Expands Reach into Energy Storage Systems and Access to Global $300 Billion ESS Market

WOBURN, Mass. --(BUSINESS WIRE)

SES AI Corporation (“SES AI”, the “Company,” “we” or “us”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced the completion of its previously announced acquisition of Shenzen UZ Energy Co., Ltd. (“UZ Energy”), a leader in premium energy storage systems (“ESS”). With this acquisition, SES AI is positioned to become an active player in the global $300 billion ESS market.

UZ Energy adds established ESS hardware, the potential for expansion in North America, and an existing customer base in Australia, Europe and Asia. Currently, SES AI is entering the multi-hundred GWh ESS market by integrating cells, modules, packs, and AI-enabled safety/health systems. By combining UZ Energy’s hardware with SES AI’s software, the Company will be able to offer customers a fully integrated solution and an immediate commercialization scale.

Qichao Hu, Founder and CEO of SES AI, noted, “Today we announced the closing of our acquisition of UZ Energy, an established player in the ESS space. This combination accelerates our growth strategy by leveraging UZ’s strong marketing team and hardware platform to expand our market share in the global $300 billion ESS market, especially in the United States. With UZ Energy, we will be producing and selling ESS hardware and software solutions that deploy safe and long cycle life materials and precise health monitoring from Molecular Universe. We expect to not only grow UZ Energy’s core business but also leverage that integration with Molecular Universe.”

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.

About UZ Energy:

UZ energy is headquartered in Shenzhen, China with an extensive global network of partners. UZ Energy specializes in premium energy storage systems. These are integrated solutions where market-leading technologies, intuitive user experiences and strong design play seamlessly together. UZ Energy has operations in Australia, China, Europe, Japan, and North America. The company was founded in 2013. Learn more at UZ Energy.

SES AI may use its website as a distribution channel of material company information. Financial and other important information regarding SES AI is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES AI’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management of the Company. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our 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, among other things, the ability of Shenzhen UZ Energy Co. Ltd. and its related entities (“UZ Energy”) to expand is customer base in new markets, the ability of the Company to successfully market UZ Energy’s products, the growth of the ESS market generally, the impact of regulations and tariffs that may impact the sale of ESS products into various markets, general economic conditions, and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

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