Ses Ai Corporation · NYSE:SES
Ses Ai — Ivanhoe Capital Acquisition — SPAC Merger (January 2022)
71 slides from Ses Ai's SPAC merger presentation, Jan 28, 2022
Slide 1: SES Investor Presentation: Hybrid Li-Metal Batteries
1 JANUARY 2022 SES INVESTOR PRESENTATION Hybrid Li - Metal Batteries
Slide 2: Disclaimer
2 DISCLAIMER SES 2 GENERAL This presentation is provided for informational purposes only and has been prepared to assist interested parties in making th eir own evaluation with respect to a potential business combination between SES Holdings Pte. Ltd. (“SES” or the “Company”) and Ivanhoe Capital Acq
Slide 3: Disclaimer (Continued)
3 DISCLAIMER (CONTINUED) SES 3 PARTICIPANTS IN THE SOLICITATIONS Ivanhoe, SES and their respective directors and executive officers may be deemed to be participants in the solicitation of pr oxi es from Ivanhoe’s shareholders in connection with the proposed Business Combination. You can find informa
Slide 4: Transaction Overview
4 TRANSACTION OVERVIEW SES 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 Acquisition Cor
Slide 5: Backed by Experienced Investors & Operators
5 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 st
Slide 6: Investment Highlights
6 DIFFERENTIATED BATTERY TECHNOLOGY Leading Energy Density with Proven Safety Characteristics, Supported by a Strong IP Portfolio WORLD - CLASS MANAGEMENT TEAM SES Brings Thought Leadership and Battery Development Expertise; Ivanhoe Brings Global Network and Operating Acumen LARGE AND FAST - GROWING
Slide 7: Ivanhoe Has Conducted Extensive Technical Due Diligence
7 IVANHOE HAS CONDUCTED EXTENSIVE TECHNICAL DUE DILIGENCE… SES MARK NEWMAN Advisor to Ivanhoe (1) BILLY WU Advisor to Ivanhoe …OUR PROCESS CONCLUDED THAT SES'S APPROACH TO LITHIUM METAL BATTERIES IS THE MOST COMPETITIVE AMONGST ALTERNATIVES Diligence Effort Led by Ivanhoe’s Leading Global Battery Ad
Slide 8: Leadership Team
8 LEADERSHIP TEAM SES DR. QICHAO HU ROHIT MAKHARIA JING NEALIS Founder and CEO President and COO CFO 8
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Slide 10: We Create Hybrid Li-Metal Batteries
10 10 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
Slide 11: Why Hybrid Li-Metal?
11 WHY HYBRID LI - METAL? SES 11 Conventional Li - ion Anode Separator Cathod e ✓ Manufacturability Energy Density SES Hybrid Li - Metal ✓ Manufacturability ✓ Energy Density All - Solid - State Li - Metal Solid - State Separator Never Demonstrated at Scale Solid - State Cathode Never Demonstrated at
Slide 12: Superior Technology, Safety and Manufacturability
12 12 Superior Technology, Safety and Manufacturability Projected 400 Wh /kg and 1,000 Wh /L, leading to significantly longer driving range DENSER Proprietary electrolyte and AI algorithm greatly enhance safety SAFER Designed to be manufacturable at scale using existing infrastructure and processes
Slide 13: Our Team
13 OUR TEAM SES DR. QICHAO HU Founder Chief Executive Officer JOANNE BAN Chief Legal Officer Chief Corporate Officer HANS KIM Head Of Korea ROHIT MAKHARIA President Chief Operating Officer YONGKYU SON Chief Technology Officer RICHARD CHANG VP of Business Development JING NEALIS Chief Financial Offic
Slide 14: Our Footprint
14 OUR FOOTPRINT SES Localized “Build Where We Sell” Strategy Positions SES to Realize Scale in Multiple High - Growth Markets Boston Seoul Shanghai Singapore • Chemistry, materials, algorithm R&D • Pilot plant • Collaboration with GM BOSTON • Legal • Finance • Holding HQ SINGAPORE • Supply chain •
