Munich-based solar technology company Sono Motors has signed investment agreements with YA II PN (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.
The company says pending fulfillment of certain conditions precedent, this deal will position it 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.”
The company’s restart goes hand in hand with a complete restructuring of Sono Motors’ management team – 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 for the company is now to market the 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. In addition, Sono Motors will continue to drive forward the development and marketing of its unique solar integration technology, which can sustainably power a wide range of vehicle applications, such as refrigerated vehicles, last-mile delivery vans and passenger cars, and thus make a significant contribution to the climate and mobility transition.
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. Since March 2023, the total number of customers and partners for Sono Motors’ solar technology has increased from 25 to 28.
