SES AI Corporation -- 2023 Battery World Highlights

SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries for electric vehicles (EV) and other applications, provided insights into several exciting growth opportunities at its third annual Battery World event. These opportunities include: entering the world’s first B-sample Joint Development Agreement (JDA) with a major automotive OEM, a machine-based deep learning platform that will be utilized at its new Electrolyte Foundry, a new form-factor for its Li-Metal cells, and opportunities in the emerging Urban Air Mobility (UAM) market.

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SES Founder and CEO Qichao Hu at Battery World 2023 (Photo: Business Wire)

A replay of Battery World 2023 is available on SES AI’s corporate website: CLICK HERE FOR BW23.

During the event, SES also commented on recently published 100Ah Li-Metal cell test data, honoring the tradition of keeping data transparency. The report shows great consistency of Li-Metal cell performance as they scale from small 4Ah to 50Ah and 100Ah. The 100Ah Li-Metal cells show excellent performance in cold weather and remarkable high-power performance. They also passed overcharge, nail penetration, external short circuit, and thermal stability tests conducted by third party and achieved UN38.3 certification.

“Safety is quality. As we build more large cells, we are also implementing an increasingly rigorous quality manufacturing system with full traceability to ensure practical safety. By collecting different types of data to train our AI-powered safety software Avatar, the prediction accuracy of our large Li-Metal cell health monitoring has increased from only 60% last year to 92% this year,” said Qichao Hu, SES Founder and CEO.

Deep learning for material exploration is also playing an increasingly important role in fundamental research and development. To speed up new material discovery, SES is building a machine-based deep learning platform which uses a graphical neural network model to process chemical structures and identify new promising candidates. The Electrolyte Foundry will be located near its corporate headquarters and will be dedicated to synthesizing and testing new electrolyte solvent molecules recommended both by human scientists and machines.

Apart from pouch cells, SES also displayed a new form factor, prismatic Li-Metal cells, to meet the diversified needs of OEMs. “Li-Metal has the highest gravimetric energy density among all battery chemistries and UAM is another perfect end-market for Li-Metal. We are now able to achieve more than 1500 cycles using C/3 charge and UAM mission profile discharge,” said Hu, “30 years ago, Sony introduced the first commercial Li-ion battery and changed consumer electronics forever. Now, SES plans to introduce the first commercial Li-Metal battery which could help accelerate urban air mobility.”

About SES

SES is a global leader in the development and production of high-performance Li-Metal rechargeable batteries for 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 Shanghai and South Korea.

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Forward-Looking Statements

This letter contains statements that SES believes 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 provide assurance 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 performance. Such statements can be identified by the fact that 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”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

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 SES’s 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: risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; risks relating to the uncertainty of achieving and maintaining profitability; risks relating to the uncertainty of meeting future capital requirements; the ability of SES to integrate its products into electric vehicles (“EVs”) and Urban Air Mobility (“UAM") and other applications; risks relating to the development of the UAM market and demand for batteries from the UAM industry; 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; the ability of SES to engage target original equipment manufacturers (“OEMs”) customers successfully and integrate SES’s products into EVs manufactured by OEM customers; the ability to obtain raw materials, components or equipment through new or existing supply relationships; risks resulting from SES’s joint development agreements and other strategic alliances and investments; product liability and other potential litigation, regulation and legal compliance; SES’s ability to attract, train and retain highly skilled employees and key personnel; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; developments in alternative technology or other fossil fuel alternatives; risks related to SES’s intellectual property; business, regulatory, political, operational, financial and economic risks related to SES’s business operations outside the United States; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to develop or maintain an effective system of internal controls; the volatility of SES’s common stock and value of SES’s public warrants; 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, 2022 filed with the Securities and Exchange Commission (“SEC”) on March 16, 2023 and other documents filed 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 letter.

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