SES Holdings Pte Ltd of Singapore has entered into a definitive agreement for a business combination with Ivanhoe Capital Acquisition Corp of New York, NY. The companies say that the transaction will create the first publicly-traded hybrid Li-Metal battery company that combines the high energy density of Li-Metal with cost effective manufacturability at scale.
Upon completion of the proposed transaction, the combined company will operate under the SES name and be listed on the New York Stock Exchange.
Robert Friedland, Ivanhoe’s CEO, said, “We are pleased to partner with SES, and have been extremely impressed by its talented team and its superior technical, academic, and manufacturing expertise. As part of our due diligence, we retained several of the world’s leading battery advisors to assess SES’s approach to Li-Metal batteries as well as commissioning independent third party testing of the performance of is technology. As a result of the review, we concluded that SES’s approach to Li-Metal batteries has led to it being the most competitive industry player today when measured by performance.
“This, together with its overall economics and wide-scale commercialization plan with key automakers, means that SES is the only next generation battery technology company that will be successful in commercializing its batteries by the middle of the decade. It provides an incredibly attractive opportunity for the industry and our stakeholders to play a key role in the generation defining electrification revolution now underway.”
SES’s hybrid Li-Metal batteries use a high energy density Li-Metal anode, a protective anode coating, a proprietary high-concentration solvent-in-salt liquid electrolyte, and artificial intelligence safety features that allow for greater performance and manufacturing efficiencies than today’s all solid-state Li-Metal batteries.
Volume 35, Issue 13