German solar EV carmaker Sono Motors has finally fulfilled its rumoured plans to go public, with news of an initial public offering that could value the company at around $US1 billion ($A1.3 billion).
Sono makes the Sion solar EV which incorporates a solar roof and is priced from €21,429 (ex-VAT), or around $33,692 in Australian dollars, which is still cheaper than any other all-electric car currently for sale on the Australian market.
In May it also announced a partnership with one of Europe’s leading commercial vehicle manufacturers, MAN Truck & Bus, to investigate whether its Solar technology can be integrated into MAN’s eTGE electric transporter.
The amount of shares to be offered and the price range for the proposed offering have not yet been determined, but there’s no reason the company wouldn’t be seeking a sizeable valuation in line with Reuters’ original rumours from March.
Swedish bank Berenberg will act as global coordinator for the proposed offering, and US-based banking firm Craig-Hallum will act as co-manager.
In June the company announced that it was upgrading the Sion’s battery to a longer range 54kWh that would also eliminate the use of cobalt, nickel, and manganese.
With a new battery-only range of up to 305-kilometres and the solar roof able to generate enough charge for up to 34-kilometres, Sono Motors also raised the Sion’s maximum charging power to 75kW.
This was followed in September by a deal to supply 100 Sion solar vehicles to help provide energy and help balance the grid of the Netherlands’ fourth-largest city, Utrecht.
Meanwhile, just last month, Sono Motors partnered with Ari Motors to unveil a new solar light electric vehicle (LEV) designed specifically for last-mile delivery and urban transportation.