SES AI Signs an MOU With AISPEX Targeting up to $45 Million to Provide up to 100 MWh Advanced Battery Energy Storage System ("BESS") Solution With AI for Safety and First Deployment at a Crypto Mining Site in Texas
SES AI Corporation ("SES AI") (NYSE:SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced that it has signed a non-binding Memorandum of Understanding ("MOU") with AISPEX, a Texas-based Retail Energy Provider ("REP") with a groundbreaking Virtual Power Plant platform.
Under this partnership, SES is expected to provide high-performance BESS solutions including its proprietary AI for Safety Battery Management System to monitor battery health and safety. The MOU targets a purchase order pipeline of up to $45 million and up to 100 MWh, with the first deployment in 2025 expected to be a project of up to 30 MWh for up to $13 million, to be completed in two phases at a crypto mining site in Texas.
SES AI CEO Qichao Hu commented, "Energy storage is a market opportunity we have been actively exploring as a natural fit to exploit our unique capabilities in materials discovery and superintelligent battery management through AI. Our AI-enhanced batteries can extend the life of BESS, and our AI for Safety can improve BESS battery health and safety."
Hu added, "We believe that energy storage, especially with fast growing crypto mining and data centers in the U.S., represents a total addressable market that is more than 10 times larger than EV. We have only begun to tap this market and look forward to growing our presence in energy storage with AISPEX and other industry leading providers."
"This collaboration brings together two pioneers in their respective fields," said Paul Nie, Founder and CEO of AISPEX Inc. "By integrating SES AI's advanced BESS technology with our EnerVision platform, we aim to deliver innovative and advanced solutions that address today's energy challenges while setting the stage for a sustainable future."
About AISPEX
AISPEX Inc. is a Texas-based retail energy provider specializing in advanced energy management solutions. Its Virtual Power Plant platform, EnerVision, combines state-of-the-art hardware and AI-powered software to offer unmatched energy efficiency and savings for residential, commercial, and industrial customers.
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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Forward-Looking Statements
This press release contains statements that SES AI believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES AI. Although SES AI 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. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
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"), drones, robotics 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; the market for air mobility, and for use of Li-Metal technology in air mobility applications, is still emerging and may not achieve the growth potential we expect; the risk that the market for SES AI's AI-based services is still emerging, and its AI programs may not achieve the growth potential SES AI expects; 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; our use of artificial intelligence and machine learning may result in legal and regulatory risk; 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's failure to satisfy certain NYSE listing requirements may result in its Class A common stock being delisted from the NYSE, which could eliminate or adversely affect the trading market for SES AI's Class A common stock; 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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