SES AI Secures $10 Million in Contracts for AI-Enhanced Battery Development

SES Secures ~$10M In AI-Powered Battery Contracts; Stock Jumps - SES AI (NYSE:SES)

AI-driven electrolyte materials boost Li-Metal, Li-ion battery development. Shares of Li-Metal batteries manufacturer SES AI Corporation SES are trading higher in premarket on Thursday. SES AI has signed contracts valued at up to $10 million with two prominent global OEM partners, marking a milestone in utilizing AI for the discovery of battery materials. These agreements aim to develop electrolyte materials for Li-Metal and Li-ion batteries in automotive applications. SES AI said that a portion of the revenue from these contracts will be recognized in the fourth quarter of 2024, with the rest expected to be acknowledged by mid-2025. These latest agreements with OEM partners build on the company's prior announcement of the first battery to use an electrolyte material discovered through its AI-based Molecular Universe project. Also Read: Uber Eats Partners With Home Depot For On-Demand Deliveries "These new contracts with our automotive OEM partners are applying our AI-discovered electrolytes for Li-Metal B-sample developments and for the first time with mature Li-ion batteries already in commercial use," said Founder and CEO Qichao Hu. "We believe this new revenue stream and these contracts validate and accelerate the commercial use of AI for Science for battery material discovery in automotive applications." Price Action: SES shares are trading higher by 20% at $0.9975 in premarket at the last check Thursday. Read Next: Adidas Sees Solid Gains In Q4, Looks To Expand Market Share Image via Shutterstock. SESSES AI Corp$0.997119.9%WatchlistOverviewMarket News and Data brought to you by Benzinga APIs

SES AI secures $10 million for battery tech By Investing.com

WOBURN, Mass. - SES AI Corporation (NYSE: SES), a developer of high-performance batteries with a market capitalization of approximately $300 million, announced new contracts with two global automotive OEM partners. According to InvestingPro data, the company currently trades at $0.83 per share and maintains strong liquidity with a current ratio of 15.24. These agreements, worth up to $10 million, are focused on utilizing AI for the development of new electrolyte materials for Li-Metal and Li-ion batteries used in automotive applications. The revenue from these contracts is expected to be recognized partially in the fourth quarter of 2024 and the remainder through the first half of 2025. While the company has shown strong returns over the past three months, InvestingPro analysis indicates the company is currently burning through cash rapidly, with an EBITDA of -$90.53 million in the last twelve months. For comprehensive insights into SES's financial health and future prospects, investors can access the detailed Pro Research Report, available exclusively on InvestingPro. This follows the company's earlier announcement this month about the first battery featuring an electrolyte material discovered by their AI-driven Molecular Universe program, initially for drones and robotics. Founder and CEO Qichao Hu expressed that these contracts underscore the value of applying AI in battery material discovery for automotive applications. He stated, "We believe this new revenue stream and these contracts validate and accelerate the commercial use of AI for Science for battery material discovery in automotive applications." SES AI, established in 2012, specializes in Li-Metal battery technology and incorporates AI across various aspects of its operations, including R&D, materials sourcing, and battery health monitoring. The company has its headquarters in Boston and maintains operations in Singapore, Shanghai, and Seoul. The recent agreements signify a step forward in the commercial application of AI in the battery industry. Based on InvestingPro's Fair Value analysis, SES currently appears slightly undervalued, though investors should note the stock's historically high price volatility. The company's forward-looking statements caution that these plans and expectations are subject to risks and uncertainties, and actual results may differ materially. This news is based on a press release statement from SES AI Corporation. The company has advised investors to keep an eye on its website for important information, in addition to its press releases and public disclosures filed with the Securities and Exchange Commission. In other recent news, SES AI Corporation, a leader in AI-driven battery technology, unveiled a groundbreaking AI-enhanced 2170 cylindrical cell at the CES 2025 event. This innovative battery, designed for humanoid robots, incorporates a new electrolyte material discovered through the company's Molecular Universe project, a collaboration with NVIDIA (NASDAQ:NVDA). The new battery is expected to meet the high-energy demands of robotics and drones applications. In addition, SES AI announced significant advancements in its lithium metal battery technology and AI solutions during its third quarter 2024 earnings call. The company highlighted the successful completion of key safety tests for its 100 mPOWER lithium metal B-sample cells and the establishment of supply agreements, including one with SoftBank (TYO:9984). These developments are projected to generate substantial revenue from AI-accelerated battery material discovery. SES AI reported a strong financial standing, ending the third quarter with $274 million in liquidity, which ensures a robust balance sheet through 2028. Operating expenses for the quarter were $34.2 million, with cash usage for 2024 forecasted between $80-$95 million. Further, SES AI recently announced the immediate resignation of board member Brian Krzanich, following his appointment as CEO of Cerence Inc (NASDAQ:CRNC). The company has not yet announced a successor or detailed any changes to the board's structure following Krzanich's departure. Lastly, the company is focusing on expanding its customer base across various sectors, including automotive and electronics, and is integrating AI into manufacturing and safety operations. The company's advancements in AI-accelerated material discovery are expected to significantly enhance battery cycle life.

