ltd. ("Yorkville"), including our ability to successfully comply with the agreements related thereto and the absence of any termination event or any event of default; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our status as a foreign private issuer under the Securities Exchange Act of 1934; our ability to comply with OTCQB continuing standards, as well as our ability to have our shares admitted to trading on a national stock exchange, including the Nasdaq Capital Market, in the future; our ability to enter into a definitive agreement with Yorkville with respect to the conversion of outstanding debt into equity through the issuance of preferred shares; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to our filings with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 20-F, which are accessible on the SEC's website at www.sec.gov and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond our ability to control or estimate precisely, such as the actions of courts, regulatory authorities and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the Company assumes no obligation to update any such forward-looking statements. FINANCIAL RESULTS (amounts in thousands, except share and per share data) INCOME STATEMENT Six months ended €k June 30, 2024 (unaudited) June 30, 2023 (unaudited) Revenue - 42 Cost of goods sold - (70) Gross income(loss) - (28 ) Cost of development expenses (557) (16,029) Selling and distribution costs (242) (1,054) General and administrative expenses (2,874) (8,090) Other operating income/(expenses) 70 (9,065) Gain/(loss) on deconsolidation/reconsolidation 63,491 (2,877) Operating income/(loss) 59,888 (37,143 ) Interest and similar income 5,688 5,172 Interest and similar expense (4,936) (2,705) INCOME/(LOSS) BEFORE TAX 60,640 (34,676 ) Tax on income and earnings - - Income/(loss) after tax 60,640 (34,676 ) Income (loss) for the period 60,640 (34,676 ) Other comprehensive income (loss) - - TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 60,640 (34,676 ) Earnings per shares for income(loss) attributable to the ordinary equity holders of the company: BASIC/DILUTED EARNINGS (LOSS) PER SHARE IN EUR 0.56 (0.33 ) BALANCE SHEET €k June 30, 2024 Unaudited Dec. 31, 2023 Audited ASSETS Property, plant, and equipment 76 - Right-of-use assets 1,023 - Other financial assets 50 1,037 Noncurrent assets 1,149 1,037 Work in progress 6 - Other financial assets 8 156 Other non-financial assets 487 266 Cash and cash equivalents 2,191 7,412 Current assets 2,692 7,834 TOTAL ASSETS 3,841 8,871 EQUITY AND LIABILITIES Subscribed capital 10,843 10,840 Capital reserve 287,903 287,926 Accumulated deficit (323,698) (384,338) Equity (24,952 ) (85,572 ) Financial liabilities 938 987 Noncurrent liabilities 938 987 Financial liabilities 26,578 38,102 Trade and other payables 713 1,491 Other liabilities 564 3 Provisions - 1,628 Parental guarantee 52,232 Current liabilities 27,855 93,456 TOTAL EQUITY AND LIABILITIES 3,841 8,871 © 2024 Benzinga.com. 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It’s been decades in the making. On Friday, European Commission President Ursula von der Leyen announced that the European Union (EU) and Mercosur, the South American economic bloc comprising Argentina, Bolivia, Brazil, Paraguay, and Uruguay, had struck a major trade agreement. The deal, which would create a free trade area covering more than 780 million people, came over vocal opposition from France and still needs to be approved by a qualified majority of EU member states and by a majority in the European Parliament before it goes into effect. What are the economic and political implications of this massive trade agreement? And what hurdles remain before it can be finalized and implemented? Our experts freely exchange their insights below. 1. Why is the deal moving forward now? On the one hand, this agreement has been in process for a long time, so at some point, the EU just has to move forward, and a fresh start with a new European Commission is a good excuse and as good a time as any. On the other hand, it’s hard to ignore that the main opponent of the agreement, France, is in a weak position politically, as is Germany, and that the portfolio structure of the new Commission gives von der Leyen more power to advance her priorities. Therefore, there is likely an element of “striking while the iron is hot” to the timing of the agreement. — L. Daniel Mullaney is a nonresident senior fellow with the Atlantic Council’s Europe Center and GeoEconomics Center. He served as assistant US trade representative for Europe and the Middle East in the Office of the United States Trade Representative from 2010 to 2023. Both sides clearly felt the global circumstances made the deal even more important for their respective interests. From an EU perspective, it’s about having new destinations for EU exports if President-elect Donald Trump raises US tariffs and the Chinese economic slump continues. More broadly, it’s a win for the EU’s longstanding approach to economic security: instead of using economic coercion, the EU prefers to use the attractiveness of its single market to secure bilateral deals on market access. But this approach has become less and less fashionable, including in the EU, so von der Leyen felt the months ahead were the last chance to get a Mercosur deal ratified. But its passage is still far from certain. — Charles Lichfield is the deputy director and C. Boyden Gray senior fellow of the Atlantic Council’s GeoEconomics Center. The deal is moving forward now in large part because the negotiations have produced a text that most parties believe they can live with; the deal is “ripe,” so to say. But three other factors have been influential in why the deal is being signed right now: The most vocal opponent of the deal, French President Emmanuel Macron, has been politically wounded, perhaps mortally, by the collapse of Prime Minister Michel Barnier’s government, although it remains to be seen whether he can marshal a blocking minority in the European