What changed in this filing

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Item 1. Business

2025-02-28 compared with 2024-02-27 · 90 added, 100 removed, 105 unchanged (64% of the section changed)

SES AI Corporation and its consolidated subsidiaries (together the “Company” or “SES”) is a pre-commercialization stage company engaged in the development and production of high-performance, Lithium-Metal (“Li-Metal”) rechargeable battery technologies for electric vehicles (“EVs”), urban air mobility (“UAM”), which encompasses electric vehicle take-off and landing (“eVTOL”) technology, and other applications.

We were founded in 2012 and our mission is to facilitate the widespread adoption of sustainable electric transportation, both on land and in air, by creating best-in-class, high energy density Li-Metal batteries centered around long-range performance and safety.

We have developed what we believe to be the world’s most advanced Li-Metal battery technology, and we have the management team in place to become a leading provider of batteries.

Our differentiated battery technology has been designed to combine the high energy density of Li-Metal with large-scale manufacturability of conventional Lithium-ion (“Li-ion”) batteries and will help to promote the transition from the global dependence on fossil fuel-based automotive vehicles to clean and efficient EVs and help enable an era of electric transportation in air.

We believe that our Li-Metal batteries demonstrate industry-leading energy density and performance and will:

We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal (“Li-Metal”) and Lithium-ion (“Li-ion”) rechargeable battery technologies for electric vehicles (“EVs”), Urban Air Mobility (“UAM”), drones, robotics, Battery Energy Storage Systems (“BESS”) and other applications.

Our differentiated battery technology has been designed to combine the high energy density of Li-Metal and Li-ion with the large-scale manufacturability of conventional Li-ion batteries in order to help promote the transition from the global dependence on fossil fuel-based vehicles to clean and efficient EVs, with the goal of enabling a new era of electric transportation on land and in the air.

We are seeking to accelerate our pace of innovation by currently utilizing artificial intelligence (“AI”) across the spectrum of our business, from engineering and manufacturing to battery health and safety monitoring and AI-accelerated battery materials discovery.

SES’s mission is to accelerate the world’s energy transition through material discovery and battery management.

Our team has dedicated the past decade to developing a comprehensive and proprietary Li-Metal and Li-ion battery technology platform, including high concentration solvent-in-salt electrolyte, ultra-thin wide format lithium anode, protective anode coating, and novel cell engineering processes that are based on scalable Li-ion manufacturing but address unique lithium metal plating challenges.

As we build more AI-enhanced Li-Metal and Li-ion cells and generate more data, AI has become an increasingly integral part of our business in material development, battery health monitoring and incident prediction, with our AI initiatives consisting of AI for Science, AI for Manufacturing and AI for Safety.

We believe that our AI for Science has the potential to accelerate our pipeline material discovery by mapping the vast universe of small molecules, with the goal to improve battery performance and safety.

Our AI for Manufacturing uses machine learning to help define and fine-tune quality specifications based on manufacturing process data.

Our AI for Safety is designed to monitor battery state-of-health and predict incidents more accurately than conventional battery management system.

Four Pillars of our Business

There are four pillars to our mission.

Electric Vehicles (EV)

In 2012, we transitioned away from solid state Li-Metal so our Li-Metal batteries could operate at room temperature and be manufactured at large scale.

In 2024, we began producing large 50 Amp-hour (“Ah”) and 100Ah B-sample Li-Metal battery cells for EVs.

We made significant progress in automotive Li-Metal cell manufacturing by addressing key manufacturing challenges in ultra-thin wide format lithium anode, issues related to powder and metal bur in lithium anode punching, high concentration electrolyte scale-up, and other issues related to quality and safety in automotive large Li-Metal cell manufacturing.

We have performed in-house testing on these 50Ah and 100Ah Li-Metal B-sample cells and shared testing data with our OEM partners, as well as shipped these B-sample cells to other third parties and OEMs for their further performance and safety testing.

We believe that our AI-enhanced Li-Metal battery technology demonstrates industry-leading energy density and performance and have the ability to:

● deliver a lightweight and compact battery, and substantially reduce range anxiety of EV consumers;

● provide fast-charge capability to charge the battery to 80% in less than 15 minutes, significantly reducing charging times;

● incorporate artificial intelligence (“AI”) software and battery management systems (“BMS”), which will accurately monitor the state of health of the battery and apply appropriate self-healing protocols;

● achieve rapid market adoption due to our strategic partnerships, including with leading global original equipment manufacturers (“OEMs”), such as General Motors (“GM”), Hyundai Motor Company (“Hyundai”), and Honda Motor Company, Ltd.