Slide 15: SES Shanghai Giga
15 15 SES SHANGHAI GIGA SES Highlights • Expected Completion: 2023 • Size: 300,000 Square Feet • Capacity: 1Gwh 15
Slide 16: Our Story
16 Founded Dr. Qichao Hu (Forbes 30 Under 30), Donald Sadoway (Time 100) Opened Boston Pilot Facility Series B Funding (New Investors: ) 2012 2013 2015 2017 2019 2021 2018 2016 Series C Funding (New Investor: ) Opened Shanghai Pilot Facility Series C+ Funding (New Investor: ) Joint Development Agree
Slide 17: Global Leadership in Hybrid Li-Metal Battery Production
17 17 2026 Onwards 2022 2023 – 2024 A Sample: Pre - Production OEM Development Production Begins At 1 GWh Pilot Facility GLOBAL LEADERSHIP IN HYBRID LI - METAL BATTERY PRODUCTION 2025 Production Begins At 30 GWh Expansion Facility Pre - Production 20+ Layer Cells Production 30+ Layer Cells 100 Ah A
Slide 18: Introducing Apollo
18 Introducing Apollo Ʀ , 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: Our Partnership with GM
19 OUR PARTNERSHIP WITH GM SES 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 $10MM e quity investment from GM Close technical and R&D collaboration 2015 – 2019 Additional $50MM equity inve
Slide 20: Our Partnership with Hyundai
20 OUR PARTNERSHIP WITH HYUNDAI SES 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 Pre - A JDA December 2020 $50MM commitment to PIPE May 2021 Going Forward June 2021 $50MM equity investment
Slide 21: Our Partnership with Honda
21 OUR PARTNERSHIP WITH HONDA SES Financial and Strategic Alignment With a Leading Innovator and Global Automotive Manufacturer + Honda Is Pushing Towards Ambitious EV Goals… …And SES Believes We Are Well - Positioned to Help Honda Get There 21 Honda Commits to Selling Only EVs and Fuel - Cell Vehic
Slide 22: The Opportunity
22 THE OPPORTUNITY SES 22
Slide 23: Energy Transition Is Now a Clear Focus
23 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
Slide 24: Batteries Will Be a Key Enabler of Electrification at Scale
24 24 February 16, 2021 “ “ October 3, 2020 “ “ January 22, 2021 “ “ …BATTERIES WILL BE A KEY ENABLER OF ELECTRIFICATION AT SCALE SES
Slide 25: Global Electrification Commitments Are Precipitating Imminent Change
25 GLOBAL ELECTRIFICATION COMMITMENTS ARE PRECIPITATING IMMINENT CHANGE SES 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 26: The Passenger EV Battery TAM Is Massive
26 Commercial EVs, Drones and Other Applications Further Expand the Opportunity THE PASSENGER EV BATTERY TAM IS MASSIVE SES $350Bn $19Bn $165Bn 2020 2030 2040 45 kWh / EV 2.7M EVs $150 / kWh 51 kWh / EV 38MM EVs $85 / kWh 56 kWh / EV 90MM EVs $70 / kWh Battery Size: Passenger EVs: Battery Pack Cost:
Slide 27: Step-Function Increase in Battery Energy Density Since 1990s
27 THE FIRST STEP - FUNCTION INCREASE IN BATTERY ENERGY DENSITY SINCE 1990S SES 0 50 100 150 200 250 300 350 400 450 500 0 200 400 600 800 1,000 1,200 Wh/kg Wh/L Lighter Smaller Lead Acid NiCd NiMh Li - ion (C) Li - ion (Si - C) Li - Metal 1850s 1890s 1980s 1990s 27 Winning Technologies Are Signific
Slide 28: What Does the Market Need in a Battery?
28 WHAT DOES THE MARKET NEED IN A BATTERY? SES Energy Density Cost Fast Charging Safety Lifetime 28
Slide 29: Li-Metal Is the Battery of the Future
29 Li - ion Li - Metal Energy Density Cost 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 tim
Slide 30: How Do We Get There?
