- Sono Group has raised $150 in its IPO
- The company intends to pay debs and develop its EVs
- Commercial production is set to begin in H1 2023
Solar Electric Vehicle (EV) developer, Sono Group, has raised $150 million. The firm, based in Munich, Germany, raised the money from its initial public offering (IPO). The offering is set to close on November 19th, and with over 1 million shares being offered, the company has a $2.75 billion market value.
Sono Group plans to use the revenue generated to develop its Sion Solar Electric Vehicles, as well as manage the company’s operations and pay debts. Commercial production of the Sion Solar EV is expected to begin in the first half of 2023.
The vehicles will have integrated solar panels and batteries to store energy from the sun. Private reservations worth $385 million have already been made for the cars.