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German Sono Motors filed the US IPO listing, estimated to be valued more than $1B

On Friday German Sono Motors filed for an IPO in the US listing. Earlier in March when the solar car firm was exploring its options, it was estimated to be valued at $1 billion. With this listing, the company is looking for cash from investors as governments all over the world are demanding for electric vehicle shift.

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Image credits- Forbes

Sono was started by four friends in a garage in 2016. Now is developing the Sion, a fully solar integrated electric vehicle. The vehicle has an estimated range of 305 kilometers and can either be charged with solar power, or charged via outlets.

The company plans to start deliveries by 2023. It is reported that there are more than 14,000 reservations for Sion. This resulted in cash flow after the reservations, estimated to be 38.8 million euros ($45.16 million) by August. Furthermore, the reservations correspond to a net sales volume of 300 million euros.

Sono Motors plans to license its technology on solar to manufacturers ranging from trains, vans, camper vans, trucks to buses. In the filing of public listing, the company highlighted the need for climate-friendly and affordable electric vehicles. It comes ahead of next month’s COP26 global climate talks in Glasgow which focuses on carbon emission reductions.

The cheap solar powered car

The all new 2021 Sion has 7.5 square meters of solar panels. It is a spacious car with an average 70 miles. The range can extend upto 150 miles on a sunny day. Being a cheap EV, the Sion lacks with its technology or luxury view. It is stated by Electrek that the vehicle is simple, and makes sense for being a practical vehicle.

There are two methods Sono Motors uses to modify existing vehicles to an EV. They are vehicle integrated photovoltaics and vehicle applied photovoltaic solutions.

Vehicle integrated photovoltaic solutions means the solar panels are attached to the vehicle to the top or sides. Whereas vehicle applied photovoltaic solutions mean the solar panels are attached to Ari 458. Here the ARi 458 consists of 5 solar PV modules among which 45 are solar cells and 90 half cells are attached to the roof and sides. This Ari 458 concept is specially designed by Sono Motors for B2B businesses. In recent times automotive industry has been struggling to come up with new technology. Such innovation allowing companies to transform their existing cars is expected to make huge in the market. Sono Solar Group lead at Sono Motors, Mathieu Baudrit said, “Sono Solar – Sono Motors’ B2B unit – is a one-stop-shop for vehicle integrated photovoltaics (ViPV) and our aim is to make every vehicle a solar vehicle.”

 

 

 

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