Ses Ai Corporation · NYSE:SES
Ses Ai — Ivanhoe Capital Acquisition — SPAC Merger (January 2022)
70 slides from Ses Ai's SPAC merger presentation, Jan 14, 2022
Slide 1: SES Hybrid Li-Metal Batteries Investor Presentation
JAN UARY 2 0 2 2 S E S Hybrid Li - Metal Batteries INVESTOR PRESENTATION
Slide 2: Disclaimer
DISCLAIMER SE S GENERAL This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between SES Holdings Pte. Ltd. (“SES” or the “Company”) and Ivanhoe Capital Acquisi
Slide 3: Disclaimer (Continued)
DISCLAIMER (CONTINUED) SE S PARTICIPANTS IN THE SOLICITATIONS Ivanhoe, SES and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Ivanhoe’s shareholders in connection with the proposed business combination. You can find information
Slide 4: Transaction Overview
T R ANSA C T IO N O V E R V I E W SE S Empowering the Market Leader in Next - Generation Lithium Metal Batteries Transaction Structure • SES Holdings Pte Ltd. (“SES”) to combine with a wholly - owned subsidiary of Ivanhoe Capital Acquisition Corp. (“Ivanhoe”), a publicly - listed Special Purpose Acq
Slide 5: Backed by Experienced Investors & Operators
BACKED BY EXPERIENCED INVESTORS & OPERATORS PARTNERS & INVESTORS (1) IVANHOE CAPITAL ACQUISITION CORP. Brings strong relationships and significant credibility with key potential customers Offers deep experience and access relevant to sourcing critical raw materials Shareholder - aligned promote stru
Slide 6: Investment Highlights
DIFFERENTIATED BATTERY TECHNOLOGY Leading Energy Density with Proven Safety Characteristics, Supported by a Strong IP Portfolio DESIGNED FOR MANUFACTURING AT SCALE Industry - Leading Manufacturing Maturity Among Li - Metal Cells Today HIGH BARRIERS TO ENTRY Nearly a Decade of R&D and Capital Investm
Slide 7: Ivanhoe Has Conducted Extensive Technical Due Diligence
IVANHOE HAS CONDUCTED EXTENSIVE TECHNICAL DUE DILIGENCE… SE S MARK NEWMAN Advisor to Ivanhoe (1) BILLY WU Advisor to Ivanhoe …O U R P R O C E S S C O N C L U DE D T H A T S E S' S AP P R O A C H T O LIT H I U M M E T AL BATTERIES IS THE MOST COMPETITIVE AMONGST ALTERNATIVES Diligence Effort Led by I
Slide 8: Leadership Team
SES LEADERSHIP TEAM DR. QICHAO HU ROHIT MAKHARIA Founder and CEO President and COO ae = v JING NEALIS CFO s @SES
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Slide 10: We Create Hybrid Li-Metal Batteries
We Create Hybrid Li - Metal Batteries That Offer: The Leading Energy Density of Next Gen Li - Metal The Manufacturability of Traditional Li - ion Independently - Tested Performance 10
Slide 11: Why Hybrid Li-Metal?
