Sono Motors, the German solar business company involved in innovative products for heavy-duty electric vehicles, either buses or trucks, might be rescued from quite a difficult financial situation. The company managed to “obtain sufficient financing for business operations through at least the end of 2024”, as stated in a press note.
The investments granted by Yorkville (YA II PN, Ltd.) are expected to enable the company to restructure itself, emerge from its self-administration proceedings that have been ongoing since May 2023. The closing of the investment with Yorkville and conclusion of the insolvency proceeding are currently expected in late January 2024.
A brighter future for Sono Motors
“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,” stated Jan Schiermeister, who currently serves as Sono Motors’ Head of Technology.
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. “I see this great willingness to return as a clear sign of an exceptionally high level of motivation and dedication. These employees are the backbone of Sono Motors and I strongly believe that together we can all emerge stronger from the expected conclusion of the self-administration proceedings,” Mr. Schiermeister continued.