The Munich-based solar car manufacturer Sono Motors started on the US technology exchange Nasdaq on Wednesday. “Sono Motors is expected to raise net sales of around 135 million dollars through the IPO,” said founder and CEO Laurin Hahn. The impending bankruptcy was thus averted: “Yes, the proceeds help us to secure our continued existence and help us to make additional investments for series production,” said Hahn of the German press agency.
Sono Motors placed ten million common shares for $ 15 a share. This corresponds to 15 percent of the company’s shares. Hahn and the co-founder and CEO Jona Christians continue to hold the majority of the voting rights. The proceeds minus costs are to be used to complete the next generation of prototypes. The Sono Motors share was traded at prices around 27 dollars after the launch. The start-up company would theoretically have a market value of around two billion dollars (1.77 billion euros). “We decided to go public in the USA because investors in the USA are very interested in technology companies,” said Hahn.
Market launch planned for 2023
Business angel Matthias Willenbacher, who has accompanied Sono Motors as an investor for years, is proud of what the company has achieved: “With the ‘Sion’, Sono has developed an e-car prototype in just a few years that has some extremely important unique selling points . The solar cells are integrated into the car, for example, and allow an additional range of more than 100 kilometers per week. ” He also takes a look into the future: “In the future, Sono will also use the technology of the solar electric car in trucks and buses and thus revolutionize the commercial vehicle market.”
Sono Motors is developing a compact car called the Sion, the plastic body of which is fitted with around 250 solar cells. It is slated to be built in Sweden and hit the market in 2023. According to the company, there are over 16,000 pre-paid reservations. Hahn said: “We are now a big step further in delivering the Sion to our community and realizing our mission to equip every vehicle with solar cells.” (dpa / swi)
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