SES AI Hyundai Motor and Kia Agree to Enter the Next Phase of Their Joint Development Contract

Woburn, Mass., United States:
SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries, today announced that it signed an agreement to enter the next phase of its existing joint development agreement (“JDA”) with Hyundai Motor Company (‘’Hyundai Motor’’) and Kia Corporation (“Kia”) to start developing B samples.

As part of the agreement, Hyundai Motor and Kia – SES AI will build a dedicated B-sample cell development, assembly and testing facility in Ui-Wang, South Korea starting later this year, and SES AI will build and operate one of the largest capacity Li-Metal lines in the world within this new facility. This collaboration is the first of its kind in the Li-Metal battery industry and represents an important milestone in achieving commercial production.

The expansion of the relationship with Hyundai Motor and Kia means that SES AI is the first Li-Metal battery company in the world to have two B-sample development JDAs underway. SES AI previously announced its first B-sample JDA with another major automaker in December 2023. In addition to these two B-sample lines, SES AI is also converting another A-sample line to produce Urban Air Mobility (UAM) battery cells.

“We are pleased to have the opportunity to deepen our longstanding partnership with Hyundai Motor and Kia, whose commitment to growing the electric vehicle market has made it the second-largest seller of these automobiles in the U.S.,” said Qichao Hu, founder and Chief Executive Officer of SES AI. “At SES AI, we are committed to delivering on our promise to develop a next-generation EV battery that leverages AI to achieve the best combination of energy density, manufacturability, and a nearly 100 percent safety guarantee.”

SES AI, Hyundai Motor and Kia teamed up in 2021 to collaborate on a range of technologies, including Li-Metal batteries for UAM as well as EV applications.

“SES AI’s Li-Metal experience will be an important enabling piece of the technology portfolio that Hyundai Motor and Kia are investing in as part of their commitment to develop the world’s best product lineup and to ultimately become a carbon-neutral mobility solution,” said Chang Hwan Kim, Senior Vice President, Head of Electrification Energy Solutions Tech Unit at Hyundai Motor and Kia.

Based in the Boston suburb of Woburn, Massachusetts with operations in Shanghai and Seoul, SES AI is backed by Hyundai Motor and Kia, General Motors Co., and Honda Motor Co.