30 Manufacturability HOW DO WE GET THERE? SES Technology 1. 2. 30
Slide 31: Technology
31 TECHNOLOGY 1. 31
Slide 32: Development of an OEM-Ready Battery
32 DEVELOPMENT OF AN OEM - READY BATTERY SES 32 Power: 100 Ah 3 Ah 50 Ah 9 Ah 6 Ah 30/31 layers 30/31 layers 30/31 layers 20+ layers 30+ layers 300 mAh 3/4 layers Layers: Research 2013 – 2016 Development & Engineering 2016 – Present Pre - Production 2022 Production 2023+ Today
Slide 33: Our Demonstrated Performance
33 OUR DEMONSTRATED PERFORMANCE SES Measured (4 Ah): 370 Wh /kg, 700 Wh /L ✓ Projected (100 Ah A - sample): >400 Wh /kg, >1,000 Wh /L --- Manufactur - ability Demonstrated multi - layer cells can be built using Li - ion - like assembly process ✓ 3/4 Layer Up to approximately 800 cycles (80% capacity
Slide 34: Solving the Dendrite Challenge
34 SOLVING THE DENDRITE CHALLENGE SES 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 Top View Cross - Section Top View Cross - Section Separator Cathode Anode
Slide 35: SES Hybrid Li-Metal Battery Technology
35 SES HYBRID LI - METAL BATTERY TECHNOLOGY SES 35 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 - Met
Slide 36: Innovative and Proprietary Electrolyte Composition
36 INNOVATIVE AND PROPRIETARY ELECTROLYTE COMPOSITION SES 36 High Concentration Solvent almost fully coordinated No free solvent Low Concentration M ost solvent molecules are uncoordinated SES electrolyte uses a high concentration solvent - in - salt approach. A conventional liquid electrolyte is lo
Slide 37: SES Proprietary Electrolytes Are Self Extinguishing
37 Self Extinguishing Flammable SES Proprietary High Concentration Solvent - in - Salt Electrolyte: Conventional Lithium - ion Electrolyte: SES PROPRIETARY ELECTROLYTES ARE SELF EXTINGUISHING SES x 37
Slide 38: Safety Further Enhanced Using Our Machine Learning Algorithm
38 SAFETY FURTHER ENHANCED USING OUR MACHINE LEARNING ALGORITHM 38 Our Proprietary Safety Algorithm can Detect Early Formation of Dendrites by Monitoring Certain Proprietary Key Parameters Proprietary Parameter Cycle Life Anomalous Cycle Normal Cycle Illustrative Dendrite Monitoring Over Cycle Life
Slide 39: Our Intellectual Property
39 111 patents (1) 25 trade secrets, know - how in each of the core areas of the ecosystem OUR INTELLECTUAL PROPERTY SES Holistic IP Portfolio With Robust IP Capture Program Cells/Packs/Modules • Anode - Free • Anode - Light • High Energy Density • Packs / Modules (Expandable & Constrained) Recyclin
Slide 40: Manufacturability
40 MANUFACTURABILITY 2. 40
Slide 41: Our Secret Sauce
41 OUR SECRET SAUCE SES As of March 2021, SES has produced over fifteen thousand multi - layer Hybrid Li - Metal cells using our Li - ion - like production line 41
Slide 42: SES Hybrid Li-Metal Is the Most Practical Approach to Li-Metal
42 SES HYBRID LI - METAL IS THE MOST PRACTICAL APPROACH TO LI - METAL SES 42 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 Practical Approach to Separ
Slide 43: Our View of the Market
43 OUR VIEW OF THE MARKET SES Energy Density (Wh/kg) Manufacturability 300 250 400 43 Liquid Li - Metal Hybrid Li - Metal Solid State Li - Metal All Solid State Li - Metal 350 Liquid Li - Metal Graphite With Silicon Li - ion Note: Third - party energy density information is as of the most recently a
Slide 44: A Cost-Effective Approach to Li-Metal Technology
44 A COST - EFFECTIVE APPROACH TO LI - METAL TECHNOLOGY SES Li - ion Producers’ Cell Cost Li - Metal Producers’ Cell Cost Energy Density Improvements Unproven Manufacturing Processes – + = 44 SES Hybrid Li - Metal Technology Provides Greater Certainty of Realizing Significant Cost Savings 18% Antici