● incorporate AI software and battery management systems (“BMS”), which will accurately monitor the state of health of the battery and apply appropriate self-healing protocols;

● achieve rapid market adoption due to our strategic partnerships, including with leading global OEMs, such as Hyundai Motor Company (“Hyundai”) and Honda Motor Company, Ltd.

● capitalize on the innovation occurring in Li-ion, including improvements in energy density, manufacturing efficiency and cost reduction, as our manufacturing processes are very similar to Li-ion.

In 2024, we transitioned from developing and producing A-Sample batteries to B-Samples to meet carmakers' requirements for their electric vehicles.

A-Sample batteries are functional prototypes developed for OEMs based on their technical specifications.

These are in contrast with B-Sample batteries, which are A-sample batteries manufactured under much higher throughput and tested in actual vehicles.

We expect to develop and produce C-Samples batteries beginning in 2026, which would be fully functional, mature samples for mass production and tested for full drivability in actual EVs.

As we remain focused on B-Sample battery development, we do not yet have any arrangements with OEMs to manufacture consumer-ready batteries for their EVs.

We expect this progress will pave the way for commercial production of our technology in 2027.

For more information on collaborations with these OEMs, see “ Our Partnerships” below.

Urban Air Mobility (UAM)

We believe that UAM is a perfect fit for Li-Metal.

In our view, B-sample battery cell technology requires less additional development to reach commercial production for use in UAM than in EVs, and that our B-sample technology for EVs can be adapted for UAMs.

UAM frequently operates on a fleet business model where the key business metrics are cost per passenger per mile, with weight being a paramount factor to costs.

We believe that the step-change gravimetric energy density that Li-Metal can potentially offer means that an aircraft has the potential to carry twice the number of passengers, or twice the payload for cargo applications, or fly twice the distance, which has the potential to significantly improve the profitability of UAM operators.

We have converted two of our EV A-sample lines to be dedicated to UAM cell production.

We also believe that our high-energy density and high-power density cells, such as the AI-enhanced 2170 cylindrical cell that we unveiled in January 2025, are well designed for use in humanoid robots, drones and other applications.

Artificial Intelligence (AI)

We started our AI programs to address the need to provide a high level of safety in, and to further accelerate our future roadmap for, material Li-Metal battery development.

Our AI programs fall under three major categories:

AI for Science - We are developing new AI models designed to screen a vast universe of small molecules for potential electrolyte solvent candidates.

We have also built an electrolyte foundry designed to provide high throughput synthesis and testing of these materials.

AI for Manufacturing – The traditional approach to optimizing cell design and process and improving manufacturing quality is through human experience, where the human engineers define and optimize quality specifications, which typically is a very lengthy process.

We believe our AI for Manufacturing can accelerate this timeline.

AI for Manufacturing uses machine learning to help define and fine-turn quality specifications based on manufacturing process data.

AI for Safety - We seek to provide a high level of safety in the field, and we are leveraging our automotive 50Ah and 100Ah cell production volume and quality data to train our AI for Safety.

Our AI for Safety prediction accuracy increased to 95% in 2024, meeting the target we set at the start of the year.

Our ultimate goal is to be able to reach near 100% safety in the field, which we believe will be paramount to both EV and UAM OEMs.

We are currently using and intend to continue using and developing AI for our own product innovations.

Additionally, in the future we plan to work toward generating additional service revenue from the use of our AI programs by third parties.

For more information, see “Our AI-Related Initiatives.”

Battery Energy Storage System (BESS)

We believe the intersection of digital infrastructure and the need for power is one of the most critical themes of our time.

As AI continues to evolve, the demand for power will grow significantly.

BESS is an essential enabler of renewable energy generation, helping alternative sources of power make a steady contribution to the world’s energy needs despite the inherently intermittent character of the renewable energy sources.

The flexibility BESS provides will make it integral to applications such as peak shaving, self-consumption, and back power in the event of outages.

All of this has created a significant opportunity for us.

We have been actively exploring this area as a natural fit to exploit our unique capabilities in materials discovery and superintelligent battery management through AI.

We believe that our AI-enhanced batteries can extend the life of BESS, and our AI for Safety can improve BESS battery health and safety.

We have only begun to tap into this market and look forward to growing our presence in energy storage.

