With a valuation that is within distance of LG Energy Solutions, success for Quantumscape and its solid state offerings seems to be the best option to make the long term battery market more open and maintain a trajectory of dropping costs. Homegrown US startups like Quantumscape are betting big on solid state batteries (batteries which donot use a liquid electrolyte) to drive down costs as well as dependence on rare metals like Lithium. Fears in the US and Europe of a market dominated by Chinese battery makers means a welcome mat for the Korean and Japanese firms to set up plants there. While that obviously makes the battle tougher for ‘smaller’ players like BYD (China), Samsung SDI (South Korea) and SK Innovation 9South Korea), it is clear that these firms will also have access to funding and domestic support on an unprecedented scale. In the USA, a classic IPO can take up to two years.Bill Gates Backed Iron Battery Firm ESS Listed on NYSE Also Read With such a SPAC deal, the otherwise usual procedures of an own IPO can be accelerated enormously in the case of a merger, since the SPAC is already listed on the stock exchange. SPACs are investment firms set up for the very purpose of merging with another company, hence the term “special-purchase acquisition company” (SPAC). “Ultimately, the cost of raw materials in batteries will be reduced, so working with Ivanhoe, we can really address these important raw material supply issues.” “The high energy density batteries that are being used today, whether it’s Tesla, GM or Hyundai, typically contain high nickel content,” Hu said in an interview. According to reports, prototypes of the hybrid lithium metal batteries for General Motors and Hyundai are “almost ready”.
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“Our battery performance is industry-leading under the full range of automotive operating environment and temperature, and is capable of delivering energy density of 400 Wh/kg with fast charge capability up to 80% in less than 15 minutes while meeting cycle life and safety requirements for electric vehicles.” “SES’s Li-Metal battery performance has been verified by two independent third-party testing facilities, and multiple automakers,” said Qichao Hu, founder and CEO of SES. SES says its hybrid Li-Metal battery relies on a high energy density lithium metal anode, a protective anode coating and a “proprietary, highly concentrated solvent-in-salt liquid electrolyte”. It is possible that it was done because pure solid-state batteries are no longer the focus of the company. Reasons for the change of name are not given. Concrete development agreements are not known here – unlike with GM and Hyundai-Kia.įormerly known as SolidEnergy Systems, the company now only goes by the abbreviation SES.
In addition to the already known investors General Motors and Hyundai-Kia, SES also names Geely, SAIC, LG and Foxconn as backers in the new announcement. In the course of the transaction, SES will receive 476 million dollars. For this purpose, the company wants to merge with the stock exchange shell Ivanhoe Capital Acquisition.Īfter the merger with SPAC Ivanhoe, the company is to come to a valuation of 3.6 billion dollars, according to a statement by SES. QuantumScape Corp., another solid-state battery developer that counts Volkswagen AG as its biggest. The battery developer SES (formerly SolidEnergy Systems), spun off from the Massachusetts Institute of Technology (MIT), has announced its going public on the US stock exchange. General Motors GM recently entered into a partnership with SolidEnergy Systems in a bid to enhance range, reduce costs, and improve energy density of its battery technology. The company’s shares rose as much as 5.7 before the start of regular trading Tuesday. Batteries IPO Ivanhoe Capital Acquisition SolidEnergy stock market suppliers
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