Solar car firm Sono Motors launches IPO

The Sion solar car. Image by Sono Motors.

November 9 (Renewables Now) - German solar-powered car developer Sono Motors has launched an initial public offering (IPO) of 10 million shares on the Nasdaq stock market in the US with pricing seen in the range of USD 14 to USD 16 (EUR 13.81) apiece.

In case of strong demand, up to an additional 1.5 million shares will be granted to underwriters, Sono Motors said on Monday.

The net proceeds from the listing, expected at about USD 135.2 million based on a midpoint price, will be used for the further development and production of the firm's first solar electric vehicle, debt repayment and to finance the operation of the company. The Munich-based car developer has already received 15,000 private reservations of its solar electric vehicle Sion, corresponding to a total order value of USD 385 million, and plans to raise the net price of the car to USD 28,700 from USD 25,600. Commercial production of the fully-electric vehicle, which will have solar panels integrated into its body and a battery to store the energy captured from the sun, will start in the first half of 2023.

After the listing, co-founders and management board members Laurin Hahn and Jona Christians will hold 77.35% of the voting power in Sono Motors if the additional shares are placed in full.

The company's shares will be traded on the Nasdaq stock exchange under the symbol "SEV".

Hamburg-based bank Berenberg is acting as global coordinator for the offering while US Craig-Hallum will serve as co-manager for the transaction.

(USD 1 = EUR 0.864)

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