German Solar Car Company Sono Motors Files US IPO File, Energy News, ET EnergyWorld

New Delhi: German solar car company Sono Motors filed an Initial Public Offering (IPO) in the United States on Friday, seeking to capitalize on investor demand as governments around the world push to switch to greener transportation .

Reuters reported in March that Sono was exploring a U.S. stock exchange listing that could value the company at more than $ 1 billion, citing people familiar with the matter.

Sono was founded in 2016 by four friends from a small Munich garage and is developing the Sion, a fully electric vehicle that integrates solar cells into its body. The car has a range of up to 305 kilometers (189.52 miles) and can be recharged using solar power or from conventional power outlets.

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

Sono reported over 14,000 bookings with prepayments, resulting in total net inflows of € 38.8 million ($ 45.16 million) from its customers at the end of August, up from 37, 9 million euros at the end of June.

These reservations correspond to a net sales volume of around 300 million euros. It plans to license and sell its solar technology to manufacturers of buses, trucks, RVs, trains and even boats, Sono said.

The company’s brief, released ahead of the COP26 global climate talks in Glasgow next month, highlighted the need for climate-friendly and affordable electric mobility to reduce total CO2 emissions.

Government policy changes to tackle global warming could result in zero-emission vehicles accounting for about 30% of all vehicles on the road by 2030, a political report predicted on Monday.

According to a McKinsey & Company report, the COVID-19 pandemic has also prompted many governments to increase consumer incentives to purchase electric vehicles as part of economic stimulus packages.

Berenberg and Craig-Hallum are the underwriters of the offer. ($ 1 = € 0.8593)

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