Global EditionASIA 中文双语Français
Home / Business / Companies

SES announces plans for public offering

By He Wei in Shanghai | | Updated: 2021-07-29 20:10
Share - WeChat

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".

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349