WHY HYBRID LI - METAL? SE S Conventional Li - ion A no de Separator Ca t h o d e ض Energy Density M anu fact u r ab i l it y SES Hybrid Li - Metal ض ض Energy Density M anu fact u r ab i l it y All - Solid - State Li - Metal Solid - State Separator Never Demonstrated at Scale Solid - State Cathode Ne
Slide 12: Superior Technology, Safety and Manufacturability
12 Superior Technology, Safety and Manufacturability DENSER Projected 400 Wh/kg and 1,000 Wh/L, leading to significantly longer driving range SAFER Proprietary electrolyte and AI algorithm greatly enhance safety CHEAPER Designed to be manufacturable at scale using existing infrastructure and process
Slide 13: Our Team
OUR TEAM SE S DR. QICHAO HU Founder Chief Executive Officer JOANNE BAN Chief Legal Officer Chief Corporate Officer ROHIT MAKHARIA President Chief Operating Officer YONGKYU SON Chief Technology Officer RICHARD CHANG VP of Business Development JING NEALIS Chief Financial Officer DR. HONG GAN Chief Sci
Slide 14: Our Footprint
OUR FOOTPRINT SE S Localized “Build Where We Sell” Strategy Positions SES to Realize Scale in Multiple High - Growth Markets Boston S e o u l S h ang h ai S i n gap o r e • Chemistry, materials, algorithm R&D • Pilot plant • Collaboration with GM BOSTON • Legal • Finance • Holding HQ SINGAPORE • Sup
Slide 15: SES Shanghai Giga Highlights
1 5 S E S S H ANGH A I GIGA SE S Hig h l ig h t s • Expected Completion: 2023 • Size: 300,000 Square Feet • Capacity: 1Gwh 15
Slide 16: Years of R&D, Facilities, Capital Raised
9 Years of Research and Development 2 B at t e r y Prototyping Facilities in US and China $ 270 MM Capital Raised to Date
Slide 17: Global Leadership in Hybrid Li-Metal Battery Production
GL O BA L LEAD ER S H I P IN HYBRID LI - METAL BATTERY PRODUCTION
Slide 18: Introducing Apollo Li-Metal Battery
Introducing Apollo Π, a 107 Ah Li - Metal battery that is the largest in the world and a breakthrough for the automotive industry 417 Wh/kg 107 Ah 0.982 kg 935 Wh/L 18
Slide 19: SES Partnership with GM
SE S O U R PA RTN E RS H I P W I T H G M + Strong History and Relationship with One of World’s Most Forward Thinking EV OEMs General Motors Is a Believer in an EV Future… …And a Close Partner of SES 2015 – 2019 $10MM equity investment from GM Close technical and R&D collaboration April 2021 Addition
Slide 20: SES Partnership with Hyundai
SE S O U R PA RTN E RS H I P W I T H H Y U N D A I + Partnership With a Well - Positioned Global Leader in the Future of EVs Hyundai Is Committed to an Electric Future… …And Are Believers in SES’s Technology 20 December 2020 Pre - A JDA June 2021 $50MM commitment to PIPE May 2021 $50MM equity invest
Slide 21: The Opportunity
THE OPPORTUNITY SES 21
Slide 22: Energy Transition Is Now a Clear Focus
Climate change has become a defining factor in companies’ long - term prospects. Awareness is rapidly changing, and I believe that we are on the edge of a fundamental reshaping of finance – Larry Fink (BlackRock Chairman and CEO) January 2020 “ “ Climate action can be the foundation for a new era of
Slide 23: Batteries Will Be a Key Enabler of Electrification
February 16, 2021 “ “ October 3, 2020 “ “ January 22, 2021 “ “ …BAT T E R I E S W IL L B E A KE Y E NABL E R OF ELECTRIFICATION AT SCALE 23 SE S
Slide 24: Global Electrification Commitments
GLOBAL ELECTRIFICATION COMMITMENTS ARE PRECIPITATING IMMINENT CHANGE SE S Target to sell 100% zero - emission vehicles by 2035 Canada Proposed ban on selling new petrol and diesel cars by 2030 United Kingdom Norway EVs accounted for 58% of all car sales in March 2019 with regulations targeting 100%
Slide 25: The Passenger EV Battery TAM Is Massive
SE S T H E P ASSE NGE R E V BAT T E R Y T A M I S M ASSI V E Commercial EVs, Drones and Other Applications Further Expand the Opportunity $350Bn $ 165 B n $19Bn 2020 2030 2040 Battery Size: 45 kWh / EV 51 kWh / EV 56 kWh / EV Passenger EVs: 2.7M EVs 38MM EVs 90MM EVs Battery Pack Cost: $150 / kWh $8
Slide 26: Winning Technologies Are Smaller and Lighter
0 50 100 150 200 250 300 350 400 450 500 0 200 400 1, 0 0 0 1, 2 0 0 Wh/k g 600 Wh/L L i g h t er 800 S m a lle r L e ad Ac id NiCd NiMh L i - i o n (C) L i - i o n ( S i - C) Li - Metal 1850s 1890s 1980s 1990s Winning Tec h n o l o g i e s A r e Significantly Smaller and Li g h t e r T h a n Their
Slide 27: What Does the Market Need in a Battery?
