SES, a developer and manufacturer of high-performance hybrid Lithium-Metal rechargeable batteries for electric vehicles, went public via a SPAC merger with Ivanhoe Capital Acquisition in a $3.6bn deal. The transaction includes a $200m PIPE from General Motors, Hyundai, Geely, Kia, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments and Franklin Templeton. “We are pleased to partner with SES, and have been extremely impressed by its talented team and its superior technical, academic and manufacturing expertise,” Robert Friedland, Ivanhoe Founder, Chairman and CEO. On February 1, 2022, business combination of SES and Ivanhoe Capital Acquisition approved.