Munich-based Solar Tech Company Sono Motors Secures Investment from Yorkville which are expected to enable the company to restructure itself, emerge from its self-administration proceedings that have been ongoing since May 2023 and continue its solar integration business.
Pending the fulfillment of certain conditions precedent, this deal positions Sono Motors to obtain sufficient financing for its business operations until at least the end of 2024. The closing of the investment with Yorkville and conclusion of the insolvency proceeding are currently expected in late January 2024.
Jan Schiermeister, who currently serves as Sono Motors’ Head of Technology said, “The last few months have been exhausting for everyone at Sono Motors, but at the same time incredibly instructive. Now it’s time to turn what we’ve learned into success. Our experienced team is eager to continue working toward our vision and has surpassed itself and grown even closer together over the last few months. We believe the agreement with Yorkville gives us the opportunity for a promising new start, The company’s restart goes hand in hand with a complete restructuring of Sono Motors’ management team – Mr. Schiermeister is among those currently designated as members of Sono Motors’ future management team, all of whom played key roles in shaping the company’s Mergers & Acquisitions process. Following the closing of the investment with Yorkville, the company looks forward to once again fully devoting itself to its mission of establishing itself and its proprietary solar solutions in the B2B segment.”
Following the signing of the investor deal, Sono Motors has in recent days been able to offer all employees who were given notice at the end of October re-employment, which has already been accepted by the majority of the workforce.
The first priority is now the market launch of the Solar Bus Kit, a solar retrofit solution specially developed by Sono Motors for diesel and electric buses to significantly reduce their CO2 emissions.
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Despite the ongoing self-administration proceedings, Sono Motors continued to establish new and strengthen existing customer relationships throughout 2023, and recently deepened its collaboration with one of the 10 largest vehicle manufacturers in the world by signing a new service agreement.
About Sono Motors
Their whole business strategy is centred around retrofitting and integrating their solar technology onto vehicles owned by other parties. This represents an important milestone for Sono Motors‘ company development. With 25 B2B clients in Europe and the US, their technology is currently in use. testing their integrated solar technology across a range of vehicle types, such as buses, leisure vehicles, cars, and refrigerators.