SES AI Corporation announced a private placement of 20,000,000 shares at an issue price of $10 per share for gross proceeds of $200,000,000 on July 12, 2021. The transaction will involve participation from General Motors Company, Zhejiang Geely Holding Group, SAIC Motor Corporation Limited, Koch Strategic Platforms, LLC, LG Technology Ventures, Foxconn Singapore Pte. Ltd., certain funds of Fidelity Investments Canada ULC, Franklin Templeton Investment Funds - Franklin U.S. Opportunities Fund, and returning investors, Vertex Venture Holdings Ltd., Hyundai Motor Company, and Kia Corporation.

The transaction is expected to close in the third or fourth quarter of 2021, subject to, among other things, the satisfaction or waiver of other customary closing conditions.