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A pre-production lithium battery supplier with key automotive investors announced a SPAC merger Tuesday.
The SPAC Deal: SES is merging with Ivanhoe Capital Acquisition Corp (NYSE:IVAN) in a deal valuing the company at a pro forma equity value of $3.6 billion.
The SPAC merger will create the first publicly-traded, hybrid lithium-metal battery supplier that can manufacture at scale and has high-energy density.
A $200 million PIPE on the merger includes investments from General Motors Co (NYSE:GM), Hyundai Motor Company, Geely Holding Group, SAIC Motor, Kia Corporation, LG Technology, Foxconn, Fidelity and Franklin Templeton.
GM was an early investor in the company in 2015. Applied Materials Inc (NASDAQ:AMAT) is an existing investor in SES.
The company will trade as SES on the NYSE after the merger is completed with an estimated closing date of the third or fourth quarter. Public SES shareholders will own 8.4% of the company after the merger.
About SES: A spin-out from the Massachusetts Institute of Technology, SES has battery prototype facilities in the U.S. and China to create a new hybrid Li-Metal battery.
SES says its approach will help support the growth of high-range and affordable electric vehicles. The company has a higher energy density and proven manufacturing capabilities. SES uses a proprietary high-concentration solvent-in-slat electrolyte and artificial intelligence safety features in its battery design.
SES says it can charge its batteries to 80% in less than 15 minutes.
The company has joint development agreements with GM, Hyundai and Kia for battery usage.
Related Link: 5 SPACs To Watch In The Second Half Of 2021
Growth Ahead: Going public and the funding from the SPAC merger is expected to help the company fund its commercialization phase in 2025.
SES has or will build manufacturing facilities in Boston, Singapore, Shanghai and Seoul.
The company is pre-production and pre-revenue. SES estimates revenue of $0.5 billion in fiscal 2025 and positive EBITDA in fiscal 2026.
The company expects to have 5% market share by 2028 with $7 billion in revenue.
Price Action: Shares of IVAN are down 3% to $10.12 Tuesday.
