Sono Motors, a Munich-based solar technology company, 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. 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 the conclusion of the insolvency proceeding are currently expected in late Jan., the company said.
The company’s restart goes hand in hand with a complete restructuring of Sono Motors’ management team. Jan Schiermeister, who currently serves as Sono Motors’ head of technology, is among those currently designated as members of Sono Motors’ future management team.
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 Oct. re-employment, which has already been accepted by the majority of the workforce.
Sono Motors said the priority now is 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. In addition, Sono Motors will continue to drive forward the development and marketing of its solar integration technology, which can sustainably power a wide range of vehicle applications, such as refrigerated vehicles, last-mile delivery vans and passenger cars.
Since March 2023, the total number of customers and partners for Sono Motors’ solar technology has increased from 25 to 28.