Honda, Hyundai-backed battery startup SES debuts on NYSE

Company lists via SPAC as carmakers' electrification race heats up

Boston-based SES is building a 300,000 square-foot gigafactory in Shanghai, capable of producing 1 GWh of lithium-metal batteries annually by completion in 2023. (Photo courtesy of SES)

YIFAN YU, Nikkei staff writer

February 5, 2022 02:03 JST

Updated on February 5, 2022 06:32 JST

PALO ALTO, U.S. -- SES, a lithium-metal battery startup backed by leading carmakers including Honda, Hyundai, and GM, started trading on the New York Stock Exchange on Friday.

Its shares dropped nearly 8% to close at $7.08 on the first day. The company debuted on the NYSE after completing its merger with the special purpose acquisition company Ivanhoe Capital Acquisition at a valuation of $3.4 billion.