SES Awarded Cash Grants in South Korea to Support Li-Metal Expansion

Rhea-AI Summary

SES AI Corporation (NASDAQ: SES), a leader in lithium-metal rechargeable batteries, has been awarded cash grants from the South Korean government, including Chung-Buk Province and Chung-Ju City. This initiative, driven by the Ministry of Trade, Industry and Energy, underscores SES's role in next-generation battery technology. Following a high-profile meeting in September 2022 with South Korean President Yoon Suk Yeol, SES announced plans for increased investment to enhance its manufacturing capabilities for Apollo cells. In 2023, SES aims to expand globally while receiving recognition from South Korea, reinforcing its position within the global battery industry.

Positive

• Awarded cash grants from South Korean government for battery technology.
• Recognized as a leader in next-generation battery development.
• Plans for increased investment in South Korea to enhance manufacturing capacity for Apollo cells.
• Global expansion strategy established for 2023.

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• None.

BOSTON--(BUSINESS WIRE)-- SES AI Corporation (NYSE: SES), headquartered in Boston, a global leader in the development and manufacturing of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, today announced it was awarded cash grants from the South Korean Central Government, represented by the Ministry of Trade, Industry and Energy (MOTIE), as well as Chung-Buk Province and Chung-Ju City.

In September, 2022, the President of the Republic of Korea, Yoon Suk Yeol, invited the CEO and Founder of SES, Dr. Qichao Hu, to a meeting, which also included several other CEOs from blue-chip US technology companies including Applied Materials (NASDAQ: AMAT), to discuss how SES and the South Korean Government could work together to promote next generation battery technology. Following this meeting, SES announced its intention to increase investments in South Korea to support manufacturing and development of its large capacity Apollo cells.

The grants received by SES are part of the South Korean Government’s efforts to attract leading technology companies and SES was specifically chosen in the next generation battery space. South Korea is widely recognized as one of leading countries supplying the global battery industry and these grants are evidence that SES is the leader in next generation battery development. SES is proud that it can contribute to the continuing leadership of the South Korean battery industry.

“We are honored that our innovative Li-Metal battery technology has been recognized by the South Korean Central Government as well as Chung-Buk Province and Chung-Ju City. South Korea is the world leader in batteries for electric vehicles and will continue to play a key role in the global supply chain for decades”, said SES Founder and CEO Qichao Hu. “2023 will be a year of global expansion and increased investment for SES and these grants will support an increase in manufacturing capacity for our 50Ah and 100Ah Li-Metal Apollo cells.”

About SES
SES is a global leader in development and production of high-performance Li-Metal rechargeable batteries for 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 Chungju.

SES may use its website as a distribution channel of material company information. Financial and other important information regarding SES is routinely posted on and accessible through the SES’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. To learn more about SES, please visit: https://investors.ses.ai.

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; risks related to SES’s business operations outside the United States, including in China and Korea; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions;; 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 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.

© 2022 SES AI Corp., Confidential and Proprietary

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005583/en/

Investors: Eric Goldstein ericgoldstein@ses.ai

Media: Irene Lam ilam@ses.ai

Source: SES AI Corporation

FAQ

What recent grants has SES AI Corporation received?

SES AI Corporation has received cash grants from the South Korean government, including Chung-Buk Province and Chung-Ju City.

How does the South Korean government support battery technology firms like SES?

The South Korean government aims to attract leading technology companies and has specifically chosen SES to support the development of next-generation battery technologies.

What are SES AI Corporation's plans for 2023?

SES plans to increase investments and expand its manufacturing capacity for Apollo cells in 2023.

What is the significance of the meeting with South Korea's President for SES?

The meeting with President Yoon Suk Yeol highlights SES's collaboration with South Korea to promote next-generation battery technology.

What is SES AI Corporation's focus on battery technology?

SES focuses on developing high-performance lithium-metal rechargeable batteries for electric vehicles and other applications.