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.

“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.”

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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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