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Listing follows completion of business combination with Ivanhoe Capital Acquisition Corp.
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SES to ring opening bell at the New York Stock Exchange today at 9:30am ET
SES AI Corporation (SES), 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 its Class A common stock and warrants will begin trading on the New York Stock Exchange today under the ticker symbols “SES” and “SES.WS”, respectively.
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“Today we celebrate an important milestone in a journey that we began a decade ago as a spin-out company of the Massachusetts Institute of Technology”
Management will participate in an opening bell ceremony at the New York Stock Exchange today in celebration of the public listing, following the completion of a business combination with Ivanhoe Capital Acquisition Corp.
“Today we celebrate an important milestone in a journey that we began a decade ago as a spin-out company of the Massachusetts Institute of Technology,” said Qichao Hu, SES Founder and Chief Executive Officer. “Now we’re a leading global developer and producer of high-performance Li-Metal batteries with investments from six major global car manufacturers and ‘A-sample’ joint development agreements with three of them,” he said.
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Global auto manufacturers 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 entered into “A-sample” joint development agreements with General Motors, Honda, Hyundai and Kia. In November last year, SES announced that it is building Shanghai Giga, a new 300,000 square foot facility in Shanghai scheduled for completion in 2023, and unveiled the world’s first greater than 100 Amp Hour (Ah) Li-Metal battery.
“We want to thank the entire SES team for all of their hard work and our partners at Ivanhoe as well as our other investors for their support,” added Mr. Hu. “We wouldn’t have been able to do this without them,” he said. “The capital raised through this transaction along with our new access to the public markets will help us to execute our development and production plans to bring next generation battery technology to global EV manufacturers.”
Ivanhoe Capital Acquisition Corp.’s Chairman and Chief Executive Officer Robert Friedland is continuing as 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 Toronto Stock Exchange (TSX) under the ticker “IVN”. He also is a member of both the American and Canadian Mining Halls of Fame.
“I am delighted to be joining the SES success story,” said Mr. Friedland. “We are firmly aligned with many of the world’s leading auto manufacturers in our confidence that SES’s proprietary Li-Metal batteries will make SES the only next-generation battery technology company to succeed in commercializing its batteries by the middle of this decade. Deep vertical integration between miners producing ethically-sourced “green metals” and major electric auto makers is coming soon and will be of profound, long-term importance to all involved stakeholders.”
SES’s Li-Metal battery is expected to enable the next generation of high-range and affordable EVs. The Li-Metal approach provides the superior energy density of Li-Metal via the proven manufacturing efficiencies of lithium-ion batteries. SES’s Li-Metal batteries use a high-energy-density Li-Metal anode, a protective anode coating, a proprietary high-concentration solvent-in-salt liquid electrolyte, and artificial intelligence (“AI”) safety features that allow for greater performance and manufacturing efficiencies than today’s all-solid-state Li-Metal batteries.
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