Our Li-Metal Battery Technology

Limitations of Current Battery Technology

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This combination of a lightweight and compact anode results in the highest possible gravimetric (Watt-hour (“Wh”)/kg) and volumetric (Wh/liter) energy density, respectively, for any given cathode in lithium chemistry.

Our Technology

SES’s Approach to Li-Metal Cell

SES’s approach to Li-Metal cell utilizes the high energy density benefits of lithium metal anode while utilizing a cell design that primarily uses a liquid electrolyte in the cathode and separator to transport the lithium ions.

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This approach results not only in improved energy density due to using a lithium metal anode, but also superior performance at room and lower than room temperatures and enables manufacturing at scale just like Li-ion, which is manufactured at scale today.

In fact, we have been successfully making multi-Amp-hour (“Ah”), multi-layer cells using our Li-Metal approach for many years.

In fact, we have been successfully making multi-Amp-hour, multi-layer cells using our Li-Metal approach for many years.

The key breakthrough in SES’s Li-Metal cells is its proprietary and patented liquid electrolyte.

This electrolyte is developed internally at SES with many years of scientific research and development.

This electrolyte was developed internally at SES with many years of scientific research and development.

We use a high-concentration, solvent-in-salt electrolyte.

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Our unique high-energy density Li-Metal battery is expected to be:

● light and compact, with high energy density of at least 400 Wh/kg and 1000 Wh/liter;

● durable and safe, with the ability to meet stringent cycle life, overall lifetime and safety targets for EVs and urban air mobility (“UAM”) aircrafts;

● light and compact, with high energy density of at least 400 Wh/kg and 1,000 Wh/liter in our large 100 AH cells, compared to approximately 265 Wh/kg / 535 Wh/L in Li-ion battery cells using a high nickel content cathode, and with one version of our 100 Ah

multi-layer battery cells demonstrating energy density of 380 Wh/kg / 850 Wh/L in third-party testing.

This higher energy density is expected to translate into significantly more range, which we believe will help to enable the expansion of an electrified world;

● durable and safe, with the ability to meet stringent cycle life, overall lifetime and safety targets for EVs and UAM aircrafts;

● capable of fast charge, charging up to 80% in less than 15 minutes;

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● smarter, with AI-powered safety software and BMS that can predict safety incidents in real time and make appropriate diagnostic recommendations

Our Competitive Strengths

Differentiated Battery Technology

As described above, our Li-Metal batteries are expected to be lighter, more energy dense, safer, faster-charging, and lower cost solution than Li-ion batteries, and to include smart technology.

Our Li-Metal battery technology has projected energy density of 400 Wh/kg / 1,000 Wh/L in our large 100 Ah cells, compared to approximately 265 Wh/kg / 535 Wh/L in Li-ion battery cells using a high nickel content cathode.

This higher energy density is expected to translate into significantly more range, which we believe will help to enable the expansion of an electrified world.

Currently, one version of our 100 Ah multi-layer battery cells have demonstrated energy density of 380 Wh/kg / 850 Wh/L in third-party testing, along with fast charging up to an 80% charge in less than 15 minutes, bolstering our confidence in our ability to achieve industry-leading performance.

Our batteries are expected to be cheaper in the long-term, while providing fast-charge capabilities, best-in-class durability and a high degree of safety.

Designed For Manufacturing At Scale

Over the last 11 years of research and development, we have strived to develop a technology that is not only differentiated, but also scalable and manufacturable.

We are producing our large 50 and 100 Ah cells using manufacturing processes very similar to Li-ion cells and batteries.

Strategic Partnerships

We believe that our products will experience swift market adoption due to our current strategic partnerships with leading global OEMs GM, Hyundai and Honda.

To our knowledge, we are the only company working on Li-Metal technology that has entered into B-Sample joint development agreement (“JDAs”) with a major OEM for EVs.

We plan to collaborate with other OEMs to expedite such adoption and increase market acceptance of our Li-Metal battery over time.

Our Growth Strategy

Battery Development for OEMs .

We have transitioned from developing and making A-Sample batteries to B-Samples that meet carmakers' requirements for their electric vehicles.

We aim to have B-Samples developed and initially produced in 2024, followed by C-Samples in 2026.

We expect this progress will pave the way for commercial production of our technology in 2027.

For more information on collaborations with these OEMs, see “ Our Partnerships” below.

A-Sample batteries are functional prototypes developed for OEMs based on their technical specifications.

