EV battery maker SES agrees to go public via Ivanhoe SPAC
- Singapore-based SES makes hybrid lithium-metal rechargeable batteries for electric vehicles.
Battery maker SES Holdings Pte has agreed to go public by merging with Ivanhoe Capital Acquisition Corp. in a deal that will value the combined company at about $3.6 billion, according to people familiar with the matter.
The combined company will get as much as $476 million in gross proceeds, said the people, who asked not to be identified because the information is private. That includes about $276 million from Ivanhoe, a special purpose acquisition company, or SPAC, plus a fully committed private investment in public equity, or PIPE, the people said.
Also check these Vehicles
64kWh
350 km
The investors in the $200 million PIPE include Koch Strategic Platforms, Hyundai Motor Co., Geely Holding Group, Kia Corp. and General Motors Co., according to the people.
The agreement could be announced as soon as Tuesday, they said.
Representatives for SES and Ivanhoe declined to comment.
Singapore-based SES makes hybrid lithium-metal rechargeable batteries for electric vehicles.
Ivanhoe raised $276 million including so-called greenshoe shares in its initial public offering in January. The shares of the combined company are expected to trade on the New York Stock Exchange under the symbol SES.
Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.
