Sono Group, a Germany-based developer of solar powered vehicles, announced terms for its IPO on Monday.
The Munich, Germany-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Sono Group would command a market value of $1.1 billion.
Sono believes it is a pioneer and technological leader in the field of solar-powered electric mobility. The company intends to use this technology to create its solar and battery powered vehicle, called the Sion. The Sion is still in the pre-production phase, and the company presented the second fully functional prototype generation in January 2021. Sono is also in the process of starting to license and sell its proprietary solar technology to other manufacturers for different use cases, and has shipped first pre-production samples to customers. The company has not generated any revenues yet.
Sono Group was founded in 2016 and plans to list on the Nasdaq under the symbol SEV. Berenberg and Craig-Hallum Capital Group are the joint bookrunners on the deal.
