News Update

EV battery start up SES to partner with Honda

• ByStartupStory     |    January 21, 2022

Lithium- mental batteries will facilitate increase in driving range with low weight for electric vehicles.

SES Holdings, as US start up with aim of opening a shanghai factory in coming years, accompanying with Honda to boost the development of its novel lithium- metal batteries, with the Japanese auto maker announcing investment in the battery company.

Why it matters: Honda is the third automaker to partner with SES on electric vehicle ( EV ) batteries.

To negotiate the latest in a string of moves by global auto majors to develop battery technologies that they hope will accelerate their shifts to electrification.

Details: SES signed a joint agreement with Honda to work with early stage prototype of its lithium – metal battery , or “A – samples.”additionally, Honda plans to buy 2% of SES AI Corporation, a new entity that will be created by an SES partnership with a special purpose acquisition company (SPAC) to list in the US, according to an announcement by SES published Wednesday.

Boston- based SES anticipates $ 275 million from the deal with the SPAC, Ivanhoe Capital Acquisition Corp, and a proposed listing on the New York Stock Exchange. The merger is subject to a shareholder vote on Feb.1.

Honda is joining a list of global auto majors already backing the 10- year- old battery start up.

They include General Motors, Hyundai, Geely, SAIC, and Foxconn, according to the statement.

SES was primarily formed as a spin- off from a research lab at the Massachusetts Institute of Technology (MIT)

Through the assistance of Honda and all of our strategic and financial investors, we are well positioned to bump off our development and production plans to bring next generation battery technology to global EV manufacturers,” said CEO Hu Qichao, SES’s founder and an MIT graduate.

These batteries contain heavy liquid electrolytes, while solid lithium- metal batteries are lighter and therefore could offer increased range and faster charging than their lithium – ion counterparts.

SES in November showcased a lithium- metal battery cell with over 100 amp – hours of charge, while most lithium- ion battery cells run between 50 and 120 amp hours.

The company aims at mass production in its battery cells at a factory in Shanghai which is scheduled for completion in 2023.

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