- SES Korea formed, with plans to build a pre-production facility
in South Korea
- SES Korea joins SES Shanghai Giga and SES Boston to accelerate
A-sample joint development with GM, Hyundai and Honda, on heels of
capital raise from recent business combination and listing on
NYSE
- Cash raised by recent listing on the NYSE is expected to
enhance SES growth plans
SES AI Corporation (NYSE: SES), headquartered in Boston, a
global leader in the development and manufacturing of
high-performance lithium-metal (Li-Metal) rechargeable batteries
for electric vehicles (EVs) and other applications, announced today
that it has incorporated its subsidiary SES Korea and plans to
build a pre-production facility in South Korea.
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“It’s all about speed and winning the race. Momentum is building
as additional auto OEMs want to establish arrangements for the
joint development of A-sample batteries with SES. Having SES
Boston, Shanghai Giga, and now SES Korea gives us access to deep
talent pools and the highly efficient ecosystems in South Korea and
China, the two industry powerhouses, as well as unparalleled
chemistry and software capabilities in the United States. We also
believe that the cash raised by our recent business combination
with Ivanhoe Capital Acquisition Corp. and our listing on the New
York Stock Exchange will help us to accelerate these developments,”
said Dr. Qichao Hu, Founder and CEO of SES.
SES Korea will be SES’s second major operation outside of the
United States, after SES Shanghai Giga. SES Korea expects to have
approximately 50 employees by the end of 2022. South Korea is home
to several of SES’s important strategic partners including Hyundai
Motor Company (Hyundai), SK Inc. (SK) and LG Corporation.
South Korea has a strong battery supply chain and a deep talent
pool. SES Korea and SES Shanghai Giga will focus on different
aspects of supply chain development and different A-sample joint
development with auto OEMs.
SES has automotive A-sample joint development agreements (JDAs)
with General Motors Company (GM), Hyundai, and Honda Motors
(Honda). SES is backed by strategic investors including GM,
Hyundai, Honda, Geely Auto Group, SAIC Motor, SK, Koch, Applied
Materials, Inc., Tianqi Lithium HK Co. Ltd., Vertex Ventures
Holdings, Temasek Holdings Limited, affiliates of LG and Foxconn
Technology Group and several others.
“The incorporation of SES Korea marks another milestone in our
quest to build on SES’s position as a global leader in the
development and manufacturing of high-performance Li-Metal
batteries for EVs. South Korea is a powerhouse of EV battery
development, so we couldn’t be in a better position in terms of
having a long-term base in Korea where we will contribute to the
development of cell manufacturing equipment and process
development, joint development with auto OEMs, and supply chain
development,” said Hans Kim, Vice President & Head of SES
Korea.
About SES
SES is a global leader in development and production of
high-performance Li-Metal rechargeable batteries for electric
vehicles (EVs) and other applications. Founded in 2012, SES is an
integrated Li-Metal battery manufacturer with strong capabilities
in material, cell, module, AI-powered safety algorithms and
recycling. Formerly known as SolidEnergy Systems, SES is
headquartered in Boston and has operations in Singapore, Shanghai,
and Seoul.
Forward-looking statements
This press release may contain certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, including statements regarding SES’s or its
management teams’ expectations, hopes, beliefs, intentions or
strategies regarding the future. The words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “could,” “plan,” “project,” “forecast,”
“predict,” “possible,” “potential,” “seem,” “seek,” “future,”
“outlook,” “target” and other similar expressions that predict or
indicate future events or trends that are not statements of
historical matters may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements are based on
SES’s current expectations and beliefs concerning future
developments and involve a number of risks, uncertainties (some of
which are beyond SES’s control) or other assumptions. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: changes in domestic and foreign business, market,
financial, political and legal conditions; the failure to realize
the anticipated benefits of the business combination with Ivanhoe
Capital Acquisition Corp., which closed on February 3, 2022 (the
“Business Combination”); risks relating to the uncertainty of the
projected financial information with respect to SES; risks related
to the development and commercialization of SES’s battery
technology and the timing and achievement of expected business
milestones; the effects of competition on SES’s business; the risk
that the Business Combination disrupts current plans and operations
of SES as a result of the consummation of the business combination;
the ability to recognize the anticipated benefits of the Business
Combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and retain
its management and key employees; risks relating SES’s history of
no revenues and net losses; the risk that SES’s joint development
agreements and other strategic alliances could be unsuccessful;
risks relating to delays in the design, manufacture, regulatory
approval and launch of SES’s battery cells; the risk that SES may
not establish supply relationships for necessary components or pay
components that are more expensive than anticipated; risks relating
to competition and rapid change in the electric vehicle battery
market; safety risks posed by certain components of SES’s
batteries; risks relating to machinery used in the production of
SES’s batteries; risks relating to the willingness of commercial
vehicle and specialty vehicle operators and consumers to adopt
electric vehicles; risks relating to SES’s intellectual property
portfolio; the ability of the combined company to issue equity or
equity-linked securities or obtain debt financing in the future;
and those factors discussed under the heading “Risk Factors,” in
the definitive proxy statement/prospectus relating to the Business
Combination, and other documents of SES filed, or to be filed, with
the SEC. There may be additional risks that SES does not presently
know or that SES currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect SES’s expectations, plans or forecasts of future events and
views only as of the date of this press release. SES anticipates
that subsequent events and developments will cause its assessments
to change. However, while SES may elect to update these
forward-looking statements at some point in the future, SES
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing SES’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005609/en/
Investors: Eric Goldstein ericgoldstein@ses.ai Media: Irene Lam
ilam@ses.ai
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