Slide 45: SES Is Positioned to Become a Leading Next-Gen Battery Provider
45 SES IS POSITIONED TO BECOME A LEADING NEXT - GEN BATTERY PROVIDER SES 45 The Next Generation of Battery Leaders Will Require… Leading Li - Metal Technology A Path to Manufacturing at Scale
Slide 46: Our Roadmap for Success
46 OUR ROADMAP FOR SUCCESS SES 2021 2022 2023 202 4 2025 2026 2027 202 8 Research & Development 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) Com
Slide 47: ESG: Part of Our DNA
47 ESG: PART OF OUR DNA SES 47 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 SES s
Slide 48: Financials
48 FINANCIALS SES 48
Slide 49: Our Capacity Projections
49 OUR CAPACITY PROJECTIONS SES Total Capacity by Facility GWh 49 Notes: 1. Capacity shown on a 100% consolidated basis; SES will own 50% of the facility 2. Assumes 100 kWh pack per EV 3. Based on 2030 passenger EV Battery TAM of 1,938 GWh 1MM+ EVs Annually (2) 5% Market Share (3) Global Battery Lea
Slide 50: Our Revenue Projections
50 OUR REVENUE PROJECTIONS SES 50 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 0.1 0.1 0.8 1.4 1.3 2.3 4.2 5.6 -- -- $0.1 $0.5 $3.2 $5.7 $7.0 2022E 2023E 2024E 2025E 2026E 2027E 2028E Pilot E
Slide 51: Our Profitability
51 OUR PROFITABILITY SES Gross Profit US$Bn, unless otherwise noted Best - in - Class Gross and EBITDA Margins Reflecting Technology and Cost Advantages EBITDA US$Bn, unless otherwise noted 51 -- -- ($0.0) $0.1 $0.7 $1.8 $2.2 2022E 2023E 2024E 2025E 2026E 2027E 2028E 12% Gross Margin (%): 21% 32% 32
Slide 52: Our Free Cash Flow
52 OUR FREE CASH FLOW SES Free Cash Flow (After Project Financing) US$Bn, unless otherwise noted 52 ($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) ($0.7) ($0.2) $0.7 $0.9 2022E 2023E 2024E 2025E 2026E 2027E 2028E
Slide 53: Our Factory Economics
53 OUR FACTORY ECONOMICS SES • Total expected capex required: $1.8Bn – 50% funded by SES, and 50% funded by JV partner – 70% funded with project - level debt financing, 30% funded with equity – SES to fund 100% of capex related to key cell material sales to JV Expansion 1, 30 GWh US$Bn Pre - Product
Slide 54: Benchmarking Ourselves to Our New Energy Peers
54 BENCHMARKING OURSELVES TO OUR NEW ENERGY PEERS SES Revenue Growth (%) EBITDA Margin (%) Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020), ChargePoint Investor Presentation (dated September 23, 2020),
Slide 55: Attractive Valuation Relative to Peers
55 ATTRACTIVE VALUATION RELATIVE TO PEERS SES EV / Revenue (x) 55 Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020), ChargePoint Investor Presentation (dated September 23, 2020), Stem Investor Pr es entat
Slide 56: Significant Upside Potential
56 SIGNIFICANT UPSIDE POTENTIAL SES Public Li - Metal Battery Peer Valuation Discounted Enterprise Value Transaction Enterprise Value 56 Source: Management Estimates, Solid Power Investor Presentation (dated June 15, 2021), QuantumScape Analyst Presentation (dated October 15, 2020), ChargePoint Inve
Slide 57: Transaction Summary
57 TRANSACTION SUMMARY SES 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 issued at
Slide 58: Ivanhoe Believes SES Is Best Positioned in Next-Gen Battery Arena
58 BASED ON EXTENSIVE DILIGENCE, IVANHOE BELIEVES SES IS THE BEST POSITIONED IN THE NEXT - GEN BATTERY ARENA AND MATCHES IVANHOE INVESTMENT CRITERIA SES 58 Investment Criteria Enables the paradigm shift towards the electrification of industry and society ✓ Positioned to capitalize on unique technolo
