Oct 22 (Reuters) – German solar car firm Sono Motors on Friday filed for a U.S. initial public offering (IPO), looking to cash in on investor demand as governments worldwide push for a shift to greener transport.
Reuters reported in March that Sono is exploring a U.S. stock market listing that may value the company at more than $1 billion, citing people close to the matter.
Sono was founded in 2016 by four friends from a small garage in Munich, and is developing the Sion, a fully-electric vehicle that has solar cells integrated into its bodywork. The car has a range of up to 305 kilometers (189.52 miles) and can be charged via solar power or from conventional power outlets.
It intends to begin delivering the cars in the first half of 2023, the company said in its filing.
Sono reported more than 14,000 reservations with advance payments, resulting in total net cash inflows of 38.8 million euros ($45.16 million) from its customers by August-end, up from total net cash inflows of 37.9 million euros at the end of June.
These reservations correspond to a net sales volume of about 300 million euros.
The company’s filing, issued ahead of next month’s COP26 global climate talks in Glasgow, highlighted the need for climate-friendly and affordable electric mobility to curb total CO2 emissions.
According to a report by McKinsey & Company, the COVID-19 pandemic has also prompted many governments to increase consumer incentives for electric vehicle purchases as part of economic stimulus programs.
($1 = 0.8593 euros)
