Battery Company SES Holdings, Invested by Hyundai Motor and SK, to Go Public on US Stock Market via SPAC
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[Asia Economy Reporter Park Byung-hee] SES Holdings, a lithium material battery developer invested by Hyundai Motor and SK, has agreed to go public on the New York Stock Exchange through a merger with the special purpose acquisition company (SPAC) Ivanho Capital Acquisition, Bloomberg reported on the 13th (local time).
The merged company is valued at approximately $3.6 billion (about 4.1238 trillion KRW).
SES Holdings was established in 2012 as a spin-off from a startup at the Massachusetts Institute of Technology (MIT) research lab. It has two battery prototype production facilities in the United States and China, and has successfully developed prototypes of lithium metal batteries, a next-generation lithium secondary battery.
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As a domestic company, SK has invested 70 billion KRW in SES Holdings in two rounds, and Hyundai Motor recently signed an investment contract worth $100 million.
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