W H A T DO E S T H E M AR KE T NE E D I N A BAT T E R Y ? SE S Energy Density Cost L i f eti m e Fast Charging Safety 27
Slide 28: Li-Metal Is the Battery of the Future
L i - i on L i - M e t al Energy Density Cos t 260 Wh/kg, 730 Wh/L Illustrative BEV range: ~350 miles Most widely manufactured battery technology today Projected 400 Wh/kg, 1,000 Wh/L, Illustrative BEV range: ~540 miles Significantly cheaper long - term Fast Charging 15 minutes typical fast charge t
Slide 29: How Do We Get There?
S E S HOW DO WE GET THERE? 1. Technology 2. Manufacturability 29
Slide 30: Technology
TECHNOLOGY 1. 30
Slide 31: Development of an OEM-Ready Battery
D E V E L OP M E N T O F A N O E M - R E A D Y B A TT E RY SE S Power: 300 mAh 3 Ah 6 Ah 9 Ah 50 Ah 100 Ah Layers: 3/4 layers 30/31 layers 30/31 layers 30/31 layers 20+ layers 30+ layers 31 Research 2013 – 2016 Development & Engineering 2016 – Present Pr e - P r o du ct io n 2022 P r o du ct io n 20
Slide 32: Our Demonstrated Performance
OUR DEMONSTRATED PERFORMANCE SE S Measured (4 Ah): 370 Wh/kg, 700 Wh/L ض Projected (100 Ah A - sample): >400 Wh/kg, >1,000 Wh/L --- M an uf a ctu r - ab i l i t y Demonstrated multi - layer cells can be built using Li - ion - like assembly process ض 3/4 Layer Up to approximately 800 cycles (80% capa
Slide 33: Dendrite Formation and Cycle Life Decay
Dendrite Formation Is a Key Cause of Cycle Life Decay and Safety Risks SES Hybrid Li - Metal Battery Design and Software Helps to: x Slow Down Dendrite Growth x Detect Safety Issues Early 98μm 58μm
Slide 34: SES Hybrid Li-Metal Battery Technology
SES HYBRID LI - METAL BATTERY TECHNOLOGY SE S Combined in a Proprietary Cell Design for Optimized Performance and Safety Solvent - in - Salt Liquid Electrolyte Formula • Low - volatility and self - extinguishing Composite Anode Coating • Mechanical barrier to enhance safety Wide Format Li - Metal An
Slide 35: Innovative and Proprietary Electrolyte Composition
INNOVATIVE AND PROPRIETARY ELECTROLYTE COMPOSITION SE S High Concentration Solvent almost fully coordinated No free solvent Low Concentration Most solvent molecules are uncoordinated SES electrolyte uses a high concentration solvent - in - salt approach. A conventional liquid electrolyte is low conc
Slide 36: Proprietary High Concentration Electrolyte
Flammable SES Proprietary High Concentration Solvent - in - Salt Electrolyte: Conventional Lithium - ion Electrolyte: S E S P R O P R I E T AR Y E LE C SE S x Self Extinguishing
Slide 37: Safety Enhanced Using Machine Learning Algorithm
SAFETY FURTHER ENHANCED USING OUR MACHINE LEARNING ALGORITHM 37 Our Proprietary Safety Algorithm can Detect Early Formation of Dendrites by Monitoring Certain Proprietary Key Parameters Cycle Life Normal Cycle Illustrative Dendrite Monitoring Over Cycle Life A no m a l o us Cycle Pro p ri e t a ry P
Slide 38: Our Intellectual Property
111 patents (1) 25 trade secrets, know - how in each of the core areas of the ecosystem OUR INTELLECTUAL PROPERTY SE S Holistic IP Portfolio With Robust IP Capture Program Cells/Packs/Modules • Anode - Free • Anode - Light • High Energy Density • Packs / Modules (Expandable & Constrained) Recycling
Slide 39: Manufacturability
MANUFACTURABILITY 2. 39
Slide 40: Our Secret Sauce