Slide 59: Battery Performance Data
59 BATTERY PERFORMANCE DATA SES 59
Slide 60: SES vs. Li-Metal Peers
60 SES VS. LI - METAL PEERS SES 60 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 Temp
Slide 61: Unparalleled Energy Density Across All Temperature and Power Ratings
61 UNPARALLELED ENERGY DENSITY ACROSS ALL TEMPERATURE AND POWER RATINGS IN A LI - METAL BATTERY SES 61 Expected to enable long vehicle range and high acceleration in all climates ~90% energy retention at 25 ° C for C - rates up to 7C 75 125 175 225 275 325 375 20 40 60 80 100 0 1 2 3 4 5 6 7 Energy
Slide 62: Best-in-Class Low Temperature Li-Metal Battery Performance
62 BEST - IN - CLASS LOW TEMPERATURE LI - METAL BATTERY PERFORMANCE SES 62 Excellent performance in cold weather climates Low resistance even at sub - zero temperatures Retains almost 80% capacity (0.1C@25 ° C) even at - 30 ° C 2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 0 20 40 60 80 100 Voltage [V] Ca
Slide 63: High Energy Density at All Power Requirements
63 HIGH ENERGY DENSITY AT ALL POWER REQUIREMENTS SES 63 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 2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 0 20 40 60 80 100
Slide 64: Unparalleled Fast Charging Li-Metal Battery
64 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 10 12 Cell voltage [V] State - of - charge [%] Time [Minutes] State-of-charge Voltage UNPARALLELED FAST CHARGING LI - METAL BATTERY SES 64 Able to charge from 10 to 90% in 12 minutes Cell remains < 4.3 V (safe limit) during fast charging
Slide 65: Long Lifetime (3/4 Layer ~250 mAh Cell)
65 LONG LIFETIME (3/4 LAYER ~250 mAH CELL) SES 65 >800 cycles to 80% capacity retention (1) >300,000 implied lifetime miles (2) 0 50 100 150 200 250 0 20 40 60 80 100 120 0 200 400 600 800 1000 Capacity [mAh] Capacity retention [%] Cycles Cell capacity ~250 mAh Charge conditions 4.3 V / 0.2C (50 mA)
Slide 66: Long Lifetime (25+ Layers 4.2 Ah Cell)
66 LONG LIFETIME (25+ LAYERS 4.2 Ah CELL) SES 66 >90% capacity retention after 550 cycles with 4.2 Ah cell ~295,000 implied lifetime miles (1) 0.0 1.0 2.0 3.0 4.0 0 20 40 60 80 100 120 0 100 200 300 400 500 600 Capacity [Ah] Capacity retention [%] Cycles Cell capacity 4.2 Ah Cell weight 43.6 g Energ
Slide 67: Excellent Safety Performance
67 EXCELLENT SAFETY PERFORMANCE SES 67 Overcharge: PASSED External Short Circuit: PASSED Thermal Stability: PASSED Nail Penetration: PASSED No thermal runaway even when charged to ~2x safe charge limit No thermal runaway even when cell is short circuited No thermal runaway even with complete nail pe
Slide 68: Apollo: High Energy Density Automotive-Scale Cell Testing Data
68 APOLLO: 107 Ah, HIGH ENERGY DENSITY AUTOMATIVE - SCALE CELL TESTING DATA SES 68 Key Stats: 107 Ah 0.982 kg 417 Wh /kg 935 Wh /L Voltage (V) Capacity (Ah) — C/10 discharge — C/3 discharge — 1C discharge
Slide 69: Appendix
69 APPENDIX SES 69
Slide 70: Best-in-Class Low Temperature Li-Metal Battery Performance
70 BEST - IN - CLASS LOW TEMPERATURE LI - METAL BATTERY PERFORMANCE SES 70 Excellent performance in cold weather climates ~75% energy retention at - 30 ° C relative to 0.33C discharge and 25 ° C 0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 -40 -20 0 20 40 Energy density [Wh/kg] Energy rete
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Ivanhoe Capital Acquisition — SPAC Merger (January 2022) on 6ix