SES AI Announces Li-Metal Battery Technology Progress, New South Korea Facility, and Discusses Building the Next Battery Supply Chain at Battery World 2022

BOSTON–(BUSINESS WIRE)–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, hosted its second annual Battery World event and announced its progress towards the commercialization of its Li-Metal battery technology.

During his Keynote speech, Dr. Qichao Hu, Founder and CEO of SES AI, disclosed the Company’s new facility in Chungju, South Korea. Equipped with expanded in-house manufacturing capability, the new facility further enhances SES AI’s global cell engineering capability, serving as a strong complement to SES AI’s Shanghai Giga in the steady production of large-format 50Ah and 100Ah Li-Metal cells. The added manufacturing capacity in South Korea will also strengthen ties with SES AI’s joint development agreement OEMs, GM, Hyundai and Honda.

Through the development of enhanced engineering capability, the initial data of SES AI’s large-format cells continue to show encouraging potential of Li-Metal chemistry. The 50Ah cells boast excellent performance in cold weather climates of -30^oC and in high power discharge under room temperature, both achieved at a high energy density. In terms of safety, the 50Ah cells passed third-party abuse tests including nail penetration, overcharge, external short circuit and thermal stability. SES AI believes it is the first Li-Metal battery manufacturer in the world to secure the UN38.3 transport certification for large-format Li-Metal cells.

Hu also showcased a video featuring a successful Electric Vertical Take Off and Landing (eVTOL) aircraft test flight powered by SES AI’s 100Ah Li-Metal battery pack and AI-powered safety software Avatar. “Li-Metal is not an individual technology or a collection of individual technologies, it has to be a system.” said Hu. SES AI’s systemic approach is key to its leadership in next generation battery technology. The Avatar software collects data across the manufacturing process – from raw materials to applications for battery health monitoring. SES AI has been training data of 4Ah Li-Metal cells since 2019 with the accuracy of failure prediction approaching nearly 99%. With large-format cells, the failure prediction went from 0 to 60% in only a few months with much room for optimization.

“We have learned a lot this year, in particular the importance of building a robust supply chain to achieving commercialization of Li-Metal battery technology. We have taken meaningful steps towards having more control over our supply chain, and are excited by how it will accelerate the development of our batteries in 2023. The electric vehicle revolution is coming, and the more we can all do to diversify the global supply chain, the sooner it will arrive.” said Hu.

The event also featured a panel discussion joined by leading representatives from across the EV ecosystem from upstream mining industry players to downstream auto OEMs.

A replay of the whole session is available on SES AI’s official YouTube channel (https://youtu.be/NkqzHdYPq64).

About SES AI

SES AI is a global leader in development and production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES AI 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 AI is headquartered in Boston, MA and has operations in Singapore, Shanghai, and South Korea. To learn more about SES AI, please visit: ses.ai/investors/

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Forward-looking statements

All statements other than statements of historical facts contained in this press release 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 our 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: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks relating to the uncertainty of the projected financial information with respect to SES AI; risks related to the development and commercialization of SES AI’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES AI’s business; the ability of SES AI to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES AI to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES AI’s battery cells could adversely affect SES AI’s business and prospects; potential supply chain difficulties; risks resulting from SES AI’s joint development agreements and other strategic alliances and investments; the quickly evolving battery market; SES AI’s ability to accurately estimate future supply and demand for its batteries; SES AI’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES AI’s ability to effectively manage its growth; SES AI’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES AI’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES AI’s intellectual property; risks related to SES AI’s business operations outside the United States, including in China and South Korea; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; 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 maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; 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, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 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.

Contacts

Irene Lam

PR Manager

SES AI

ilam@ses.ai