Connect with us

Crowdfunding

Sono Motors reports it has raised approximately €100 million in capital

Manager Magazin had reported a few days ago that the startup Sono Motors wants to go public on the U.S. stock exchange. In preparation for the “soft launch” of the Sion, the approximately $55 million (€45 million) now confirmed had been collected. The electric car is scheduled for delivery starting in 2022 and thus with a delay of about two years. Production will be handled by contract manufacturer NEVS.

Published

on

Munich-based electric car startup Sono Motors is moving to the stock market, according to unconfirmed reports. Officially, the latest word was that a new prototype of the Sion solar minivan would be unveiled in early 2021. In a statement, the company now provided an update on its current funding status.

Sono Motors also struggled with the effects of the coronavirus this year, but was able to raise around $61 million (€50 million) via crowdfunding shortly before the outbreak of the pandemic. The fresh capital was used to drive forward the development of the Sion, in particular the construction of new pre-series vehicles. According to the company, it still needs more than $244 million (€200 million) for series production. Part of this sum was secured at the end of the year.

Sono Motors recently announced the completion of a $55 million (€45 million) Series C financing round. The latest financing round was led by institutional investors, including asset manager Swedbank Robur as the main investor. It has now received a total of nearly $122 million (€100 million) in capital via equity, debt, and paid reservations, Sono Motors said.

“We are very proud of the positive feedback Sono Motors has received from investors. It shows us that there is a lot of interest in environmentally friendly technologies. The closing of our Series C financing round is a testament to investors’ confidence in the strength of the Sion and its contribution to a more sustainable world,” said Sono Motors Chief Financial Officer Torsten Kiedel. “We are confident that our proprietary technologies will give the Sion a decisive competitive advantage in global EV markets. In particular, we are focusing on the solar cells and mobility services integrated into the vehicle.”

Read more about the capital raised by the electric cars company Sono Motors and find the latest financial headlines with our companion app Born2Invest.

Sono Motors did not provide details on a possible IPO in its latest announcement

Manager Magazin had reported a few days ago that the startup wants to go public on the U.S. stock exchange. In preparation for the “soft launch” of the Sion, the approximately $55 million (€45 million) now confirmed had been collected. 

On paper, that would result in a company valuation of around $915 million (€750 million). The IPO in the USA is targeted for the end of the coming quarter. The proceeds are to finance the start of production of the Sion.

According to Sono Motors, more than 12,000 orders have been placed for the Sion

The electric car is scheduled for delivery starting in 2022 and thus with a delay of about two years. Production will be handled by contract manufacturer NEVS at an ex-Saab plant in Trollhättan, Sweden. 

With a range of 255 kilometers, the Sion, which costs $31,100 (€25,500), is not one of the pioneers, but it is when it comes to integrating solar cells into the body. With the power of the sun, energy for a range of up to 34 kilometers is to be collected daily. The founders are also promoting mobility services such as car sharing and ride pooling as further highlights. “Powersharing” also turns the Sion into a mobile charging station for electric appliances and other electric vehicles.

__

(Featured image by geralt via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in ecomento de, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.