German photo voltaic automobile firm Sono Motors explores U.S. stock industry listing: sources

FILE Picture: Photo voltaic cell panels are observed on the hood of German solar vehicle enterprise Sono Motors’ prototype automobile “Sion” in Munich, Germany, August 1, 2018. REUTERS/Andreas Gebert

FRANKFURT (Reuters) – German photo voltaic car or truck business Sono Motors is checking out a U.S. inventory industry listing that could worth the company at additional than $1 billion, people today shut to the matter reported.

Sono Motors is creating an electrical car that uses photo voltaic panels on its outside to energy its batteries, but which can also be charged utilizing a plug. The photo voltaic panels create electricity really worth on ordinary 112 kilometers a 7 days.

The organization is operating with Citi and Berenberg on the listing, which could choose location ahead of the summer season break either as a basic initial public presenting or as a merger with a blank examine organization (SPAC), the people claimed.

Special objective acquisition companies elevate cash in an first community supplying with the aim of acquiring a non-public agency, which then automatically gets a inventory current market listing.

Sono Motors has by now confidentially submitted for an IPO with the U.S. Securities and Trade Fee, the folks claimed, including that the company is in parallel talks with various SPACs about a merger or so identified as “De-SPAC” deal.

Generation of the solar electric powered car with a selection of 255 kilometers is scheduled to start in the 2nd 50 percent of the year and the firm so significantly has no meaningful profits. It could nevertheless be valued at appreciably a lot more than $1 billion, 1 of the people mentioned.

Sono Motors was not accessible for remark, whilst the banks declined to remark.

Sono Motors improvement companions contain Continental, ElringKlinger and RLE Worldwide. Money backers involve Swedbank Robur and DNCA, which participated in a late 2020 fundraising spherical worthy of 45 million euros.

In early 2020, Sono Motors secured 53 million euros from a group funding initiative, as possible buyers made down payments for long term shipping and delivery of the Sion-branded automobile.

Reporting by Arno Schuetze, modifying by Thomas Escritt

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