Tianqi Lithium Co., Ltd. received a notification from SES Holdings Pte. Ltd. (hereinafter referred to as "SES") on January 10, 2022, stating that the business combination of SES and IVANHOE Capital Acquisition Corp (NYSE: IVAN, Ivanhoe Capital Acquisition Corporation, hereinafter referred to as "Ivanhoe") has been approved by the U.S. Securities and Exchange Commission.

SES is the world's leading developer and producer of high-performance lithium-metal batteries for electric vehicles and other applications, and Ivanhoe is a publicly listed special-purpose acquisition company. Ivanhoe will hold an extraordinary general meeting on February 1, 2022 Eastern time to review the business combination; and SES will go public officially after being approved by the EGM. An upsized $275 million common stock PIPE is expected to start at the same time. The class A common stock and warrants will commence trading on the New York Stock Exchange under the new ticket symbols, "SES" and "SESW”, respectively.

Photo | SES Shanghai Factory (Credit: SES)

Hu Qichao, founder and CEO of SES, said: “The combination will create better conditions for our strategic planning and further accelerate the commercialization of lithium-metal batteries."

Now before the listing, Tianqi Lithium holds 9.34% of SES’s total equity. According to our long-term strategic development, we invested in SES in 2017, which will keep us informed of the technological progress and the commercialization of new-generation batteries in the downstream. The investment will also help us improve lithium-metal production technology and product quality.

For the significant progress made by SES, HA, Frank Chun Shing, director and president of Tianqi Lithium, said: "We sincerely congratulate the business combination of SES and Ivanhoe. This is also an important event for us in our foreign strategic investment. And we are looking forward to their further communication in the future."

Contributed by: Strategic Development Department

Edited and published by: Board Office