OUR SECRET SAUCE S E S As of March 2021, SES has produced over fifteen thousand multi - layer Hybrid Li - Metal cells using our Li - ion - like production line 40
Slide 41: Hybrid Li-Metal Is the Most Practical Approach
S E S H Y BR I D LI - M E TA L I S T H E M OS T PRA C T I C A L A PPROA C H T O L I - M E T A L SE S All - Solid - State Li - Metal Solid - State Separator Never Demonstrated at Scale Lithium Metal Anode Enables Step - Function Increase in Energy Density SES Hybrid Li - Metal Design Allows for a Pra
Slide 42: Energy Density vs Manufacturability
Energy Density (Wh/ k g) Manufacturability 300 250 400 Liquid Li - Metal Hybrid Li - Metal Solid State Li - Metal All Solid State Li - Metal 350 Liquid Li - Metal Graphite With Silicon Li - ion
Slide 43: A Cost-Effective Approach to Li-Metal Technology
SE S A COST - EFFECTIVE APPROACH TO LI - METAL TECHNOLOGY SES Hybrid Li - Metal Technology Provides Greater Certainty of Realizing Significant Cost Savings Li - ion Pr o d u c er s’ Cell Cost Li - Metal Pr o d u c er s’ Cell Cost Energy Density I mp r o v e m e n t s 43 Unproven M anu fact u r ing P
Slide 44: Positioned to Become a Leading Next-Gen Battery Provider
SES IS POSITIONED TO BECOME A LEADING NEXT - GEN BATTERY PROVIDER SE S The Next Generation of Battery Leaders Will Require… Leading Li - Metal Technology A Path to Manufacturing at Scale 44
Slide 45: Commercialization Path
Research & De v e l op m en t Technology Development: Li - Metal Systems Joint Development Agreements Pilot: 1 GWh (2024) JV Cell Plant: 10 GWh (2025) Ramping to 30 GWh (2028) OEM Cell Plant: 30 GWh (2026) Ramping to 70 GWh (2028) Commercializatio n
Slide 46: ESG: Part of Our DNA
E S G : PA R T O F O U R D N A SE S High energy density batteries are key to electric vehicle adoption. SES is positioned to play a crucial role in reducing CO 2 emissions for a greener future DECARBONIZATION SES is developing a comprehensive lithium metal recycling program RESPONSIBLE RECYCLING As
Slide 47: Financials
SES FINANCIALS « @SES
Slide 48: Our Capacity Projections
OUR CAPACITY PROJECTIONS SE S Total Capacity by Facility GWh 48 5% Market Share (3) Global Battery Leadership 1MM+ EVs Annually (2) 1 10 20 1 30 1 30 1 30 50 70 -- -- 1 11 51 81 101 2022E 2023E Notes: 1. Capacity shown on a 100% consolidated basis; SES will own 50% of the facility 2. Assumes 100 kWh
Slide 49: Our Revenue Projections
OUR REVENUE PROJECTIONS SE S Revenue US$Bn, unless otherwise noted Highly Attractive Growth Profile Leading to Significant Scale by 2028 520% 545% 78% 24% YoY Revenue Growth (%): 0 . 1 0 . 8 1.4 0.1 1.3 0.1 2 . 3 4 . 2 5 . 6 -- -- $0 . 1 $0 . 5 $3 . 2 $5 . 7 $7 . 0 2 0 2 2 E 2 0 2 3 E 2 0 2 7 E 2 0
Slide 50: Our Profitability
OUR PROFITABILITY SE S Gross Profit US$Bn, unless otherwise noted Best - in - Class Gross and EBITDA Margins Reflecting Technology and Cost Advantages EBITDA US$Bn, unless otherwise noted -- -- ($0.0) $ 0 . 1 $ 0 . 7 $ 1 . 8 $ 2 . 2 202 2 E 202 3 E 202 4 E 202 5 E 202 6 E 202 7 E 202 8 E 12% Gross M
Slide 51: Our Free Cash Flow
O U R FR E E C A S H FL OW SE S Free Cash Flow (After Project Financing) US$Bn, unless otherwise noted ( $0 . 1) Pilot + Expansion I FCF (After Project Financing): ( $0 . 1) ( $0 . 2) ( $0 . 2) ( $0 . 0) $0 . 3 $0 . 3 ( $0 . 1) ( $0 . 1) ( $0 . 2) ( $0 . 2) $0 . 7 $0 . 9 2 0 2 2 E 2 0 2 3 E 2 0 2 4
