After General Motors and Hyundai, Honda announced the joint development of lithium metal battery with SES.

SES Holdings Pte., a manufacturer of lithium-metal batteries, was released on January 19, local time. Ltd. (hereinafter referred to as "SES") announced the signing of a joint lithium-metal battery development agreement with Honda Motor Co., Ltd. (hereinafter referred to as "Honda"). This cooperation is not only an important step in Honda's strategy of laying out next-generation power batteries, but also marks another milestone for SES in promoting the commercialization of hybrid lithium-metal batteries for electric vehicles. Honda will become the third major automaker in the world to sign a joint lithium metal battery A sample development agreement with SES after General Motors and Hyundai.

Honda has previously decided to invest in the merged company by participating in common equity private equity ("PIPE") financing in the merger of SES and Ivanhoe Capital acquisition Company (hereinafter referred to as "Ivanhoe", NYSE symbol: IVAN)). Honda will also become the sixth major carmaker in the world to invest in the merger of SES and Ivanhoe after General Motors, Hyundai, Geely Holdings, SAIC and Foxconn. After the merger, total PIPE financing is expected to reach $275 million, and Honda will become the largest single PIPE investor, holding about 2 per cent of the combined company's outstanding shares (assuming Ivanhoe's public shareholders are not redeemed).

For a long time, Honda has been exploring different ways to achieve high-capacity, safe, low-cost next-generation batteries. The joint development agreement and the previous PIPE investment agreement show Honda's long-term plan to broaden the range of options for next-generation batteries with key technologies already developed by SES.

According to public information, in July 2021, SES announced that it would be listed on the New York Stock Exchange through a merger with Ivanhoe's business. Upon completion of the transaction, the merged company will operate under the name of SES AI Corporation. The two sides expect that the Class A common shares and warrants of the merged company will be listed on the New York Stock Exchange under the stock codes "SES" and "SESW", respectively.

On January 10, 2022, SES announced that its registration statement in SMUE 4 (document No. 333-258691) in connection with the proposed business merger of Ivanhoe had been approved and declared effective by the Securities and Exchange Commission ((SEC)).

Ivanhoe will hold an interim shareholders' meeting to review the business merger between the two sides on February 1, 2022 et, and SES will be officially listed after the approval of the interim shareholders' meeting. The two sides expect that the Class A common shares and warrants of the merged company will be listed on the New York Stock Exchange under the stock codes "SES" and "SESW", respectively.

"I am very pleased to be able to sign the A sample joint development agreement with Honda after the PIPE investment agreement, and we look forward to the further development of this important strategic partnership." Hu Qichao, founder and CEO of SES, said, "our hybrid lithium metal technology combines industry-leading performance such as high energy density with high manufacturability and is a compelling and innovative solution. As the business merger with Ivanhoe draws to a close, with the support of Honda and all strategic and financial investors, we are fully prepared to implement the next production and development plan to bring the next generation of battery technology to global electric vehicle manufacturers. "

"batteries are an important part of electric vehicles, and Honda has been committed to exploring ways to achieve high-capacity, safe and low-cost next-generation batteries." (Shinji Aoyama) Aoyama, Honda's executive officer in charge of electrification, said, "when we learned about the advanced technology of SES, we signed a joint development agreement with SES, hoping to establish a good partnership with SES to promote joint research and development and accelerate substantive results. In the future, based on actual needs, Honda will continue to cooperate actively with enterprises with advanced technology to provide customers with highly competitive and attractive electric vehicles. "