SES created what it believes to be the world’s most advanced Li-Metal Battery technology and has the management team needed to be a leading provider of LMB batteries. SES’s third-party tested, differentiated battery technology is designed for manufacturing at scale through backward compatibility with existing production processes that lower risk and accelerate time to market.

From a technology validation perspective, SES is the first next generation Li-Metal battery company to publicly release the results of third party test reports that showed industry-leading energy density, performance and safety. SES is also the first Li-Metal battery company to enter an automotive A-sample joint development agreements (JDA) with automakers. SES announced A-sample JDAs with GM in March 2021, with Hyundai in May 2021, and with Honda in January 2022, and more are expected in the pipeline.

From a market perspective, the EV battery industry is being disrupted and the fundamental definition of what it means to be a battery company is being shattered. The global competition for supply chain dominance among battery and auto OEMs is intensifying. Car companies want to make their own batteries, and battery companies want to become the new oil giants. New technologies such as AI, blockchain, and digital coins are being applied. This is a great opportunity for SES to expand and synthesize everything from mines, materials, batteries, vehicles, data, and recycling, all into a Super Intelligence System. The investment opportunity is not just in a traditional battery company, but an entirely new future of electric transportation, both on land and in air.

Escalating demand for EV technology

Many governments, businesses and investors are focusing on electric vehicles and beginning to require specific supply chain commitments to electrification. This global energy transformation presents a significant commercial opportunity for rechargeable batteries, especially next-generation, energy-dense technologies such as LMB designed for the automotive sector. New battery technology that reduces costs, increases energy density and improves safety, like SES’s LMB technology, will be frontrunners in capturing a major share of this new commercial opportunity.

Factors driving demand for EV technology:

  • Several governments and global OEMs announced robust electrification goals, accelerating demand for next generation batteries and sparking an industry changeover.
  • Due to private and public sector EV adoption efforts, the global market for EV batteries is projected to grow substantially, driven by the explosive growth from approximately 2.7 million EV passenger cars sold in 2020 to approximately 90 million in 2040. The related EV battery market is projected to increase from $19 billion to $350 billion.
  • As market volume increases, LMB solutions will be characterized by greater battery capacities and decreased cost per kWh. Between 2020 and 2040, the average battery pack size is projected to increase from 45 kWh / EV to 56 kWh / EV, while the cost of each EV battery pack is projected to fall from $150 / kWh to $70 / kWh.
  • SES Li-Metal battery cells are the only Li-Metal cells that meet or exceed the preliminary OEM target requirements for energy density, low temperature operation, cycle life and safety.
  • SES's advanced technology helps position it as a leader in the development and initial production of high-performance lithium-metal rechargeable batteries for EVs and in the growth of the EV market generally, which we believe will create value for our investors and society at large.

SES is supported by strategic and financial investors, including energy and chemicals conglomerate SK, mining and manufacturing company Tianqi, semiconductor equipment manufacturer Applied Materials, investment firms Vertex Ventures and Temasek Holdings, affiliates of automotive suppliers LG and Foxconn Technology Group, and global OEMs GM, Hyundai, Geely Auto Group and Shanghai Auto. Among this group, GM and Hyundai are parties to existing joint development agreements with SES.