Sono seeks as much as USD 40m to prep for photo voltaic automobile manufacturing

April 29 (Renewables Now) – Sono Group (NASDAQ:SEV) on Friday priced an providing of 10 million shares at USD 4 (EUR 3.81) apiece because the German agency wants extra capital to finance preparations for the manufacturing begin of its Sion photo voltaic electrical car.

The follow-on providing is about to shut on Could 3. The underwriters have a 30-day possibility to purchase as much as an extra 1.5 million shares.

Berenberg, Cantor Fitzgerald & Co., and B. Riley Securities are performing as book-runners on the transaction whereas Craig-Hallum and Wedbush Securities are co-managers.

The recent capital will likely be used to satisfy a part of the corporate’s elevated monetary wants. These quantity to not less than EUR 275 million (USD 288.3m) till manufacturing begin, which is deliberate for the second half of 2023. The upper funding wants are resulting from common value will increase, the event of recent manufacturing traces and the cope with Finnish contract producer Valmet Automotive which can assemble the Sion automobile.

After a ramp-up interval of a number of months, the businesses anticipate to be producing about 43,000 Sion vehicles a 12 months at Valmet’s Uusikaupunki manufacturing unit, utilizing solely renewable power.

The photo voltaic electrical car will likely be supplied at a internet value earlier than taxes and subsidies of EUR 25,126 when reservations surpass 18,000. In early April, Sono already had direct reservations for greater than 17,000 models.

(USD 1 = EUR 0.954)

(EUR 1 = USD 1.049)

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