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 Corporation (“SES AI” (NYSE: SES)), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, 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.”

SES AI | www.ses.ai