News: German solar car firm Sono Motors explores U.S. stock market listing: sources.
FRANKFURT (Reuters) – German solar car company Sono Motors is currently reviewing a US listing that could value the company at more than $ 1 billion.
Sono Motors is developing an electric car in which the batteries are operated externally with solar panels, but which can also be charged with a plug. The solar panels generate energy worth an average of 112 kilometers per week.
The company is working with Citi and Berenberg on the listing, which could take place either as a classic IPO or as a merger with a blank check company (SPAC) before the summer break.
Special purpose vehicle acquisition companies raise funds as part of an IPO with the aim of buying a private company, which is then automatically listed on the stock exchange.
Sono Motors has already filed a confidential IPO with the US Securities and Exchange Commission. The company is currently holding parallel discussions with several SPACs about a merger or a so-called “De-SPAC” deal.
Production of the 255-mile-range solar electric vehicle is slated to begin in the second half of the year, and the company has no significant sales to date. It could still be worth well over $ 1 billion, said one respondent.
Sono Motors was unavailable for comment while banks declined to comment.
Sono Motors’ development partners include Continental, ElringKlinger and RLE International. Donors include Swedbank Robur and DNCA, who participated in a donation round worth 45 million euros at the end of 2020.
At the beginning of 2020, Sono Motors secured 53 million euros from a crowdfunding initiative when potential customers made down payments for the future delivery of the Sion brand vehicle.
Reporting by Arno Schuetze, editing by Thomas Escritt
Original Source © Reuters