Slide 52: Our Factory Economics
OUR FACTORY ECONOMICS SE S • Total expected capex required: $1.8Bn – 50% funded by SES, and 50% funded by JV partner – 70% funded with project - level debt financing, 30% funded with equity – SES to fund 100% of capex related to key cell material sales to JV Expansion 1, 30 GWh U S$ B n P r e - P r
Slide 53: Benchmarking SES to Energy Transition Peers
B E N C H M AR KIN G O U R S E L VE S T O O U R NE W E NE R G Y P EE R S SE S Revenue Growth (%) Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020), ChargePoint Investor Presentation (dated September 23, 2
Slide 54: Attractive Valuation Relative to Peers
A TTRA C T I V E V A L U A T I O N R E L A T I V E T O P E E RS SE S EV / Revenue (x) 54 2025E 2025E 2025E 2025E Energy Transition Peers At Time of Deal Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020),
Slide 55: Significant Upside Potential
SIGNIF I C AN T U P SID E P O T E NT IAL S E S Public Li - Metal Battery Peer Valuation Discounted Enterprise Value 55 Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020), ChargePoint Investor Presentation
Slide 56: Transaction Summary
T R ANSA C T IO N SU MM AR Y SE S Notes: 1. Assumes no redemptions from the public shareholders of Ivanhoe and excludes earn - out of 30.0MM shares 2. Values shown assuming $10.00 per Ivanhoe share; does not include impact of out - of - the - money warrants 3. As of March 31, 2021 4. PIPE shares iss
Slide 57: Ivanhoe Believes SES Is Best Positioned in Next-Gen Batteries
SES BASED ON EXTENSIVE DILIGENCE, IVANHOE BELIEVES SES IS THE BEST POSITIONED IN THE NEXT-GEN BATTERY ARENA AND MATCHES IVANHOE INVESTMENT CRITERIA Investment Criteria Enables the paradigm shift towards the electrification of industry and society @SES v Positioned to capitalize on unique technology
Slide 58: Battery Performance Data
BATTERY PERFORMANCE DATA SES 58
Slide 59: SES vs. Li-Metal Peers
S E S V S . LI - M E TA L P E E RS SE S 59 Room Temperature Energy Density Cell type 4Ah (25+ layer) at 25ºC (Wh/kg) 1 layer and 4 layer 2Ah (10 layer) and 2 layer at 29ºC (Wh/kg) Low power C/20 >375* n/a 330 Low power C/10 375 n/a ~264 Medium power 1C 339 n/a ~33 High power 5C 321 n/a n/a 0 ºC Low
Slide 60: Unparalleled Energy Density Across Temperatures and Power Ratings
U NP AR ALLE LE D E NE R G Y DE NSIT Y A C R O S S AL L T E M P E R AT U R E AN D P O W E R RATINGS IN A LI - METAL BATTERY SE S Expected to enable long vehicle range and high acceleration in all climates ~90% energy retention at 25 ƒ C for C - rates up to 7C 75 125 175 225 275 325 375 20 40 60 80 1
Slide 61: Best-in-Class Low Temperature Performance
BEST - IN - CLASS LOW TEMPERATURE LI - METAL BATTERY PERFORMANCE SE S Excellent performance in cold weather climates Low resistance even at sub - zero temperatures Retains almost 80% capacity (0.1C@25 ƒ C) even at - 30 ƒ C 4.3 4.1 3.9 3.7 3.5 3.3 3.1 2.9 2.7 2.5 0 100 Voltage [V] 20 40 60 80 Capacit
Slide 62: High Energy Density at All Power Requirements
H IG H E NE R G Y DE NSIT Y A T AL L P O W E R R E Q U IR E M E NT S SE S 62 Expected to enable long vehicle range and high acceleration 43% higher energy density than leading lithium - ion batteries (260 Wh/kg) Retains ~90% capacity at up to 7C discharge rates 4.3 4.1 3.9 3.7 3.5 3.3 3.1 2.9 2.7 2.
