SES Holdings Pte. Ltd (“SES”) and ENTEK Membranes LLC announced
today that they have entered into an exclusive supply agreement for
innovative separator materials in the development and production of
high-energy Li-Metal rechargeable batteries. Both headquartered in
the US with global presence, SES and ENTEK share a vision that is
not limited by geography, but that is to power the future of
electric transportation with ENTEK materials and SES batteries.
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In July 2021, SES announced plans to list on the New York Stock
Exchange (NYSE) through a merger with Ivanhoe Capital Acquisition
Corp. (NYSE: IVAN) (“Ivanhoe”). Upon the closing of the
transaction, the combined company will be listed on the NYSE under
the new ticker symbol “SES”.
Dr. Rick Pekala, ENTEK Membranes Chief Technology Officer
commented, “We are delighted to be partnering with SES, a pioneer
in Lithium-Metal rechargeable battery technology and production. We
are honored that SES has rewarded our collaborative commitment to
the development of SES’s ground-breaking technological achievements
in next-generation EV Lithium-Metal batteries in this way.”
Yongkyu Son, SES’ Chief Technology Officer stated, “We are
really honored to make this commitment with ENTEK Membranes.
Scaling production is always a concern when you bring a new product
to market and the supply agreement with Entek Membranes helps us
reduce supply chain issues while ensuring superior cycle life in
our Lithium-Metal batteries. Supply chain disruption is a major
consideration for auto makers as they look to put modern
technologies in their cars, especially in the compressed timeframes
that the market is demanding. SES is well positioned to fully
commercialize its next generation hybrid Li-Metal battery
technology and build Giga-scale battery production.
About Ivanhoe Capital Acquisition Corp.
Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) is a special
purpose acquisition company formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses. Ivanhoe was formed to seek a target in industries
related to the paradigm shift away from fossil fuels towards the
electrification of industry and society.
Forward-looking statements
All statements other than statements of historical facts
contained in this press release are “forward-looking statements.”
Forward-looking statements can generally be identified by the use
of words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“project,” “forecast,” “predict,” “potential,” “seem,” “seek,”
“future,” “outlook,” “target” and other similar expressions that
predict or indicate future events or events or trends that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding estimates and
forecasts of other financial and performance metrics, projections
of market opportunity and market share. These statements are based
on various assumptions, whether or not identified in this press
release, and on the current expectations of SES's and Ivanhoe's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and may differ
from assumptions, and such differences may be material. Many actual
events and circumstances are beyond the control of SES and Ivanhoe.
These forward-looking statements are subject to a number of risks
and uncertainties, including changes in domestic and foreign
business, market, financial, political and legal conditions; the
inability of the parties to successfully or timely consummate the
business combination, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the business
combination or that the approval of the shareholders of SES or
Ivanhoe is not obtained; the failure to realize the anticipated
benefits of the business combination; risks relating to the
uncertainty of the projected financial information with respect to
SES; risks related to the development and commercialization of
SES's battery technology and the timing and achievement of expected
business milestones; the effects of competition on SES's business;
the risk that the business combination disrupts current plans and
operations of Ivanhoe and SES as a result of the announcement and
consummation of the business combination; the ability to recognize
the anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and retain its management and key
employees; risks relating SES’s history of no revenues and net
losses; the risk that SES’s joint development agreements and other
strategic alliances could be unsuccessful; risks relating to delays
in the design, manufacture, regulatory approval and launch of SES’s
battery cells; the risk that SES may not establish supply
relationships for necessary components or pay components that are
more expensive than anticipated; risks relating to competition and
rapid change in the electric vehicle battery market; safety risks
posed by certain components of SES’s batteries; risks relating to
machinery used in the production of SES’s batteries; risks relating
to the willingness of commercial vehicle and specialty vehicle
operators and consumers to adopt electric vehicles; risks relating
to SES’s intellectual property portfolio; the amount of redemption
requests made by Ivanhoe's public shareholders; the ability of
Ivanhoe or the combined company to issue equity or equity-linked
securities or obtain debt financing in connection with the business
combination or in the future and those factors discussed in
Ivanhoe's annual report on Form 10-K, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 31, 2021,
under the heading "Risk Factors," and other documents of Ivanhoe
filed, or to be filed, with the SEC relating to the business
combination. If any of these risks materialize or Ivanhoe's or
SES's assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that neither Ivanhoe nor
SES presently know or that Ivanhoe and SES currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Ivanhoe's and SES's
expectations, plans or forecasts of future events and views only as
of the date of this press release. Ivanhoe and SES anticipate that
subsequent events and developments will cause Ivanhoe's and SES's
assessments to change. However, while Ivanhoe and SES may elect to
update these forward-looking statements at some point in the
future, Ivanhoe and SES specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing Ivanhoe's and SES's assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Additional Information
This press release relates to the proposed business combination
between Ivanhoe and SES. This press release does not constitute an
offer to sell or exchange, or the solicitation of an offer to buy
or exchange, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. Ivanhoe has
filed a Registration Statement on Form S-4 with the SEC, which
includes a document that serves as a joint prospectus and proxy
statement, referred to as a proxy statement/prospectus, and which
has not yet become effective. A proxy statement/prospectus will be
sent to all Ivanhoe shareholders. No offering of securities shall
be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, or an
exemption therefrom. Ivanhoe will also file other documents
regarding the proposed business combination with the SEC. BEFORE
MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF
IVANHOE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY
STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT
WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS
COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by Ivanhoe through the website
maintained by the SEC at www.sec.gov. The documents filed by
Ivanhoe with the SEC also may be obtained free of charge upon
written request to Ivanhoe Capital Acquisition Corp., 1177 Avenue
of the Americas, 5th Floor, New York, New York 10036.
Participants in the Solicitation
Ivanhoe, SES and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from Ivanhoe’s shareholders in connection with the proposed
business combination. You can find information about Ivanhoe’s
directors and executive officers, and their interest in Ivanhoe can
be found in Ivanhoe’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, which was filed with the SEC on March
31, 2021. A list of the names of the directors, executive officers,
other members of management and employees of Ivanhoe and SES, as
well as information regarding their interests in the business
combination, are contained in the Registration Statement on Form
S-4 filed with the SEC by Ivanhoe. Additional information regarding
the interests of such potential participants in the solicitation
process may also be included in other relevant documents when they
are filed with the SEC. You may obtain free copies of these
documents from the sources indicated above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201005651/en/
For Media Inquiries, please contact Irene Lam, PR &
Communications, SES ilam@ses.ai +852 9266 2626
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