German electric vehicle (EV) manufacturer Sono Motors has entered into investment agreements with YA II PN Ltd, a hedge fund managed by Yorkville, in a move aimed at facilitating the company's restructuring and emergence from self-administration proceedings. The deal is set to provide Sono Motors with financing for its business operations until at least the end of 2024.
The company, headquartered in Munich, plans to sustain its solar integration business, with the initial focus on the market launch of its Solar Bus Kit retrofit solution designed for both diesel and electric buses. The closing of the investment and the finalization of the insolvency proceedings, initiated in May 2023, are anticipated in late January 2024.
Jan Schiermeister, appointed as Sono Motors' Head of Technology, expressed optimism about the agreement with Yorkville, deeming it an opportunity for a promising new start. The company plans a management restructuring as part of its restart. Despite the self-administration proceedings, Sono Motors noted an increase in the number of customers and partners for its solar technology, growing from 25 to 28 since March 2023.
In February, Sono Motors had announced the discontinuation of its Sion solar electric vehicle project, shifting its focus to retrofitting and integrating solar technology into vehicles for third parties and fleet operators.