Slide 63: Unparalleled Fast Charging Li-Metal Battery
3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 0 20 40 60 80 100 0 2 4 6 8 Time [Minutes] 10 12 Cell voltage [V] State - of - charge [%] S tate - o f - c h a r g e Vo lt a g e U NP AR ALLE LE D F AS T C H AR GIN G LI - M E TA L B A TT E RY SE S 63 Able to charge from 10 to 90% in 12 minutes Cell remains < 4.3 V (s
Slide 64: Long Lifetime
L ON G L I F E T I M E ( 3 / 4 L A Y E R ~ 25 0 mA H C E LL) SE S 64 >800 cycles to 80% capacity retention (1) >300,000 implied lifetime miles (2) Cell capacity ~250 mAh Charge conditions 4.3 V / 0.2C (50 mA) Discharge condition s 3 V / 1C (250 mA) Temperature 25 ƒ C 0 50 100 150 200 250 0 20 40 60
Slide 65: Long Lifetime (Large Cell)
LO N G LIF E T I M E ( 25 + LAY E R S 4 . 2 A h C E LL) SE S 65 >90% capacity retention after 550 cycles with 4.2 Ah cell ~295,000 implied lifetime miles (1) Cell capacity 4.2 Ah Cell weight 43.6 g Energy density @ 0.1C/25 ƒ C 372 Wh/kg Cell dimensions 71.5 x 48.5 x 6.58 mm Charge conditi ons 4.3 V
Slide 66: Excellent Safety Performance
SE S EXCELLENT SAFETY PERFORMANCE 66 Overcharge: x PASSED No thermal runaway even with complete nail penetration External Short Circuit: x PASSED No thermal runaway even when charged to ~2x safe charge limit Thermal Stability: x PASSED Nail Penetration: x PASSED No thermal runaway even when cell is
Slide 67: Apollo: 107 Ah High Energy Density Cell Testing Data
AP O LLO : 10 7 Ah , H IG H E NE R G Y DE NSIT Y A U T O M AT I V E - SC AL E C E L L T E ST IN G DAT A SE S Key Stats: 107 Ah 0.982 kg 417 Wh/kg 935 Wh/L Voltage (V) Capacity (Ah) — C/3 discharge — C/10 discharge — 1C discharge 67
Slide 68: Appendix
APPENDIX SES 68
Slide 69: Best-in-Class Low Temperature Li-Metal Battery Performance
BEST - IN - CLASS LOW TEMPERATURE LI - METAL BATTERY PERFORMANCE SE S 69 Excellent performance in cold weather climates ~75% energy retention at - 30 ƒ C relative to 0.33C discharge and 25 ƒ C 0 50 1 0 0 1 5 0 2 0 0 2 5 0 3 0 0 3 5 0 4 0 0 0 20 40 60 80 1 0 0 1 2 0 - 40 - 20 0 Temperature [ ƒ C] 20
Slide 70: Slide 70
Ivanhoe Capital Acquisition — SPAC Merger (January 2022) on 6ix