Council. Von der Leyen is in a strong political position, and she knows there will be opposition, so she might as well get this done early in her term. This also allows her to give a gift to the country she knows best—Germany—which looks to the Mercosur countries as a valuable market. The Commission is well aware that it needs to be seen as engaging with developing countries, and it needs to bring them on as economic and political partners, especially as relations with the United States could become difficult. If you see this as, in part, a signal to Trump, you are probably right. — Frances Burwell is a distinguished fellow at the Atlantic Council’s Europe Center and a senior director at McLarty Associates. The current geopolitical landscape—marked by rising global protectionism and economic uncertainties—has created momentum for finalizing the deal. Both blocs view this agreement as a strategic move to bolster economic ties and secure a stronger position in global trade. — Abrão Neto is a nonresident fellow with the Atlantic Council’s Adrienne Arsht Latin America Center and a former secretary of foreign trade of Brazil. 2. What are the pros and cons for Mercosur members? For Mercosur nations, the agreement unlocks significant access to the European market, a major importer of key Mercosur exports, such as food and critical minerals. It also positions these economies to attract greater investment, driven by the EU’s stringent criteria. On the other hand, the influx of European manufactured goods will challenge Mercosur industries to modernize, digitalize, and boost efficiency to stay competitive. — Valentina Sader is a deputy director at the Atlantic Council’s Adrienne Arsht Latin America Center, where she leads the Center’s work on Brazil, gender equality, and diversity, and manages the Center’s Advisory Council. The agreement improves market access for Mercosur exports, reduces costs for importing essential inputs and machinery, attracts foreign investment, and fosters economic growth and job creation. However, local industries might face heightened competition from EU manufacturers, and there is concern that EU-imposed environmental and sustainability standards could disproportionately affect Mercosur producers, potentially offsetting some benefits. — Abrão Neto 3. What are the pros and cons for the EU and EU member states? Improving trade integration with a significant part of the Western Hemisphere will be a useful diversification of the EU trade portfolio, as US-China and US-EU trade relations shift to a potentially more disruptive period with the incoming US administration. The other side of the coin is that providing agricultural market access to Mercosur has been very controversial, particularly in France (whose government is weakened, perhaps only temporarily, by political challenges from the left and the right). Some of the “sustainability” practices in Mercosur countries have also drawn controversy. So while this may be a wise economic choice, it could trigger significant political backlash. —L. Daniel Mullaney The pros are clear. In addition to better market access terms to Latin America for EU goods, the bloc hopes to access the critical minerals available in the ground in Mercosur countries and stymie China’s increasing influence in that sector. The cons are supposedly a glut of cheap Argentine beef and Brazilian bananas. But there are tough quotas in the deal, including a limit equivalent to one Mercosur steak per EU citizen per year. So European farmers’ objections are not entirely justified, although the complaint that they have to follow more constraints (on emissions and the use of fertilizer and pesticides) than Mercosur farmers do is probably more reasonable. —Charles Lichfield This agreement has the potential to bring serious economic benefits to the EU in terms of new markets. In 2023, the EU had a slight trade surplus vis-à-vis Mercosur, and certain European countries had a significant surplus. Germany’s surplus was nine billion euros, Belgium’s was three billion euros, and even France had a two-billion-euro surplus. These countries are all in a position to benefit from the Mercosur arrangement. But in every trade deal, there are winners and losers, and clearly some of the losers in France, especially the farmers, are very powerful politically. It is also true that critics of Mercosur have ignored some of the provisions in the deal that answer their concerns, such as a ban on imports of hormone-fed beef. In this partisan environment, the economic advantages of the deal may be cancelled out by the political disadvantages. The signature today will only exacerbate the anger of those in Europe who believe the Commission acts in its own interests and fails to protect the interests of European citizens. While the German government and mainstream parties may support the EU-Mercosur arrangement, there are many in that country who feel left out economically and who are likely to see this as another reason to vote for a Euroskeptic party. Thus, while the agreement brings many economic benefits, these might be outweighed by the political costs. —Frances Burwell 4. What do the next steps look like for the deal? The process involves legal scrubbing, translation into multiple languages, formal signing, and ratification by national parliaments in both blocs. While this agreement represents a historic milestone, significant political and stakeholder debates are anticipated, presenting challenges before full implementation. — Abrão Neto In the EU, the next steps are a likely challenging process of approval from the member states and consent by the European Parliament. The debate over the positive and negative aspects of this initiative will play out very publicly among relatively new actors in the EU institutions and member states. In the meantime, France’s and Germany’s political challenges may or may not endure. Fasten your seat belts and pass the popcorn! —L. Daniel Mullaney Further reading

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