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Honda to buy into American EV battery startup SES

Japanese automaker partners with developer of lithium-ion alternative

Honda will partner with Boston-based SES, which is developing lithium-metal batteries.   © Reuters

TOKYO (Reuters) -- Japanese automaker Honda Motor said on Wednesday it had signed a joint development agreement for lithium-metal batteries with Boston-based EV battery company SES Holdings.

In a statement, Honda said SES planned to list on the New York Stock Exchange via a special-purpose acquisition company (SPAC) transaction, and that the Japanese automaker planned to buy about 2% of the listed company, SES AI Corporation.

Lithium-metal batteries are expected to achieve higher energy density than lithium-ion batteries, which are used in most battery-electric vehicles today.

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