These are in contrast with B-Sample batteries, which are A-sample batteries manufactured under much higher throughput and tested in actual vehicles, and C-Sample batteries, which would be fully functional, mature samples for mass production and tested for full drivability in actual vehicles.

As we remain focused on A-Sample and B-Sample battery development, we do not yet have any arrangements with OEMs to manufacture consumer-ready batteries for their EVs.

Battery Manufacturing at Scale .

We will continue to enhance our production processes to enable volume manufacturing in a cost-effective manner.

Phase I of our pilot facility in Shanghai was completed and ready-to-use in March 2022 and fully operational in the third quarter of 2022, and our pilot facility in South Korea was completed and ready-to-use in September 2022.

We expanded our facilities in South Korea through renting additional space that was operational in February 2023.

We expect to continue to expand and modify our production facilities in 2024 and beyond as we work with our OEM partners to progress towards facilities for eventual C-Sample battery development and production ahead of this planned commercial production.

Partnership Development and Expansion .

We will continue to strengthen our partnerships with GM, Hyundai and Honda in the use of our battery technology.

Also, we intend to work closely with other OEMs and other strategic partners to develop and produce our Li-Metal battery cells, with the aim of making them widely available in EVs, UAM aircrafts and other applications over time.

Supply Chain .

We expect to explore opportunities for partial vertical integration, both upstream and downstream, to ensure scalability of our battery cells and battery technology.

Upstream, we intend to explore integrating vendors of key materials of our cells and providers of key equipment and engineering capabilities, such as cell assembly, anode processing, chemical processing and safety testing.

Downstream, we plan to explore integrating providers of key engineering capabilities, such as battery state-of-health monitoring software, charging optimization software, battery module development and recycling.

Continued Battery Innovation .

We intend to continue leveraging our world-class science, engineering and manufacturing expertise to innovate future products that will continue to provide leading technology coupled with manufacturability.

We continue to invest in research and development in areas such as cell chemistry and structure, battery materials, AI and machine learning software and advanced manufacturing, to build on our intellectual property portfolio.

Our AI-Based Initiatives

Through our AI-based initiatives discussed above targeted at material discovery, we believe that we can rapidly introduce enhancements to Li-Metal and Li-ion batteries for use in a multitude of applications, including EVs, UAM, storage, drones and robotics, among others.

We believe that our AI-discovered electrolyte materials provide a pathway to generate service revenue earlier than previously anticipated through targeting the large addressable market in each of the aforementioned applications.

Since AI-enhanced electrolytes can simply be dropped into existing Li-ion manufacturing infrastructure, they also require significantly less capital expenditure than traditional battery manufacturing.

Our Partnerships

We intend to work closely with OEMs and other strategic partners to develop and produce our Li-Metal battery cells, with the aim of making them widely available in EVs, UAM, and other applications over time.

We have maintained a strong partnership with GM since 2015, when GM led our Series B financing, and since then, GM has invested approximately $70.0 million in our company, including a $50.0 million investment in our Series D funding round and a $10.0 million investment in the private placement transaction in connection with the Business Combination (the “PIPE Financing”), via GM’s affiliates and subsidiaries.

GM is one of the world’s largest car companies and has voiced its desire to be a leader in EVs.

GM has announced plans to launch more than 30 new EV models by 2025 and only sell zero-emission vehicles by 2035.

Our partnership initially involved close technical and research and development collaboration on SES’s battery technology.

We have also fostered a partnership with Hyundai, another global automobile leader.

In May 2021, Hyundai made an investment of $50.0 million in our Series D plus funding round.

Hyundai also purchased $50.0 million of our Class A common stock in the PIPE Financing.

Honda purchased $75.0 million of our Class A common stock in the PIPE Financing as the single largest PIPE Financing investor.

We entered into A-Sample JDAs with each of GM, Hyundai and Honda in February 2021, May 2021 and December 2021, respectively, with initial terms of three years in the case of GM and Hyundai, and eighteen months in the case of Honda.

We are currently transitioning to B-Sample and have entered into a new B-Sample JDA with one of our OEM partners which includes technical milestones and a timeline for delivery of B-Sample cells.

We are also in discussions with our other OEM partners regarding B-Sample agreements.

Our JDAs do not represent commitments by OEMs to purchase our Li-Metal battery cells and are focused on development.

Although the JDAs set timeframes for the attainment of certain development milestones, these timeframes are objectives only and may be subject to ongoing collaboration and change by the parties.

