Battery Manufacturer SES to Goes Public in a SPAC Deal

SES AI Corporation, an integrated lithium-metal battery manufacturer, has closed the business combination with Ivanhoe Capital Acquisition Corporation, a special purpose acquisition company (SPAC), according to a press release.

The business transaction was approved by Ivanhoe shareholders on February 1, 2022.

As a result of the transaction, Ivanhoe Capital Acquisition Corporation has been renamed ‘SES AI Corporation.’

The Class-A Common stock and warrants of SES started trading on the New York Stock Exchange (NYSE) from February 4, 2022, under the new ticker symbols of ‘SES’ and ‘SES WS,’ respectively.


A $275 million PIPE stock offering priced at $10 per share also closed on February 3, 2022, just before the completion of the business deal.

The PIPE investors included Honda Motor, General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC, and Franklin Templeton.

Other SES investors include SK Incorporation, Temasek, Tianqi Lithium, and Applied Materials.

Goldman Sachs served as the exclusive financial advisor, whereas Deutsche Bank Securities served as the exclusive capital markets advisor, and White & Case LLP served as the legal advisor to SES.

Speaking on the deal, Qichao Hu, Founder and CEO of SES, said, “The capital raised through this transaction will provide SES with the necessary proceeds to continue accelerating its growth and fund key development initiatives. Key partnerships with world-class automakers will strengthen SES’s technology’s commercialization and help position it as a leading global lithium-ion battery supplier. We expect to deliver strong value for our internal and external stakeholders over time as we continue to execute on our development and production plans to bring next-generation lithium metal battery technology to global EV manufacturers.”

SES’s Li-Metal battery is expected to enable the next generation of high-range and affordable EVs. According to the company, 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 greater performance and manufacturing efficiencies.

Four battery storage companies went public in 2021, according to Mercom’s 2021 Funding and M&A Report for Storage, Grid, and Efficiency; two merged with SPACs, and two went public through the traditional IPO route.