EV battery maker merges with SPAC and lists on NYSE

One of the world’s largest manufacturers and developers of rechargeable batteries for electric vehicles …

One of the world’s largest manufacturers and developers of rechargeable batteries for electric vehicles has agreed to merge with a listed ad hoc acquisition company.

SES Holdings, which is a global developer and manufacturer of lithium-metal hybrid batteries, has agreed to partner with Ivanhoe Capital Acquisition Corp, headquartered in Singapore and listed on the New York Stock Exchange.

White & Case and Kirkland & Ellis acted as legal advisers to SES and Ivanhoe, respectively.

Ivanhoe Capital, which is led by billionaire mining financier Robert Friedland, focuses on investing in environmentally friendly and decarbonization-focused companies, such as those involved in providing products and services to ‘electrification for sectors such as transport, electric mobility and battery technology.

The merger transaction, which values ​​SES Holdings at $ 3.6 billion, will create the first publicly traded lithium-metal hybrid battery company that will produce lithium-metal batteries with a cost-effective and scalable manufacturing process. The transaction is also expected to generate gross proceeds of up to $ 476 million for SES, which will be used to fund its growth plans.

Gross proceeds include a fully committed US $ 200 million private equity investment in public equity (PIPE). The main investors in PIPE include General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation and SAIC Motor, as well as other investors such as Koch Strategic Platforms, LG Technology Ventures and Foxconn, among others.

SES Holdings, which was established in 2012, has built a strong offering of security algorithms based on artificial intelligence, materials, cells, modules and artificial intelligence, as well as in recycling. It was previously called SolidEnergy Systems and is headquartered in Singapore, where Ivanhoe is also located.

SES, which operates in Boston, Shanghai and Seoul, will be listed on the New York Stock Exchange after the transaction closes, which is expected to take place in the third or fourth quarter of this year.

White & Case, acting for SES Holdings, used a team of attorneys led by partners Chang-Do Gong, Joel Rubinstein and Jonathan Rochwarger in New York, and Maia Gez in Silicon Valley, and included partners Eric Clamage in Chicago. and Jordan Kobb, Yixin Yan and Harkesh Patel in New York, among others.

A joint venture agreement between French automaker Groupe PSA and French oil and gas giant Total was formed to take advantage of the companies’ position in the electric vehicle market in September of last year.

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