The JDAs also do not prohibit OEMs or SES from entering into additional agreements with other third parties.

To our knowledge, neither GM, Hyundai nor Honda has entered into new agreements with other automotive or battery companies for the development of A-Sample Li-Metal batteries.

We have entered into strategic alliances and may in the future enter into additional strategic alliances.

For example, we previously had a JDA with General Motors (“GM”), have entered into JDAs with Hyundai Motor Company (“Hyundai”) and another OEM partner, and have a service contract with Honda Motor Company, Ltd.

(“Honda”), which expire at different points in time.

For more information, see Note 4 to our consolidated financial statements.

We expect to continue to strengthen these partnerships in the use of our battery technology.

Also, we intend to work closely with other OEMs and other strategic partners to develop and produce our Li-Metal battery cells, as well as support our supply chain and the build out of manufacturing facilities, with the aim of making our Li-Metal battery cells widely available in EVs, UAM aircrafts and other applications over time

Our Research and Development

We conduct research and development at our facilities in Woburn, Massachusetts in the United States, Shanghai, China, and Chungju, South Korea, and we expect to eventually build additional facilities in other parts of the world.

Research and development activities concentrate on making further improvements to our battery technology, including improvements to battery performance and cost.

We conduct research and development at our facilities in Woburn, Massachusetts in the United States, Shanghai, China, and Chungju, South Korea.

Research and development activities concentrate on making further improvements to our battery technology, including improvements to battery performance, quality and cost.

Major development efforts include, but are not limited to, programs in the following areas.

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Based on our collaborations with OEMs, we believe that a roughly 100 Ah cell-size manufactured at GWh scale (five to seven cells-per-minute) is needed to achieve commercialization in EVs and UAMs at a large, global scale.

We are developing processes and upgrading equipment to scale up the manufacturing of our current cell design from three to nine Ah capacity to 50 Ah and 100 Ah.

We are developing processes and upgrading equipment to scale up the manufacturing of our current cell design from three to nine Ah capacity to 50 Ah and 100 Ah capacity.

● Module and Pack Design :

Li-Metal cells must be integrated into modules and packs as part of their integration into vehicles.

Our active development efforts are focused on the integration of our Li-Metal cells into modules to enable our Li-Metal cells to perform as intended once they are integrated into modules and vehicles.

Our active development efforts are focused on the integration of our Li-Metal cells into modules to enable our Li-Metal cells to perform as intended once they are integrated into vehicles.

● AI Software and BMS :

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We also have a policy that requires employees, consultants, and advisers who work on our products to agree to disclose and assign to us all inventions conceived during their work with us that are developed using our property or relate to our business.

In addition, we seek to protect our proprietary and intellectual property position by, in addition to filing patent applications in various jurisdictions related to our proprietary

technology, relying on trade secrets, know-how and continuing technological innovation.

In addition, we seek to protect our proprietary and intellectual property position by, in addition to filing patent applications in various jurisdictions related to our proprietary technology, relying on trade secrets, know-how and continuing technological innovation.

Despite measures taken to protect our intellectual property, unauthorized parties may attempt to copy aspects of our proprietary technology or obtain and use information that we regard as proprietary, which could harm our business and competitive position.

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For our current product development needs, we source from third-party suppliers for raw materials, components and equipment necessary to develop and manufacture our Li-Metal battery cells.

Human Capital Resources

Our people are our most valuable asset, and we believe they are among the best in the EV battery industry.

We strive to attract and retain team members who are passionate about electric transportation and battery technologies and have the humility and discipline to be building blocks in our fast-paced and challenging business operations.

We seek the best talent with competitive compensation and benefits, opportunities for growth and development, and a culture that emphasizes fair and equitable treatment and diversity and inclusion.

As of December 31, 2023, we had approximately 300 full-time employees, representing a 50% increase over the prior year.

Our Employees

As of December 31, 2024, we had approximately 250 full-time employees.

Approximately 37% of our employees, including all of our executive management team, are located in the United States, with the remaining located in China, South Korea and Singapore.

The workforce in our China and South Korea locations primarily consists of operators for our prototype manufacturing lines.

Currently, approximately 80% of our employees worldwide are engaged in research and development and related functions, with expertise in all aspects of the development process, including materials science, chemistry, engineering and software.

The workforce in our China and South Korea locations primarily consists of operators for our manufacturing lines.

Currently, approximately

83% of our employees worldwide are engaged in research and development and related functions, with expertise in all aspects of the development process, including materials science, chemistry, engineering, machine-learning, and software.

