SES announces plans for public offering
Battery maker SES Holdings is looking to occupy 5 percent of the world's EV battery market by 2028, as it announced plans to go public through a merger and advance collaboration with world-leading automakers.
The deal with Ivanhoe Capital Acquisition Corp will fetch $476 million in proceeds for SES, including a private investment in public equity of $200 million from General Motors Co, Hyundai Motor Co Geely Holding Group and others.
The Singapore-based company produces hybrid lithium-metal batteries, which, according to founder and CEO Qichao Hu, achieves better energy density compared with conventional lithiumion batteries and can be manufactured at scale.
The company operates a battery prototyping facility in Shanghai's Jiading district, an area known for piloting EVs and conducting auto driving tests in the country. Hu forecasted 10 Gigawatt-hours of production to begin between 2023 to 2024, and commercialization should be achieved in 2025.
"We hope to claim five percent of the world's EV battery market by 2028," he said.
Upon the completion of the deal, the combined company will trade on the New York Stock Exchange under the symbol "SES".
