SES AI Corporation · NYSE:SES
SES AI — Investor Presentation (September 2024)
43 slides from SES AI's investor presentation, September 2024
Slide 1: Powering a New Era of Electric Transportation with Li-Metal Batteries
Powering a New Era of Electric Transportation on Land and in the Air with Li-Metal Batteries AI for Manufacturing, Safety, and Science Investor Presentation September 2024
Slide 2: Disclaimer
Disclaimer Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, SES has not independently verified the information and makes no representation
Slide 3: The SES AI Opportunity
The SES AI Opportunity Differentiated Battery Technology Platform Leading Energy Density with Proven Safety Characteristics and Supported by AI Validated by OEM Partners Partnerships with Leading Auto and Urban Air Mobility OEMs Designed for Manufacturing at Scale Industry-leading Manufacturing Matu
Slide 4: EV UAM AI
EV UAM AI AI
Slide 5: Battery <> AI for Science & Safety
Battery <> AI for Science & Safety Prometheus Hermes Apollo Avatar AI for Science Human R&D Human Engineering AI for Safety Accelerates pipeline material Formulates and tests electrolytes based Detects manufacturing defects more Monitors battery state-of- discovery by mapping the vast on novel molec
Slide 6: Battery <> AI for Science & Safety (Our Team)
Battery <> AI for Science & Safety (Our Team) JING NEALIS DR. HONG GAN DANIEL LI Chief Financial Officer Chief Science Officer Chief Manufacturing Officer 18 years of finance experience, including 25 years of battery R&D experience. 15 years of experience working in the DR. QICHAO HU at public compa
Slide 7: Battery <> AI for Science & Safety (Our Sites)
Battery <> AI for Science & Safety (Our Sites) Seoul B-sample line (OEM 2) UAM line Boston HQ，AI Electrolyte Foundry Shanghai B-sample line (OEM 1) Hermes (Human) UAM line Prometheus (AI) Apollo (Human) Avatar (AI) 2012 2017 2021 2022 2023 2024 2025 2026 Est. (MIT Start Sign NYSE Sign world’s Build
Slide 8: Partner with Leading Automakers
Partner with Leading Automakers • $50MM+ JDA (March 2021) • JDA (May 2021) • JDA (January 2022) • $60MM equity investment (since 2015) • $50MM equity investment (May 2021) • Largest single investor in PIPE financing -- $75 million • Joint pre-production facility (going forward) • $50MM PIPE commitme
Slide 9: EV UAM AI
EV UAM AI
Slide 10: A Step-change from Li-ion Batteries
A Step-change from Li-ion Batteries 500 450 Li-Metal 2021 400 Li-ion (Si-C) 2010s Lighter 350 300 Li-ion Wh/kg 1990s (C) 250 200 NiMh 1980s 150 100 NiCd 1890s 50 Lead Acid 1850s 0 0 200 400 600 800 1,000 1,200 Wh/L Smaller Transistor areal density: 2X every 18 months Battery energy density: 2X every
Slide 11: Li-Metal is the "End-Game" for EV
Li-Metal is the “End-Game” for EV 500 High Ni New Premium 450 Li-Metal Vehicles 400 Lighter 350 300 Old Premium New Value Wh/kg High Ni LFP 250 Vehicles Li-ion Li-Metal Vehicles 200 Old Value LFP 150 Vehicles Li-ion 100 50 0 0 200 400 600 800 1,000 1,200 Wh/L Smaller
Slide 12: Why Liquid Li-Metal
Why Liquid Li-Metal Conventional Li-ion All-Solid-State Li- SES Li-Metal Metal Anode Solid-State Separator Separator Never Demonstrated at Scale Solid-State Cathode Cathode Never Demonstrated at Scale Energy Density ✓ Energy Density ✓ Energy Density ✓ Manufacturability Manufacturability ✓ Manufactur
Slide 13: Li-Metal Batteries
Li-Metal Batteries DENSER SCALABLE >400 Wh/kg and 1,000 Manufacturable at Wh/L, providing longer scale using existing Li- range for EVs and ion processes eVTOLs LIGHTER SMARTER Ultra-thin Li-Metal AI-powered algorithm anode reduces battery monitors battery health weight Superior Technology, Safety a
