Monday, May 16, 2022

Solar Car Startup Sono Motors filed for IPO

German solar car firm Sono Motors on Friday filed for a U.S. initial public offering (IPO). The Company is planning to lis on Nasdaq with the ticker Symbol: SEV

Reuters already reported in March that Sono is exploring a U.S. stock market listing that may value the company at more than $1 billion, citing people close to the matter.

Sono has been busy over the last couple of months. We recently reported that Sono & Ari Motors presented a self charging solar-powered electric utility vehicle and the Company also made a deal with the City of Utrecht to deliver 100 Solar Powered Sion Cars.

Sono was founded in 2016 by four friends from a small garage in Munich, and is developing the Sion, a fully-electric vehicle that has solar cells integrated into its bodywork.

It intends to begin delivering the cars in the first half of 2023, the company said in its filing.

Sono reported more than 14,000 reservations with advance payments, resulting in total net cash inflows of 38.8 million euros ($45.16 million) from its customers by August-end, up from total net cash inflows of 37.9 million euros at the end of June.

These reservations correspond to a net sales volume of about 300 million euros.

It plans to license and sell its solar technology to manufacturers of buses, trucks, camper vans, trains and even boats, Sono said.

Berenberg and Craig-Hallum are underwriters on the offering.

See also  Volvo Cars IPO planned for end of 2021
Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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