SES AI Teams Up with Worcester Polytechnic Institute on Lithium Metal Recycling Technology Research Initiative

SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries, today announced that it will fund a new research initiative at Worcester Polytechnic Institute (WPI) to develop state-of-the-art recycling technology for lithium metal. The initiative will be led by WPI’s Dr. Yan Wang, the William Smith Foundation Dean's Professor of Mechanical & Materials Engineering.

To date, recycling for lithium-ion batteries exists at an early stage but recycling technology for Li-Metal batteries has not yet been developed. Recycling Li-Metal batteries can be critical in the reduction of the shortage of raw materials and environmental problems. The technology that will be developed from this initiative addresses this problem by developing a closed-loop, safe and environmentally responsible Li-Metal battery recycling process that will recover most of the battery materials, allowing the recycled materials to be reused in Li-Metal battery manufacturing. The recycled material will then provide a green and sustainable solution for Li-Metal batteries.

“We are thrilled to collaborate with WPI, Professor Wang and his team of experts on this initiative to develop a critical new battery recycling technology that will allow SES AI to implement a more sustainable and efficient approach to battery manufacturing,” said Qichao Hu, founder and Chief Executive Officer of SES AI. “Not only will this allow us to create a more environmentally friendly process, but it will also enable us to use recycled materials that will outperform the current commercial materials we use.”

Professor Wang is a globally recognized materials researcher, and the co-founder of Massachusetts-based companies AM Batteries and Ascend Elements. His research lab at WPI focuses on the study of new electrodes and materials for energy storage, including lithium-ion batteries, supercapacitors, flow batteries, battery manufacturing, battery safety and recycle, and fundamental electrochemistry.

“I feel honored and excited to work with SES AI, a global leader on Li-Metal battery recycling,” said Professor Wang. “With the adoption of Li-Metal batteries, it is critical to develop recycling strategies to recycle such batteries in order to enable the supply chain and reduce the environmental impacts. With my experience and expertise on Li-ion battery recycling, I am confident that we will develop a solid strategy for the end-of-life Li-Metal batteries.”

About SES AI

SES AI Corp. (NYSE: SES) is powering the future of global electric transportation on land and in the air with the world’s most advanced Li-Metal batteries. SES AI is the first battery company in the world to accelerate its pace of innovation by utilizing superintelligent AI across the spectrum of its business, from research and development; materials sourcing; cell design; engineering and manufacturing; to battery health and safety monitoring. Founded in 2012, SES AI is an Li-Metal battery developer and manufacturer headquartered in Boston and with operations in Singapore, Shanghai, and Seoul. Learn more at SES.AI.

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About Worcester Polytechnic Institute

WPI is a top-tier STEM-focused research university and a recognized pioneer and global leader in project-based learning. Founded in 1865 on the principle that students learn most effectively by applying the theory learned in the classroom to the practice of solving real-world problems, WPI’s continued mission is to transform lives, turn knowledge into action to confront global challenges, and revolutionize STEM through distinctive and inclusive education, project, and research. WPI’s project-based curriculum engages undergraduates in solving important scientific, technological, and societal problems throughout their education and at more than 50 project centers around the world. Today WPI offers more than 70 bachelor’s’, master’s, and doctoral degree programs across 18 academic departments in science, engineering, technology, business, the social sciences, and the humanities and arts. To help address ongoing challenges, improve lives, and help create a more sustainable world, WPI faculty and students pursue groundbreaking research in such areas as the life sciences, smart technologies, materials and manufacturing, and global initiatives. For more information, visit www.wpi.edu.

Forward-Looking Statements

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You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of SES AI’s assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: risks related to the development and commercialization of SES AI’s battery technology and the timing and achievement of expected business milestones; risks relating to the uncertainty of achieving and maintaining profitability; risks relating to the uncertainty of meeting future capital requirements; the ability of SES to integrate its products into electric vehicles (“EVs”) and Urban Air Mobility (“UAM") and other applications; the risk that delays in the pre-manufacturing development of SES AI’s battery cells could adversely affect SES AI’s business and prospects; risks relating to the development of the UAM market and demand for batteries from the UAM industry; potential supply chain difficulties; the ability of SES AI to engage target original equipment manufacturers (“OEMs”) customers successfully and integrate SES AI’s products into EVs manufactured by OEM customers; the ability to obtain raw materials, components or equipment through new or existing supply relationships; risks resulting from SES AI’s joint development agreements and other strategic alliances and investments; product liability and other potential litigation, regulation and legal compliance; SES AI’s ability to attract, train and retain highly skilled employees and key personnel; developments in alternative technology or other fossil fuel alternatives; risks related to SES AI’s intellectual property; business, regulatory, political, operational, financial and economic risks related to SES AI’s business operations outside the United States; SES AI has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to develop or maintain an effective system of internal controls; the volatility of SES AI’s common stock and value of SES AI’s public warrants; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024 and other documents filed from time to time with the SEC. There may be additional risks that SES AI presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES AI’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES AI anticipates that subsequent events and developments will cause its assessments to change. However, while SES AI may elect to update these forward-looking statements at some point in the future, SES AI specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES AI’s assessments as of any date subsequent to the date of this press release.

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