Sono Group, a Germany-based developer of solar powered vehicles, raised $150 million by offering 10 million shares at $15, within the range of $14 to $16.
Sono Motors believes it is a pioneer and technological leader in solar-powered electric mobility. The pre-revenue company has integrated solar cells into its battery electric vehicle, called the Sion, and expects that in the right conditions in Germany, solar power can add up to 245 kilometers (152 miles) of additional driving range per week. The Sion is still in the pre-production phase, having introduced its final prototype in January 2021, with plans to launch in 2023. The company has received 16,000 reservations for the Sion, at a net entry price of €23,900. Sono also aims to license and sell its proprietary solar technology to commercial vehicle manufacturers.
Sono Group plans to list on the Nasdaq under the symbol SEV. Berenberg acted as sole bookrunner on the deal.
