Lithium-ion battery developer SES has announced the completion of Series D funding, with $139 million raised. Leading the funding round was General Motors, with additional contributions from Applied Ventures LLC, Shanghai Auto, SK Inc., Temasek, and Vertex. The recent investment announcement follows General Motors’ ongoing efforts to develop a range of new all-electric vehicles, with plans to launch 30 new EV models globally by 2025.
“GM has been rapidly driving down battery cell costs and improving energy density, and our work with SES technology has incredible potential to deliver even better EV performance for customers who want more range at a lower cost,” said GM executive vice president and chief technology officer and president, GM Ventures, Matt Tsien. “This investment by GM and others will allow SES to accelerate their work and scale up their business.”
SES is focused on the commercialization of lithium-ion batteries and lithium-ion battery technology, seeking to deliver quick recharge times and long range, all at a low price. Following the recent joint development agreement with General Motors, SES and GM plan to build a new manufacturing prototype line for a high-capacity battery unit. The new prototyping line will be constructed in Woburn, Massachusetts by 2023.
SES says that it hopes to meet the increasing demand for electric vehicle batteries by optimizing the manufacturing process for “affordable and easily scalable mass production,” with the latest round of investments accelerating the commercialization process.
In related General Motors electric vehicle news, GM recently announced a $2.3 billion investment with LG Chem to build a new battery cell manufacturing plant at the GM Spring Hill Assembly facility in Tennessee. The plant will be owned and operated by Ultium Cells LLC, a joint venture between GM and LG Chem. The Spring Hill battery plant is the second battery production facility announced by GM and LG Chem thus far, the first of which is under construction in the Lordstown region of Ohio.