SES enters exclusive agreement with ENTEK Membranes, a global technology leader in battery separator materials

Rhea-AI Summary

SES Holdings and ENTEK Membranes have established an exclusive supply agreement for advanced separator materials aimed at enhancing high-energy Li-Metal rechargeable batteries. This partnership is designed to address production scaling and supply chain challenges in the electric vehicle market. SES plans to list on the NYSE via a merger with Ivanhoe Capital Acquisition Corp (IVAN) to further commercialize its next-generation battery technology, aiming for Giga-scale production.

Positive

• Exclusive supply agreement with ENTEK Membranes to enhance battery production.
• Partnership aims to reduce supply chain issues for electric vehicle manufacturers.
• SES positioned for commercialization of advanced technology in the battery market.

Negative

• SES has a history of no revenues and incurred net losses.

BOSTON--(BUSINESS WIRE)-- SES Holdings Pte. Ltd (“SES”) and ENTEK Membranes LLC announced today that they have entered into an exclusive supply agreement for innovative separator materials in the development and production of high-energy Li-Metal rechargeable batteries. Both headquartered in the US with global presence, SES and ENTEK share a vision that is not limited by geography, but that is to power the future of electric transportation with ENTEK materials and SES batteries.

(Photo: Business Wire)

In July 2021, SES announced plans to list on the New York Stock Exchange (NYSE) through a merger with Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) (“Ivanhoe”). Upon the closing of the transaction, the combined company will be listed on the NYSE under the new ticker symbol “SES”.

Dr. Rick Pekala, ENTEK Membranes Chief Technology Officer commented, “We are delighted to be partnering with SES, a pioneer in Lithium-Metal rechargeable battery technology and production. We are honored that SES has rewarded our collaborative commitment to the development of SES’s ground-breaking technological achievements in next-generation EV Lithium-Metal batteries in this way.”

Yongkyu Son, SES’ Chief Technology Officer stated, “We are really honored to make this commitment with ENTEK Membranes. Scaling production is always a concern when you bring a new product to market and the supply agreement with Entek Membranes helps us reduce supply chain issues while ensuring superior cycle life in our Lithium-Metal batteries. Supply chain disruption is a major consideration for auto makers as they look to put modern technologies in their cars, especially in the compressed timeframes that the market is demanding. SES is well positioned to fully commercialize its next generation hybrid Li-Metal battery technology and build Giga-scale battery production.

About Ivanhoe Capital Acquisition Corp.

Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) is 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.

Forward-looking statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements.” Forward-looking statements can generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” and other similar expressions that predict or indicate future events or events or trends that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics, projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of SES's and Ivanhoe's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of SES and Ivanhoe. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the shareholders of SES or Ivanhoe is not obtained; the failure to realize the anticipated benefits of 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 Ivanhoe and SES as a result of the announcement and 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 amount of redemption requests made by Ivanhoe's public shareholders; the ability of Ivanhoe or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the business combination or in the future and those factors discussed in Ivanhoe's annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021, under the heading "Risk Factors," and other documents of Ivanhoe filed, or to be filed, with the SEC relating to the business combination. If any of these risks materialize or Ivanhoe's or SES's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Ivanhoe nor SES presently know or that Ivanhoe and SES currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Ivanhoe's and SES's expectations, plans or forecasts of future events and views only as of the date of this press release. Ivanhoe and SES anticipate that subsequent events and developments will cause Ivanhoe's and SES's assessments to change. However, while Ivanhoe and SES may elect to update these forward-looking statements at some point in the future, Ivanhoe and SES specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Ivanhoe's and 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.

Additional Information

This press release relates to the proposed business combination between Ivanhoe and SES. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Ivanhoe has filed a Registration Statement on Form S-4 with the SEC, which includes a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus, and which has not yet become effective. A proxy statement/prospectus will be sent to all Ivanhoe shareholders. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Ivanhoe will also file other documents regarding the proposed business combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF IVANHOE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Ivanhoe through the website maintained by the SEC at www.sec.gov. The documents filed by Ivanhoe with the SEC also may be obtained free of charge upon written request to Ivanhoe Capital Acquisition Corp., 1177 Avenue of the Americas, 5th Floor, New York, New York 10036.

Participants in the Solicitation

Ivanhoe, SES and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Ivanhoe’s shareholders in connection with the proposed business combination. You can find information about Ivanhoe’s directors and executive officers, and their interest in Ivanhoe can be found in Ivanhoe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021. A list of the names of the directors, executive officers, other members of management and employees of Ivanhoe and SES, as well as information regarding their interests in the business combination, are contained in the Registration Statement on Form S-4 filed with the SEC by Ivanhoe. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005651/en/

For Media Inquiries, please contact Irene Lam, PR & Communications, SES ilam@ses.ai +852 9266 2626

Source: SES Holdings Pte. Ltd

FAQ

What is the supply agreement between SES and ENTEK Membranes?

SES Holdings and ENTEK Membranes have entered an exclusive supply agreement to develop separator materials for high-energy Li-Metal rechargeable batteries.

How does the merger with Ivanhoe Capital Acquisition Corp impact SES?

The merger with Ivanhoe Capital Acquisition Corp (IVAN) will enable SES to list on the NYSE, enhancing its capital for future operations.

What technology does SES specialize in?

SES specializes in Lithium-Metal rechargeable battery technology, aimed at improving electric vehicle performance.

What are the risks associated with SES's business model?

SES faces risks such as historical net losses, potential competition, and supply chain disruptions impacting battery production.