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SES Holdings Pte. Ltd. (SES), a global leader in the development and production of high-performance hybrid lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, announced today that it entered into a Joint Development Agreement with Honda Motor Co. Ltd. (Honda) to develop Li-Metal batteries as part of Honda's next generation battery strategy. The partnership marks a key milestone on SES' strategic roadmap to achieve commercial production of hybrid Li-Metal batteries for electric vehicles. Honda joins General Motors and Hyundai Motor Company as the third major global car manufacturer to enter into an "A-sample" joint development agreement with SES.
Honda previously agreed to invest in the combined company as part of the common stock private investment in public equity ("PIPE") financing in connection with SES' pending business combination with Ivanhoe Capital Acquisition Corp. (NYSE:IVAN) ("Ivanhoe"). Honda agreed to join industry leaders General Motors, Hyundai Motor Company, Geely Holding Group, SAIC Motor and Foxconn as the sixth major international car manufacturer to invest in the combined company. Immediately following the business combination, PIPE proceeds are expected to total $275 million and Honda will be the largest single PIPE investor owning approximately 2% of the outstanding shares of the combined company (assuming no redemptions by public shareholders of Ivanhoe).
Honda has been looking into several options toward the realization of high-capacity, safe and low-cost next-generation batteries. The joint development agreement, following Honda's previous agreement to invest in the PIPE, is a testament to Honda's long-term plan to leverage key technologies SES has developed to broaden options for next-generation batteries for Honda.
"We are thrilled to have Honda sign a joint development agreement following its agreement to invest in the PIPE, and look forward to building upon this important strategic partnership," said Qichao Hu, SES Founder and Chief Executive Officer "Our innovative hybrid lithium-metal technology is a compelling solution for combining higher energy density with industry leading performance characteristics and high manufacturability. As we look beyond the expected close of the business combination, through the support of Honda and all of our strategic and financial investors, we are well positioned to execute our development and production plans to bring next generation battery technology to global EV manufacturers."
"The battery is an essential component of EVs, and Honda has been concurrently looking into several options toward realization of high-capacity, safe and low-cost next-generation batteries," says Shinji Aoyama, Managing Executive Officer in Charge of Electrification, Honda Motor Co., Ltd. "Recognizing the advanced technologies of SES, Honda signed a joint development agreement with SES with the aim of establishing a good relationship with SES and expeditiously generating substantial achievements through our joint research activities. Honda will continue to establish collaborative relationships with companies which have advanced technologies, as needed, to offer highly-competitive and attractive EVs to our customers."
As previously disclosed, in July 2021, SES announced plans to list on the New York Stock Exchange (NYSE) through a business combination with Ivanhoe. Upon the closing of the transaction, the combined company will be named SES AI Corporation. The parties expect that the Class A common stock and warrants of the combined company will be listed on the NYSE under the ticker symbols "SES" and "SESW," respectively. On January 10, 2022, SES announced that the U.S. Securities and Exchange Commission (the "SEC") declared effective Ivanhoe's registration statement on Form S-4 (File No. 333-258691) related to the proposed business combination of Ivanhoe and SES, and Ivanhoe has mailed a definitive proxy statement/prospectus to its shareholders and public warrant holders of record as of December 14, 2021 who are entitled to vote at its Extraordinary General Meeting of Shareholders and Special Meeting of Warrant Holders to be held on February 1, 2022 at 9:00 a.m. ET and 9:15 a.m. ET, respectively, to approve the proposed business combination, certain changes to Ivanhoe's warrants and the other matters proposed to be voted on at such meetings.
