SES Awarded Cash Grants in South Korea to Support Li-Metal Expansion

SES AI Corporation (NYSE: SES), headquartered in Boston, a global leader in the development and manufacturing of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, today announced it was awarded cash grants from the South Korean Central Government, represented by the Ministry of Trade, Industry and Energy (MOTIE), as well as Chung-Buk Province and Chung-Ju City.

In September, 2022, the President of the Republic of Korea, Yoon Suk Yeol, invited the CEO and Founder of SES, Dr. Qichao Hu, to a meeting, which also included several other CEOs from blue-chip US technology companies including Applied Materials (NASDAQ: AMAT), to discuss how SES and the South Korean Government could work together to promote next generation battery technology. Following this meeting, SES announced its intention to increase investments in South Korea to support manufacturing and development of its large capacity Apollo cells.

The grants received by SES are part of the South Korean Government’s efforts to attract leading technology companies and SES was specifically chosen in the next generation battery space. South Korea is widely recognized as one of leading countries supplying the global battery industry and these grants are evidence that SES is the leader in next generation battery development. SES is proud that it can contribute to the continuing leadership of the South Korean battery industry.

“We are honored that our innovative Li-Metal battery technology has been recognized by the South Korean Central Government as well as Chung-Buk Province and Chung-Ju City. South Korea is the world leader in batteries for electric vehicles and will continue to play a key role in the global supply chain for decades”, said SES Founder and CEO Qichao Hu. “2023 will be a year of global expansion and increased investment for SES and these grants will support an increase in manufacturing capacity for our 50Ah and 100Ah Li-Metal Apollo cells.”

About SES

SES is a global leader in development and production of high-performance Li-Metal rechargeable batteries for EVs and other applications. Founded in 2012, SES 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 is headquartered in Boston and has operations in Singapore, Shanghai, and Chungju.

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