Detroit-based General Motors is leading a $139 million Series D funding round for Boston’s SES, which develops and manufactures Li-Metal rechargeable batteries for electric vehicles.
SES delivers batteries it says offers a faster charge and longer range at a lower price. Its manufacturing process is optimized for scalable mass production.
The funding comes with a joint development agreement with GM. The companies will build a manufacturing prototype line in Massachusetts for a high-capacity, pre-production battery by 2023.
“GM has been rapidly driving down battery cell costs and improving energy density, and our work with SES technology has incredible potential to deliver even better EV performance for customers who want more range at a lower cost,” says Matt Tsien, executive vice president and chief technology officer and president of GM Ventures. “This investment by GM and others will allow SES to accelerate their work and scale up their business.”
Additional contributors to the funding round include SK Inc., Temasek, Applied Ventures, Shanghai Auto, and Vertex.
“This new round of funding will help accelerate technology development, significantly expand our technical, business, and manufacturing teams, and expedite the commercialization of Li-Metal batteries,” says Qichao Hu, founder and CEO of SES.
In addition, support from additional financial and strategic investors is helping accelerate commercialization of its Li-Metal technology, SES officials state.