BOSTON–(BUSINESS WIRE)–SES AI Corporation, a global leader in the development and production of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, announced today that it has closed the previously announced business combination of SES Holdings Pte. Ltd. and Ivanhoe Capital Acquisition Corp.
The transaction was approved by Ivanhoe shareholders on February 1, 2022. In connection with the transaction, Ivanhoe was renamed “SES AI Corporation.” The Class A common stock and warrants of SES will commence trading on the New York Stock Exchange on February 4, 2022, under the new ticker symbols, “SES” and “SES WS”, respectively.
“Today marks a significant milestone for us. The capital raised through this transaction is expected to provide SES with the necessary proceeds to continue accelerating its growth and fund key development initiatives. Key partnerships with world-class automakers strengthen the commercialization of SES’ technology and help position it to emerge as a leading global Li-Metal battery supplier. We expect to deliver strong value for our internal and external stakeholders over time as we continue to execute on our development and production plans to bring next generation lithium metal battery technology to global EV manufacturers,” said Qichao Hu, SES’s founder and Chief Executive Officer.
An upsized $275 million common stock PIPE offering priced at $10.00 per share also closed on February 3, 2022, immediately prior to the closing of the business combination. The PIPE investors include multiple industry leading OEMs and strategic partners as well as premier financial investors such as: Honda Motor Co. Ltd., General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton. SES investors also include SK Inc., Temasek, Tianqi Lithium, and Applied Materials.
Goldman Sachs & Co. LLC served as exclusive financial advisor, Deutsche Bank Securities served as exclusive capital markets advisor and White & Case LLP served as legal advisor to SES. Morgan Stanley & Co. LLC served as sole placement agent on the PIPE offering and as exclusive financial advisor to Ivanhoe. Kirkland & Ellis LLP served as legal advisor to Ivanhoe. ICR, LLC served as communications advisor to SES.
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. To learn more about SES, please visit: ses.ai/investors/
About Ivanhoe Capital Acquisition Corp.
Prior to the business combination, Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) was a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Ivanhoe was formed to seek a target in industries related to the paradigm shift away from fossil fuels towards the electrification of industry and society.
