SES AI, Hyundai Motor and Kia Agree to Enter the Next Phase of Their Joint Development Contract
April 24 2024 - 5:00AM
Business Wire
This agreement marks two world firsts for SES
AI: It is the first time a Lithium-Metal battery manufacturer has
agreed to build a line within an automotive OEM’s facility, and it
makes SES AI the only Li-Metal battery company to have two B-sample
development JDAs underway.
SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in
the development and manufacturing of high-performance Li-Metal
batteries, today announced that it signed an agreement to enter the
next phase of its existing joint development agreement (“JDA”) with
Hyundai Motor Company (‘’Hyundai Motor’’) and Kia Corporation
(“Kia”) to start developing B samples.
As part of the agreement, Hyundai Motor and Kia - SES AI will
build a dedicated B-sample cell development, assembly and testing
facility in Ui-Wang, South Korea starting later this year, and SES
AI will build and operate one of the largest capacity Li-Metal
lines in the world within this new facility. This collaboration is
the first of its kind in the Li-Metal battery industry and
represents an important milestone in achieving commercial
production.
The expansion of the relationship with Hyundai Motor and Kia
means that SES AI is the first Li-Metal battery company in the
world to have two B-sample development JDAs underway. SES AI
previously announced its first B-sample JDA with another major
automaker in December 2023. In addition to these two B-sample
lines, SES AI is also converting another A-sample line to produce
Urban Air Mobility (UAM) battery cells.
“We are pleased to have the opportunity to deepen our
longstanding partnership with Hyundai Motor and Kia, whose
commitment to growing the electric vehicle market has made it the
second-largest seller of these automobiles in the U.S.,” said
Qichao Hu, founder and Chief Executive Officer of SES AI. “At SES
AI, we are committed to delivering on our promise to develop a
next-generation EV battery that leverages AI to achieve the best
combination of energy density, manufacturability, and a nearly 100
percent safety guarantee.”
SES AI, Hyundai Motor and Kia teamed up in 2021 to collaborate
on a range of technologies, including Li-Metal batteries for UAM as
well as EV applications.
“SES AI’s Li-Metal experience will be an important enabling
piece of the technology portfolio that Hyundai Motor and Kia are
investing in as part of their commitment to develop the world’s
best product lineup and to ultimately become a carbon-neutral
mobility solution,” said Chang Hwan Kim, Senior Vice President,
Head of Electrification Energy Solutions Tech Unit at Hyundai Motor
and Kia.
Based in the Boston suburb of Woburn, Massachusetts with
operations in Shanghai and Seoul, SES AI is backed by Hyundai Motor
and Kia, General Motors Co., and Honda Motor Co.
About SES AI:
SES AI Corp. (NYSE: SES) is powering the future of global
electric transportation on land and in the air with the world’s
most advanced Li-Metal batteries. SES AI is the first battery
company in the world to accelerate its pace of innovation by
utilizing superintelligent AI across the spectrum of its business,
from research and development; materials sourcing; cell design;
engineering and manufacturing; to battery health and safety
monitoring. Founded in 2012, SES AI is an Li-Metal battery
developer and manufacturer headquartered in Boston and with
operations in Singapore, Shanghai, and Seoul. Learn more at
SES.AI.
SES AI may use its website as a distribution channel of material
company information. Financial and other important information
regarding SES AI is routinely posted on and accessible through the
Company’s website at www.ses.ai. Accordingly, investors should
monitor this channel, in addition to following SES AI’s press
releases, Securities and Exchange Commission filings and public
conference calls and webcasts.
Forward-Looking Statements
This press release contains statements that SES AI 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 AI. Although SES
AI 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 AI’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 AI’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; the risk that
delays in the pre-manufacturing development of SES AI’s battery
cells could adversely affect SES AI’s business and prospects; risks
relating to the development of the UAM market and demand for
batteries from the UAM industry; potential supply chain
difficulties; the ability of SES AI to engage target original
equipment manufacturers (“OEMs”) customers successfully and
integrate SES AI’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 AI’s joint development agreements and other strategic alliances
and investments; product liability and other potential litigation,
regulation and legal compliance; SES AI’s ability to attract, train
and retain highly skilled employees and key personnel; developments
in alternative technology or other fossil fuel alternatives; risks
related to SES AI’s intellectual property; business, regulatory,
political, operational, financial and economic risks related to SES
AI’s business operations outside the United States; SES AI 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 AI’s common stock and
value of SES AI’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, 2023 filed with the
Securities and Exchange Commission (“SEC”) on February 27, 2024 and
other documents filed from time to time with the SEC. There may be
additional risks that SES AI 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 AI’s expectations, plans or
forecasts of future events and views only as of the date of this
press release. SES AI anticipates that subsequent events and
developments will cause its assessments to change. However, while
SES AI may elect to update these forward-looking statements at some
point in the future, SES AI specifically disclaims any obligation
to do so. These forward-looking statements should not be relied
upon as representing SES AI’s assessments as of any date subsequent
to the date of this press release.
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