German solar car firm Sono Motors explores U.S. stock market listing -sources

ElringKlinger AG

15/03/2021 14:25

FRANKFURT, March 15 (Reuters) - German solar car firm Sono
Motors is exploring a U.S. stock market listing that may value
the company at more than $1 billion, people close to the matter
said.
    Sono Motors is developing an electric car that uses solar
panels on its outside to power its batteries, but which can also
be charged using a plug. The solar panels generate energy worth
on average 112 kilometers a week. 
    The company is working with Citi  C.N  and Berenberg on the
listing, which could take place before the summer break either
as a classic initial public offering or as a merger with a blank
check company (SPAC), the people said.
    Special purpose acquisition companies raise funds in an
initial public offering with the aim of buying a private firm,
which then automatically gets a stock market listing.
    Sono Motors has already confidentially filed for an IPO with
the U.S. Securities and Exchange Commission, the people said,
adding that the company is in parallel talks with several SPACs
about a merger or so called "De-SPAC" deal.
    Production of the solar electric vehicle with a range of 255
kilometers is scheduled to start in the second half of the year
and the company so far has no meaningful sales. It could still
be valued at significantly more than $1 billion, one of the
people said.
    Sono Motors was not available for comment, while the banks
declined to comment.
    Sono Motors development partners include Continental,
ElringKlinger  and RLE International. Financial backers include
Swedbank Robur and DNCA, which participated in a late 2020
fundraising round worth 45 million euros. 
    In early 2020, Sono Motors secured 53 million euros from a
crowd funding initiative, as prospective customers made down
payments for future delivery of the Sion-branded vehicle.

 (Reporting by Arno Schuetze, editing by Thomas Escritt)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))