SES AI signs contracts totaling up to $10 million to develop AI-enhanced Li-Metal and Li-ion batteries for EVs with two automotive OEM partners - SES AI (NYSE:SES)

SES AI Corporation ("SES AI" SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced a major milestone for the commercial application of AI for Science for battery material discovery with contracts totaling up to $10 million. The contracts are with two existing major global OEM partners to apply AI for Science to develop new electrolyte materials for Li-Metal and Li-ion batteries for automotive applications and are expected to result in new revenue which will be partially recognized in the fourth quarter of 2024, with the balance expected to be recognized through the first half of 2025. This development follows SES AI's breakthrough announcement from earlier this month of the world's first battery to use an electrolyte material discovered by SES AI's Molecular Universe efforts for drones and robotics applications. Founder and CEO Qichao Hu, noted, "These new contracts with our automotive OEM partners are applying our AI-discovered electrolytes for Li-Metal B-sample developments and for the first time with mature Li-ion batteries already in commercial use. We believe this new revenue stream and these contracts validate and accelerate the commercial use of AI for Science for battery material discovery in automotive applications. We will work closely with our partners and with others in the space to extend our early leadership in this new opportunity." About SES AI: SES AI Corp. SES is powering the future of global electric transportation on land and in the air with the world's most advanced Li-Metal batteries. SES AI is the first battery company in the world to accelerate its pace of innovation by utilizing superintelligent AI across the spectrum of its business, from research and development; materials sourcing; cell design; engineering and manufacturing; to battery health and safety monitoring. Founded in 2012, SES AI is an Li-Metal battery developer and manufacturer headquartered in Boston and with operations in Singapore, Shanghai, and Seoul. Learn more at SES.AI. SES AI may use its website as a distribution channel of material company information. Financial and other important information regarding SES AI is routinely posted on and accessible through the Company's website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES AI's press releases, Securities and Exchange Commission filings and public conference calls and webcasts. This press release contains statements that SES AI believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES AI. Although SES AI believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of SES AI's assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: risks related to the development and commercialization of SES AI's battery technology and the timing and achievement of expected business milestones; risks relating to the uncertainty of achieving and maintaining profitability; risks relating to the uncertainty of meeting future capital requirements; the ability of SES to integrate its products into electric vehicles ("EVs") and Urban Air Mobility ("UAM"), drones, robotics and other applications; the risk that delays in the pre-manufacturing development of SES AI's battery cells could adversely affect SES AI's business and prospects; the market for air mobility, and for use of Li-Metal technology in air mobility applications, is still emerging and may not achieve the growth potential we expect; the risk that the market for SES AI's AI-based services is still emerging, and its AI programs may not achieve the growth potential SES AI expects; risks relating to the development of the UAM market and demand for batteries from the UAM industry; potential supply chain difficulties; the ability of SES AI to engage target original equipment manufacturers ("OEMs") customers successfully and integrate SES AI's products into EVs manufactured by OEM customers; the ability to obtain raw materials, components or equipment through new or existing supply relationships; our use of artificial intelligence and machine learning may result in legal and regulatory risk; risks resulting from SES AI's joint development agreements and other strategic alliances and investments; product liability and other potential litigation, regulation and legal compliance; SES AI's ability to attract, train and retain highly skilled employees and key personnel; developments in alternative technology or other fossil fuel alternatives; risks related to SES AI's intellectual property; business, regulatory, political, operational, financial and economic risks related to SES AI's business operations outside the United States; SES AI's failure to satisfy certain NYSE listing requirements may result in its Class A common stock being delisted from the NYSE, which could eliminate or adversely affect the trading market for SES AI's Class A common stock; the volatility of SES AI's common stock and value of SES AI's public warrants; and the other risks described in "Part I, Item 1A. Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 27, 2024 and other documents filed from time to time with the SEC. There may be additional risks that SES AI presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES AI's expectations, plans or forecasts of future events and views only as of the date of this press release. SES AI anticipates that subsequent events and developments will cause its assessments to change. However, while SES AI may elect to update these forward-looking statements at some point in the future, SES AI specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES AI's assessments as of any date subsequent to the date of this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20250123769562/en/ For the media: pr@ses.ai For investors: ir@ses.ai SESSES AI Corp$0.86403.92%WatchlistOverviewMarket News and Data brought to you by Benzinga APIs