SES AI Announces Closing of UZ Energy Acquisition
Expands Reach into Energy Storage Systems and Access to Global $300 Billion ESS Market
WOBURN, Mass.–(BUSINESS WIRE)–SES AI Corporation (“SES AI”, the “Company,” “we” or “us”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced the completion of its previously announced acquisition of Shenzen UZ Energy Co., Ltd. (“UZ Energy”), a leader in premium energy storage systems (“ESS”). With this acquisition, SES AI is positioned to become an active player in the global $300 billion ESS market.
UZ Energy adds established ESS hardware, the potential for expansion in North America, and an existing customer base in Australia, Europe and Asia. Currently, SES AI is entering the multi-hundred GWh ESS market by integrating cells, modules, packs, and AI-enabled safety/health systems. By combining UZ Energy’s hardware with SES AI’s software, the Company will be able to offer customers a fully integrated solution and an immediate commercialization scale.
Qichao Hu, Founder and CEO of SES AI, noted,
Today we announced the closing of our acquisition of UZ Energy, an established player in the ESS space.
“This combination accelerates our growth strategy by leveraging UZ’s strong marketing team and hardware platform to expand our market share in the global $300 billion ESS market, especially in the United States. With UZ Energy, we will be producing and selling ESS hardware and software solutions that deploy safe and long cycle life materials and precise health monitoring from Molecular Universe. We expect to not only grow UZ Energy’s core business but also leverage that integration with Molecular Universe.”
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SES AI Announces Closing of UZ Energy Acquisition, source
