SES completes merger with 'Ivanhoe' to finish SPAC listing at NYSE

Feb 7, 2022 05:34 PM ET
  • The Liquid Metal technology battery maker hopes to see business growth quickly.
  • SES was founded in 2012 and also quickly became an integrated Li-Metal battery supplier with strong capabilities in material, cell, module, AI-powered security algorithms and also recycling.

Liquid metal battery company SES AI Corporation or 'SES' has actually proclaimed that it has actually closed the business mix of SES Holdings and also Ivanhoe Capital Acquisition Corp or 'Ivanhoe', a Special Purpose Acquisition Vehicle( SPAC). The pursuit for this acquisition was revealed formerly and also now it stands complete. With this, SES is noted on the New York Stock Exchange. SES is a lithium-metal battery start-up backed by leading carmakers including Honda, Hyundai, and also GM. Lithium metal technology is being seen as a possible development as child as safety and security issues linked to the battery are sorted. The power density of these batteries can be twice as high as Lithium ion batteries that dominate currently, supplying huge advantages on both vehicle expenses and weight on success.

It has been introduced by SES that this extremely deal was accepted by Ivanhoe shareholders on the first day of February at a valuation of $3.4 billion. About the transaction, Ivanhoe the SPAC was renamed 'SES AI Corporation. The Class An ordinary shares and also warrants of SES has begun trading on the New York Stock Exchange under new symbols.

SES's owner and Ceo (CHIEF EXECUTIVE OFFICER) Qichao Hu said, "Today marks a considerable milestone for us. The capital elevated through this purchase is expected to supply SES with the needed profits to proceed accelerating its growth and also fund essential growth campaigns. Key partnerships with world-class automakers enhance the commercialization of SES' technology and also help place it to emerge as a leading worldwide Li-Metal battery distributor."

Hu also maintained that his business expects to provide strong worth for all the internal and also external stakeholders with time as the organisation continues to execute on its growth and manufacturing plans to bring next generation lithium ion battery technology to global EV manufacturers.

An upsized $275 million ordinary shares PIPE offering priced at $10.00 per share additionally closed on February 3 immediately prior to the closing of business mix. The PIPE capitalists include numerous sector leading OEMs as well as strategic companions as well as leading monetary investors such as Honda Motor, General Motors, Hyundai, Geely Holding Group, Kia Corporation, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures as well as much more.

SES was founded in 2012 and quickly became an integrated Li-Metal battery maker with strong capabilities in material, cell, module, AI-powered security formulas and recycling. The firm is headquartered in Boston and has operations in Singapore, Shanghai and also Seoul.

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