Total amount raised
$600.1 Millions
Latest funding date
2/1/2022
Location
SES has successfully raised significant funding through multiple rounds, with notable investors including Honda Motor and SAIC Motor. The company specializes in developing AI-enhanced high energy density and high power density Li-Metal and Li-ion batteries for various applications.
Keep reading to explore the intricacies of SES's fundraising journey and the investors backing this innovative platform.
What Is SES?
Founded in 2012, SES is headquartered in Woburn, Massachusetts. The company was established by Qichao Hu, who continues to lead the organization.
SES specializes in developing and manufacturing Hybrid Li-Metal Batteries for electric vehicles, urban air mobility, and drones. They also supply anodes and electrolyte materials for mainstream markets like consumer electronics and electric vehicles.
With a workforce of 251-500 employees, SES is dedicated to accelerating the world's energy transition through material discovery and battery management.
How Much Funding Has SES Raised?
- Series A
- Amount Raised: $4.5M
- Date: September 2013
- Lead Investors: Vertex Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial development and commercialization of their battery technology.
- Series B
- Amount Raised: $6.7M
- Date: July 2015
- Lead Investors: General Motors Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production capabilities and further R&D efforts.
- Series B
- Amount Raised: $12M
- Date: January 2016
- Lead Investors: General Motors Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance battery performance and expand market reach.
- Venture Round
- Amount Raised: Not disclosed
- Date: October 2017
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series C
- Amount Raised: $34M
- Date: December 2017
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate commercialization and production scale-up.
- Series C
- Amount Raised: $28.9M
- Date: November 2018
- Lead Investors: SK
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop battery technology and expand market presence.
- Series D
- Amount Raised: $139M
- Date: April 2021
- Lead Investors: General Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance battery technology and increase production capacity.
- Corporate Round
- Amount Raised: $100M
- Date: July 2021
- Lead Investors: Hyundai Motor Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop safer, faster-charging, and longer-lasting batteries.
- Post-IPO Equity
- Amount Raised: $275M
- Date: February 2022
- Lead Investors: Honda Motor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand production and enhance battery technology.
Total Amount Raised: $599.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Honda Motor
- Details: Honda Motor is a Japanese multinational conglomerate known for manufacturing automobiles, motorcycles, and power equipment. It is headquartered in Tokyo, Japan.
- Investment Focus Areas: Automotive technology, electric vehicles, sustainable energy solutions.
- Notable Investments: Cruise, Grab, SES.
- Hyundai Motor Company
- Details: Hyundai Motor Company is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea. It is one of the largest automobile manufacturers in the world.
- Investment Focus Areas: Automotive manufacturing, electric vehicles, battery technology.
- Notable Investments: Rimac Automobili, Arrival, SES.
- General Motors
- Details: General Motors is an American multinational corporation headquartered in Detroit, Michigan. It designs, manufactures, markets, and distributes vehicles and vehicle parts.
- Investment Focus Areas: Automotive manufacturing, electric vehicles, autonomous driving, battery technology.
- Notable Investments: Cruise, Rivian, SES.
- SK
- Details: SK Group is a South Korean conglomerate with diverse business interests, including energy, telecommunications, and semiconductors. It is headquartered in Seoul, South Korea.
- Investment Focus Areas: Energy, telecommunications, semiconductors.
- Notable Investments: Plug Power, TerraPower, SES.
- Vertex Ventures
- Details: Vertex Ventures is a global network of venture capital funds. It invests in early-stage technology companies across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Grab, PatSnap, SES.
What's Next for SES?
SES stands at the cusp of a transformative era in battery technology. With a $100 million investment from Hyundai Motor Co. and a strategic partnership with General Motors, the company is poised to develop safer, faster-charging, and longer-lasting batteries. These advancements align with the growing demand for electric vehicles and renewable energy storage solutions, presenting a significant growth opportunity for SES.
As the industry trends towards increased investments in battery technology, SES is well-positioned to attract further funding. The ongoing interest in SPACs within the battery-tech sector suggests that SES might explore this route for future fundraising. However, the company will face challenges, including competition from other well-funded battery tech firms and the technical hurdles of scaling new technologies. Despite these obstacles, SES's innovative approach and strong industry partnerships provide a solid foundation for future success.
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