SES begins trading today on the New York Stock Exchange under the symbol “SES”

BOSTON, February 04, 2022–(BUSINESS WIRE)–SES AI Corporation (SES), a global leader in the development and production of high-performance rechargeable lithium-metal (Li-Metal) batteries for electric vehicles (EVs) and other applications , announced today that its Class A common stock and warrants will begin trading on the New York Stock Exchange today under the symbols “SES” and “SES.WS”, respectively.

Management will participate in an opening ceremony on the New York Stock Exchange today to celebrate the IPO, following the completion of a business combination with Ivanhoe Capital Acquisition Corp.

“Today we celebrate a milestone in a journey we began a decade ago as a spin-off from the Massachusetts Institute of Technology,” said Qichao Hu, Founder and Chief Executive Officer of SES. “We are now one of the world’s leading developers and producers of high-performance lithium-metal batteries with investments from six major global automakers and ‘A-sample’ joint development agreements with three of them,” a- he declared.

Global automakers Geely Holding Group, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Kia Corporation, SAIC Motor and Foxconn have all invested in SES. In addition, SES has “A-sample” joint development agreements with General Motors, Honda, Hyundai and Kia. In November last year, SES announced the construction of Shanghai Giga, a new 300,000 square foot facility in Shanghai slated for completion in 2023, and unveiled the world’s first lithium-metal battery over 100 ampere-hours (Ah).

“We would like to thank the entire SES team for their hard work and our partners at Ivanhoe and our other investors for their support,” Hu added. “We couldn’t have done this without them,” he said. “The capital raised through this transaction along with our new access to public markets will help us execute our development and production plans to bring next-generation battery technology to global electric vehicle manufacturers.”

Ivanhoe Capital Acquisition Corp. Chairman and CEO Robert Friedland remains a director of the combined company. Mr. Friedland is a renowned mining entrepreneur and technology innovator, who is the founder and Executive Co-Chairman of Ivanhoe Mines, a leading mining and mineral exploration company focused on strategic “electric” metals and listed on the Stock Exchange. Toronto (TSX) under the symbol “IVN”. He is also a member of the US and Canadian Mining Halls of Fame.

“I am delighted to join the SES success story,” said Mr. Friedland. “We are firmly aligned with many of the world’s largest automakers, confident that SES’ proprietary Li-Metal batteries will make SES the only next-generation battery technology company to successfully bring its batteries to market by middle of this decade. Deep vertical integration between miners producing ethically sourced “green metals” and major electric car manufacturers is coming soon and will be of profound and long-term importance to all stakeholders involved.”

SES’ Li-Metal battery is expected to enable the next generation of high-end, affordable electric vehicles. The Li-Metal approach provides the superior energy density of Li-Metal through the proven manufacturing efficiency of lithium-ion batteries. SES Li-Metal batteries utilize a high energy density Li-Metal anode, protective anode coating, proprietary high concentration solvent-in-salt liquid electrolyte and artificial intelligence safety features (” IA”) that enable better performance and manufacturing efficiencies than today’s solid-state Li-Metal batteries.

Advisors

Goldman Sachs & Co. LLC acted as exclusive financial advisor, Deutsche Bank Securities acted as exclusive capital markets advisor and White & Case LLP acted as legal advisor to SES. Morgan Stanley & Co. LLC acted as sole placement agent for the PIPE offering and as exclusive financial advisor to Ivanhoe. Kirkland & Ellis LLP acted as legal counsel to Ivanhoe. ICR, LLC served as communications advisor to SES.

About SES

SES is a world leader in the development and production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES is an integrated manufacturer of Li-Metal batteries with strong capabilities in materials, cells, modules, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Boston and has operations in Singapore, Shanghai and Seoul. To learn more about SES, visit: ses.ai/investors/

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 the expectations, hopes, beliefs, intentions or strategies of SES or its management teams regarding the future. The words “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “could”, ” could”, “plan”, “project”, “forecast”, “predict”, “possible”, “potential”, “seem”, “seek”, “future”, “prospect”, “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 such words does not mean that a statement is not forward-looking. These forward-looking statements are based on SES’s current expectations and beliefs regarding 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 contained in this press release, including, but not limited to: changes in domestic and foreign affairs, market, financial conditions, political and legal; failure to realize the anticipated benefits of the business combination; risks related to the uncertainty of projected financial information about SES; risks relating to the development and commercialization of SES’s battery technology and the timing and achievement of expected commercial milestones; the effects of competition on SES’s business; the risk that the business combination will disrupt SES’s current plans and operations as a result of the completion of the business combination; the ability to recognize the expected benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined business to grow and manage growth profitably, to maintain customer relationships and retain its management and key employees; risks relating to SES’s history of no revenue and net losses; the risk that joint development agreements and other strategic alliances of SES fail; risks related to delays in the design, manufacturing, regulatory approval and launch of SES’s battery cells; the risk that SES may not be able to establish supply relationships for necessary components or pay for more expensive components than expected; risks related to competition and the rapid evolution of the market for batteries for electric vehicles; safety risks posed by certain components of SES’s batteries; risks related to machinery used in the production of SES batteries; risks related to the willingness of utility and specialty vehicle operators and consumers to adopt electric vehicles; risks related to SES’s intellectual property portfolio; the combined company’s ability to issue equity or equity-like securities or obtain debt financing in the future and the factors discussed under “Risk Factors” in the Proxy Circular/Prospectus definitive statements 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 is not currently aware of or that SES currently believes to be immaterial which could also cause actual results to differ materially from those contained in the forward-looking statements. Further, forward-looking statements reflect SES’s expectations, plans or forecasts regarding future events and beliefs 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 choose to update these forward-looking statements at some point in the future, SES expressly disclaims any obligation to do so. These forward-looking statements should not be taken as representing SES’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.

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contacts

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