Slide 14: Li-Metal Batteries
Li-Metal Batteries Wide Format Li-Metal Anode Composite Anode Coating Polymer-Based Separator Solvent-in-Salt Liquid Electrolyte Formula • High stability on lithium metal anode and allows for high manufacturability High-Capacity Cathode Combined in a Proprietary Cell Design for Optimized Performance
Slide 15: Our Intellectual Properties
Our Intellectual Properties Cells/Packs/Modules Materials • Anode-Free • Electrolyte • Anode-Light • Salt • High Energy Density • Anode • Packs / Modules (Expandable & • Separator Constrained) 220 patents AI Powered BMS Recycling • Safety Algorithm • Mossy Lithium Recovery • Monitoring & Diagnostics
Slide 16: Hyundai Partnership Enters Next Phase
Hyundai Partnership Enters Next Phase Hyundai has announced it will spend $51 billion SES AI, Hyundai and Kia enter next phase of over three years to bolster is growth potential in joint development EVs and new mobility business. More than half of Two firsts for SES AI>> the investment will be for R
Slide 17: UAM
EV UAM AI
Slide 18: UAM is an Adjacent Growth Opportunity
UAM is an Adjacent Growth Opportunity Opportunity to be a first mover in Li-Metal for UAM, define industry standards and “make the market”; Li-Metal fundamentally changes the UAM market economics. A natural extension of current technological milestone and R&D achievements with automotive OEMs; E
Slide 19: Why Li-Metal for UAM
Why Li-Metal for UAM 500 High Ni 450 Li-Metal For UAM 400 Lighter 350 300 High Ni Wh/kg LFP 250 Li-ion Li-Metal 200 LFP 150 Li-ion 100 50 0 0 200 400 600 800 1,000 1,200 Wh/L Smaller
Slide 20: Li-Metal is a Perfect Fit for UAM
Li-Metal is a Perfect Fit for UAM 120.0 100.0 UAM A steppingstone to EV for Li-Metal 80.0 +C/3 -UAM mission profile Capacity (%) 60.0 Rigorous safety & performance testing in UAM 40.0 More data to train Avatar AI for both UAM 20.0 and EV 0.0 0 500 1000 1500 Cycle
Slide 21: UAM is Faster than EV for New Battery Technology
UAM is Faster than EV for New Battery Technology 2023 2024 2025 2026 2027 2028 Autoflight cargo Volocopter Archer Supernal cert. CAAC cert. EASA cert. FAA cert. FAA China Germany USA S. Korea eHang Autoflight Beta Eve cert. CAAC cert. CAAC cert. FAA cert. FAA China China USA Brazil Joby Lilium cert.
Slide 22: AI
EV UAM AI
Slide 23: AI for Manufacturing, Safety, and Science
AI for Manufacturing, Safety, and Science Cell Production (cell revenue) AI for Manufacturing (licensing revenue) AI for Safety (licensing revenue) AI for Science (licensing revenue)
Slide 24: AI for Manufacturing, Safety, and Science
AI for Manufacturing, Safety, and Science AI for Manufacturing & Safety AI Predict incident and achieve near 100% safety guarantee for EV/UAM AI for Science AI Accelerate development of future battery electrolyte material for EV/UAM
Slide 25: AI for Manufacturing & Safety (Avatar)
AI for Manufacturing & Safety (Avatar) Battery = Person Genetics Pregnancy Lifestyle Cell Design Manufacturing Quality Vehicle Operation
Slide 26: AI for Manufacturing & Safety (Avatar)
AI for Manufacturing & Safety (Avatar) 2022 2023 2024 (forecast) Cell manufacturing <1,000 500-1,000 >1,000 quantity per year per month per month per line Quality check points per 1,500 200 600 cell (incl. imaging data) Avatar AI incident <60% 92% 95% prediction accuracy Amount of training data: 15,
Slide 27: AI for Manufacturing & Safety (Avatar) – SES AI Cares
AI for Manufacturing & Safety (Avatar) – SES AI Cares Actual flight data (July 2024) Avatar on Li-Metal: Avatar on Li-ion (same mission profile): >100 flight >50 flight hours hours
Slide 28: AI for Science (Prometheus)