Many of these employees have extensive experience from large Li-ion companies and hold advanced engineering and scientific degrees, including many from the world’s top universities.

Training and Development

We are committed to fostering an environment in which our employees continuously learn and develop, and we offer extensive training programs.

Pay and Benefits

Our compensation program is designed to align employee compensation with performance and to provide the proper incentives to attract, retain, and motivate employees to achieve superior results.

The structure of our compensation program balances incentive earnings for both short-term and long-term performance and is designed to be competitive and consistent with employee positions, skill levels, experience, knowledge, and geographic location.

We are also committed to providing comprehensive benefit options that allow our employees and their families to live healthier and more secure lives.

Health and Safety

We maintain an occupational health and safety management system that covers all our employees and contractors, because we are committed to the safety and well-being of our workforce.

By minimizing risks at our facilities and implementing training to enhance awareness of hazards, we are able to promote safe practices and preserve the health of our employees.

Our Facilities

We have leased facilities located in Woburn, Massachusetts in the United States, Shanghai, China, and Chungju and Seoul, South Korea.

Our Woburn facility, which also serves as the Company’s headquarters, focuses on chemistry, material and algorithm research and development, as well as engaging with our OEM and strategic partners.

Our Shanghai facility focuses on supply chain development, manufacturing process development, battery cell development and production, AI software, BMS and module development.

Phase I of our pilot facility in Shanghai was completed and ready-to-use in March 2022 and was fully operational in the third quarter of 2022.

Our Chungju pilot facility focuses on manufacturing process development and battery cell product development and was completed and ready-to-use in September 2022 and fully operational in the fourth quarter of 2022.

Our primary Woburn facility, which also serves as the Company’s headquarters, focuses on chemistry, material and algorithm research and development, as well as engaging with our OEM and strategic partners.

We also have another facility near our Woburn facility, which focuses on novel electrolyte molecule discovery and synthetic pathway development.

Our Shanghai facility focuses on supply chain development, manufacturing process development, battery cell development and production.

Our Chungju facility focuses on manufacturing process development.

We have also set up an office in Seoul focused on supply chain, customer relations and our collaboration with partners in the region.

Furthermore, in June 2023, we entered into a new lease for a facility near our Woburn facility for an electrolyte foundry, which we started using in January 2024.

This facility will focus on novel electrolyte molecule discovery and synthetic pathway development.

As the joint development of Li-Metal batteries with our OEM partners continues to progress, we also expect to launch future research facilities and, eventually, commercial production manufacturing facilities in the United States, while also significantly increasing our headcount.

We expect to convert our third EV A-Sample production line dedicated for making cells for UAM applications.

Furthermore, we expect to launch our fourth and fifth production line in 2024, which will be dedicated to B-sample EV cells.

The battery market, like the EV market it services, is fast-growing, extremely competitive and driven by the innovation of both large incumbents and emerging entrants like SES.

With the introduction of new technologies and the potential entry of new competitors into the market, we expect competition to increase in the future, which could harm our business, results of operations, or financial condition.

Our prospective competitors include major manufactures supplying the industry, automotive OEMs and potential new entrants to the industry.

Our prospective competitors include major manufacturers supplying the industry, automotive OEMs and potential new entrants to the industry.

Existing suppliers of batteries to the EV industry include Contemporary Amperex Technology Co.

Limited, SK Innovation, LG Energy Solutions, Panasonic Corporation and Samsung SDI.

Although their offerings tend to be conventional Li-ion, they could develop Li-Metal batteries that would directly compete with our offerings.

Additionally, many automotive OEMs, including Tesla, Nio, Rivian and Toyota, are researching and investing in efforts to develop their own EV battery production capabilities.

Newer entrants, including Northvolt, Sila Nanotechnologies, Solid Power, Enovix, QuantumScape, and Amprius, are also seeking to improve conventional lithium-ion batteries or to develop new technologies, including lithium-metal and solid-state batteries, or to develop new technologies for cathodes, anodes, electrolytes and additives.

Newer entrants, including Sila Nanotechnologies, Solid Power, Enovix, QuantumScape, and Amprius, are also seeking to improve conventional lithium-ion batteries or to develop new technologies, including lithium-metal and solid-state batteries, or to develop new technologies for cathodes, anodes, electrolytes and additives.

Some of these companies have established relationships with automotive OEMs and are in varying stages of development.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business