SES AI Corporation announces that it will increase investment for Li-Metal battery development in South Korea
27 September 2022 - 9:00PM
Business Wire
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
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:
https://investors.ses.ai/news/news-details/2022/SES-AI-Corporation-announces-that-it-will-increase-investment-for-Li-Metal-battery-development-in-South-Korea
About SES
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
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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”,
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220927005653/en/
Investors: Eric Goldstein ericgoldstein@ses.ai Media: Irene Lam
ilam@ses.ai
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