AI for Science (Prometheus) ChatGPT by AGI OpenAI All knowledge, books, social 10 11 # of people ever lived on earth network profiles, everything about everything and everyone Li-Metal by AI4Sci SES AI # of small molecules that All properties about small could be used for molecules batteries
Slide 29: AI for Science (Prometheus)
AI for Science (Prometheus) 1. Mapping the vast molecular universe by calculating their physical properties 2. Training AI/ML models with physical properties of molecules to further filter/generate new molecules 3. Synthesizing new molecules and testing in electrolytes and real cells at Electrolyte
Slide 30: AI for Science (Prometheus)
AI for Science (Prometheus) DFT on All 1011 huge computing resource (~50,000 GPU yrs), but Curated very accurate Molecula Molecular Database r Dynamic GNN Force Field Electrolyte Universe 1011 DFT on All 108 HOMO/LUMO, solubility, melting Foundry point, polarization, etc. ~10 GPU yrs • Synthesize •
Slide 31: AI for Science (Prometheus)
AI for Science (Prometheus) 38 from 2 from public literature internal data 105 molecules mapped (June 2024) 17 AI-generated candidates (2 already synthesized to be tested at Electrolyte Foundry)
Slide 32: AI for Science (Prometheus)
AI for Science (Prometheus) Property database Molecule database Train AI/ML models, Source computing resource Breaking Li-Metal electrolyte screen/synthesize/ to compute molecular coulombic efficiency record of validate molecules in properties 99.6% set by human electrolyte/full cells Note: Please v
Slide 33: 2024 – A Key Year in Commercialization of Li-Metal Batteries
2024 – A Key Year in Commercialization of Li -Metal Batteries Focus on EV B-sample JDAs Build and ship UAM cells to Improve Avatar AI incident Build and operate new B-sample lines; address customers prediction cell manufacturing quality; improve cell UAM cells will be our first commercial products a
Slide 34: Appendix
APPENDIX
Slide 35: Cell Test Data Summary Table (4Ah vs. 33Ah vs. 100Ah)
Cell Test Data Summary Table (4Ah vs. 33Ah vs. 100Ah) 4.2Ah (25+ layer) at 25ºC 33Ah (25+ layer) at 25ºC 105.8Ah (32+ layer) at 25ºC Cell Type Drone Design UAM Design EV Design Low power C/20 >375 Wh/Kg > 391 Wh/Kg > 399 Wh/Kg Room Temperature (25℃) Low power C/10 375 Wh/Kg (= 700 Wh/L at SOC 0%) 39
Slide 36: Low Temperature Performance (100Ah Cell)
Low Temperature Performance (100Ah Cell) 4.3 Excellent performance in cold weather 4.1 3.9 -15ºC Retains 80% capacity 0ºC 3.7 25ºC (C/3 at 25°C) even at - Voltage (V) 3.5 -30ºC 30°C 3.3 3.1 2.9 2.7 2.5 0 20 40 60 80 100 Capacity relative to 0.33C @ 25°C discharge [%]
Slide 37: High Power Performance (100Ah Cell)
High Power Performance (100Ah Cell) 4.3 Excellent performance in high power 4.1 requirements 3.9 2C 3.7 1C Retains 90% capacity C/3 Voltage (V) 3.5 (C/3 at 25°C) even at C/10 3C 3C 3.3 3.1 2.9 2.7 2.5 0 20 40 60 80 100 Capacity relative to 0.1C @ 25°C discharge [%]
Slide 38: Safety Performance (100Ah Cell) – Overcharge
Safety Performance (100Ah Cell) Before Overcharge ✓ Passed (3 rd party After test)
Slide 39: Safety Performance (100Ah Cell) – Nail Penetration
Safety Performance (100Ah Cell) Nail Penetration ✓ Passed (3 rd party test)
Slide 40: Safety Performance (100Ah Cell) – External Short Circuit
Safety Performance (100Ah Cell) Before External Short Circuit ✓ Passed (3 rd party After test)
Slide 41: Safety Performance (100Ah Cell) – Thermal Stability
Safety Performance (100Ah Cell) Before Thermal Stability ✓ Passed (3 rd party After test)
Slide 42: UN38.3 & GB38031 (50Ah & 100Ah Cell)
UN38.3 & GB38031 (50Ah & 100Ah Cell) 50 Ah 100 Ah 50 Ah 100 Ah UN 38.3: Passed UN 38.3: Passed GB38031: Passed GB38031: Passed
Slide 43: Beyond Li-ion
©SES Beyond Li-ion™