MIT’s battery technology spinout will collect $200m in a private investment in public equity financing and list on the New York Stock Exchange.
SES, a Singapore-headquartered lithium-metal battery developer spun out of Massachusetts Institute of Technology, agreed yesterday to a reverse merger with special purpose acquisition company Ivanhoe Capital Acquisition Corp.
The merged business will be valued at $3.6bn in the transaction and will take up Ivanhoe’s listing on the New York Stock Exchange, acquired through a $276m initial public offering earlier this month.
The deal will be supported by a $200m private placement featuring carmakers General Motors (GM), Hyundai, Kia, Geely and SAIC Motor, contract electronics manufacturer Foxconn, Koch Strategic Platforms and LG Technology Ventures, representing chemical and energy conglomerate Koch Industries and electronics producer LG respectively.
Singapore state-owned investment firm Temasek’s Vertex Ventures unit also took part in the private investment in public equity financing, as did Fidelity Investments Canada on behalf of investment and financial services group Fidelity, and fund manager Franklin Templeton.
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