FRANKFURT — German photo voltaic automotive agency Sono Motors is exploring a U.S. inventory market itemizing which will worth the corporate at greater than $1 billion, individuals near the matter stated.
Sono Motors is growing an electrical automotive referred to as the Sion that makes use of photo voltaic panels on its exterior to energy its batteries, however which may also be charged utilizing a plug. The photo voltaic panels are stated to generate power price on common 70 miles per week.
The corporate is working with Citi and Berenberg on the itemizing, which may happen earlier than the summer time break both as a traditional preliminary public providing or as a merger with a clean verify firm (SPAC), the individuals stated.
Particular goal acquisition firms increase funds in an preliminary public providing with the purpose of shopping for a personal agency, which then mechanically will get a inventory market itemizing.
Sono Motors has already confidentially filed for an IPO with the U.S. Securities and Change Fee, the individuals stated, including that the corporate is in parallel talks with a number of SPACs a couple of merger or so referred to as “De-SPAC” deal.
Manufacturing of the photo voltaic electrical car with a spread of 158 miles per cost is scheduled to begin within the second half of the yr, and the corporate thus far has no significant gross sales. And but it may nonetheless be valued at considerably greater than $1 billion, one of many individuals stated.
Sono Motors was not accessible for remark, whereas the banks declined to remark.
Sono Motors growth companions embrace Continental, ElringKlinger and RLE Worldwide. Monetary backers embrace Swedbank Robur and DNCA, which participated in a late 2020 fundraising spherical price 45 million euros ($54 million).
In early 2020, Sono Motors secured 53 million euros ($63 million) from a crowdfunding initiative, as potential prospects made down funds for future supply of the Sion-branded car.
