Solar tech company Sono Motors to exit from self-administration. Hedge fund will take over
Since the beginning of the year, Sono Motors GmbH has been implementing its new business model and corporate structure, driven by its new leadership team. The company’s proprietary solar power electronics that enable solar integration into a wide range of vehicles, including refrigerated trucks, trailers, eVans and eTrucks.
Munich-based solar tech company Sono Motors is about to exit from self-administration proceedings. The company confirmed its insolvency plans have been accepted by court following the recently announced investor deal with Yorkville hedge fund. Indeed, the first tranche of the investment from Yorkville was funded on February 6, 2024, and the remaining formal actions required for Sono Motors GmbH’s exit from its self-administration proceedings are expected to be concluded by February 29, 2024.
Since the beginning of the year, Sono Motors GmbH has been implementing its new business model and corporate structure, driven by its new leadership team, including managing directors Jan Schiermeister and Denis Azhar who are both long-term members of Sono Motors GmbH’s solar mobility journey.
Sono Motor’s core business remains unchanged
The core business of Sono Motors is the Solar Bus Kit, the company’s retrofit solar integration product specifically developed for buses, and the company’s proprietary solar power electronics that enable solar integration into a wide range of vehicles, including refrigerated trucks, trailers, eVans and eTrucks.
“Sono Motors GmbH will continue to pioneer solar in mobility with the vision to enable a world without fossil fuels. Equipped with know-how and innovation from more than five years of research and development in the sector, our first products are market-ready. In addition, we believe that further standalone solutions and our intellectual property have the potential to create a flourishing business for the years to come”, stated Denis Azhar.
