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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>SES has made significant advancements in engineering and materials, particularly in the cathode, resulting in high stability and improved safety for high Ni cathodes.</li><li>The company has also developed new technologies for pouch cell engineering, electrolyte, lithium metal anode protection, and charging protocols, reducing the risks associated with thermal runaway in both Li-Metal and Li-ion batteries.</li><li>Despite the challenges and the trade-off between energy density and safety in the battery industry, SES aims to improve safety without compromising other parameters, opting for a high-energy density approach and overcoming difficulties to achieve its goal.</li></ul>

SES has made significant advancements in engineering and materials, particularly in the cathode, resulting in high stability and improved safety for high Ni cathodes.The company has also developed new technologies for pouch cell engineering, electrolyte, lithium metal anode protection, and charging protocols, reducing the risks associated with thermal runaway in both Li-Metal and Li-ion batteries.Despite the challenges and the trade-off between energy density and safety in the battery industry, SES aims to improve safety without compromising other parameters, opting for a high-energy density approach and overcoming difficulties to achieve its goal.

<div><div><div><ul style="list-style-type: disc;"><li><p>By the end of 2023, the company plans to increase monthly production capacity to around 1,000 100Ah Li-Metal cells per month per line.</p></li><li><p>The company’s lines in Shanghai and South Korea make about 500 large 100Ah Li-Metal cells per month with one shift and it plans to add a second shift.</p></li><li><p>Earlier this year, the company announced B-sample line preparation, which is a dedicated B-sample EV cell for one of its customers. </p></li></ul></div></div></div>

By the end of 2023, the company plans to increase monthly production capacity to around 1,000 100Ah Li-Metal cells per month per line.The company’s lines in Shanghai and South Korea make about 500 large 100Ah Li-Metal cells per month with one shift and it plans to add a second shift.Earlier this year, the company announced B-sample line preparation, which is a dedicated B-sample EV cell for one of its customers. 

SES AI Corp. - 2Q23 Results: Net Loss Reduced by $10.8 Million

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 1.7%).</li><li>Advanced Transportation Solutions (70.3% of the index) drove the index performance, rising 5.5%, while Industrial Climate and Ag Technology (22.1% of the index) was up 0.5% and Energy Technology was up 0.7%.</li><li>Top 10 Performers: PSIX, BRDS, PTRA, NGPHF, TGEN, GVP, VIHD, ENG, NIO, EFOI</li></ul>

The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 1.7%).Advanced Transportation Solutions (70.3% of the index) drove the index performance, rising 5.5%, while Industrial Climate and Ag Technology (22.1% of the index) was up 0.5% and Energy Technology was up 0.7%.Top 10 Performers: PSIX, BRDS, PTRA, NGPHF, TGEN, GVP, VIHD, ENG, NIO, EFOI

Weekly Sustainable Investing Surveyor: Week Ended March 24, 2023

<ul><li>SES reported an operating loss of $20.7 million, $10.6 million higher than in 4Q21, primarily due to increased personnel and lab consumables to support the development of battery cells and AI software.</li><li>General and administrative costs ($12.5 million) and R&amp;D costs ($8.3 million) were the primary contributors to the operating loss. </li><li>The company’s net loss was $9.2 million (-$0.03 per share) compared with $10.2 million (-$0.17 per share) in 4Q21.</li></ul>

SES reported an operating loss of $20.7 million, $10.6 million higher than in 4Q21, primarily due to increased personnel and lab consumables to support the development of battery cells and AI software.General and administrative costs ($12.5 million) and R&amp;D costs ($8.3 million) were the primary contributors to the operating loss. The company’s net loss was $9.2 million (-$0.03 per share) compared with $10.2 million (-$0.17 per share) in 4Q21.

4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards

<ul><li>SES announced it is unable to complete the preparation of its Annual Report on Form 10-K (the “Form 10-K”) and its audit in time for the fiscal year ending December 31, 2022.</li><li>The Securities and Exchange Commission (SEC) has received the company’s form NT 10-K, which grants a 15-calendar day “grace period” for filing its Form 10-K.</li><li>SES expects that its Form 10-K should be filed on or before March 16.</li></ul>

SES announced it is unable to complete the preparation of its Annual Report on Form 10-K (the “Form 10-K”) and its audit in time for the fiscal year ending December 31, 2022.The Securities and Exchange Commission (SEC) has received the company’s form NT 10-K, which grants a 15-calendar day “grace period” for filing its Form 10-K.SES expects that its Form 10-K should be filed on or before March 16.

Update on Year-End Cash Balance and Status of Annual Report on Form 10-K

United States

SES AI Corporation provides energy storage solutions. The Company develops and manufactures lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications. SES AI serves customers worldwide.

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SES AI Corp (SES US)

SES AI Corp. - 3Q23 Results

SES has made significant advancements in engineering and materials, particularly in the cathode, resulting in high stability and improved safety...

Water Tower Research

SES AI Corp. - 2Q23 Results: Net Loss Reduced by $10.8 Million

By the end of 2023, the company plans to increase monthly production capacity to around 1,000 100Ah Li-Metal cells per month per line. The...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 24, 2023

The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%),...

Water Tower Research

4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards

General and administrative costs ($12.5 million) and R&D costs ($8.3 million) were the primary contributors to the operating loss.

Water Tower Research

Update on Year-End Cash Balance and Status of Annual Report on Form 10-K

SES announced it is unable to complete the preparation of its Annual Report on Form 10-K (the “Form 10-K”) and its audit in time for the fiscal...

Water Tower Research

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