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SES AI Corporation announces that it will increase investment for Li-Metal battery development in South Korea
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SES AI Corporation recently strengthened its role in the electric vehicle battery industry by securing support from the South Korean government for its Li-Metal battery development. At the North America Investors Roundtable in New York on September 22, SES's CEO Qichao Hu met with South Korean President Yoon Suk-yeol and committed to advancing battery research. The South Korean government announced a planned investment of $1.15 billion for the battery sector, underlining SES's pivotal role in the evolution of next-generation batteries amidst rising demand for electric vehicles.
Positive
Secured government support from South Korea for Li-Metal battery development.
Participation as the only North American battery company at the Investors Roundtable.
Commitment from SES to advance research and development in South Korea.
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None.
As the only voice for the electric vehicle battery industry at the North America Investors Roundtable, SES AI Corporation continues its leadership position on the future of electric vehicle battery development
NEW YORK--(BUSINESS WIRE)--
SES AI Corporation (NYSE: SES) (“SES” or the “Company”) significantly advanced its plans to produce next-generation batteries, securing support from the government of South Korea toward SES’s development of Li-Metal batteries that are designed to greatly increase the range of electric vehicles at a time when global demand for emission-free transport is skyrocketing.
In a meeting with South Korean President Yoon Suk-yeol at the North America Investors Roundtable in New York on September 22, SES founder and CEO Qichao Hu committed to advancing research and development for Li-Metal batteries in South Korea. SES was the only North American battery company to participate in the event, where South Korea announced a total of $1.15 billion of planned investment for batteries, semiconductors, and other industries.
“South Korea is the world leader in EV battery, it plays a key role in global and in particular, North American EV battery industry by bridging the upstream global supply chain with downstream North American EV market. This is why we are investing in development in Korea,” said Dr. Hu. “We are proud that we have been recognized by the Government of South Korea for our innovation in Li-Metal technology and our commitment to supporting the future of the electric vehicle and urban air mobility ecosystem that can benefit us all.”
The meeting in New York also included South Korean Minister of Trade, Industry & Energy, Lee Chang-yang and 7 North American companies that are investing in South Korea to develop batteries, semiconductors, pharmaceuticals, and other industries.
Please also see our SES IR website for more information:
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/
The Company may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following the Company’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Forward-looking statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES. Although SES believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; 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 ability of SES to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES’s battery cells could adversely affect SES’s business and prospects; potential supply chain difficulties; risks resulting from SES’s joint development agreements and other strategic alliances, if such alliances are unsuccessful; the quickly evolving battery market; SES’s ability to accurately estimate future supply and demand for its batteries; SES’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES’s ability to effectively manage its growth; SES’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES’s intellectual property; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; risks related to SES’s business operations outside the United States, including in China; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents filed by SES from time to time with the SEC. There may be additional risks that SES presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES’s expectations, plans or forecasts of future events and views 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 elect to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date subsequent to the date of this press release.
What recent support did SES AI Corporation receive from South Korea?
SES AI Corporation secured government support from South Korea for its Li-Metal battery development during the North America Investors Roundtable on September 22.
What investment amount was announced by South Korea for the battery sector?
South Korea announced a total planned investment of $1.15 billion for the battery sector during the meeting with SES AI Corporation.
When did the meeting between SES AI Corporation and South Korean officials occur?
The meeting occurred on September 22 during the North America Investors Roundtable in New York.
Who represented SES AI Corporation at the North America Investors Roundtable?
SES AI Corporation was represented by its founder and CEO, Qichao Hu.
What is the focus of SES AI Corporation's battery development?
SES AI Corporation focuses on developing next-generation Li-Metal batteries designed to significantly increase the range of electric vehicles.
