SES AI Signs an MOU With AISPEX Targeting up to $45 Million to Provide up to 100 MWh Advanced Battery Energy Storage System (“BESS”) Solution With AI for Safety and First Deployment at a Crypto Mining Site in Texas

SES AI Signs an MOU With AISPEX Targeting up to $45 Million to Provide up to 100 MWh Advanced Battery Energy Storage System (“BESS”) Solution With AI for Safety and First Deployment at a Crypto Mining Site in Texas

WOBURN, Mass.–(BUSINESS WIRE)–SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced that it has signed a non-binding Memorandum of Understanding (“MOU”) with AISPEX, a Texas-based Retail Energy Provider (“REP”) with a groundbreaking Virtual Power Plant platform.

Under this partnership, SES is expected to provide high-performance BESS solutions including its proprietary AI for Safety Battery Management System to monitor battery health and safety. The MOU targets a purchase order pipeline of up to $45 million and up to 100 MWh, with the first deployment in 2025 expected to be a project of up to 30 MWh for up to $13 million, to be completed in two phases at a crypto mining site in Texas.

SES AI CEO Qichao Hu commented,

Energy storage is a market opportunity we have been actively exploring as a natural fit to exploit our unique capabilities in materials discovery and superintelligent battery management through AI. Our AI-enhanced batteries can extend the life of BESS, and our AI for Safety can improve BESS battery health and safety.

Hu added,

We believe that energy storage, especially with fast growing crypto mining and data centers in the U.S., represents a total addressable market that is more than 10 times larger than EV.

“We have only begun to tap this market and look forward to growing our presence in energy storage with AISPEX and other industry leading providers.”

Paul Nie, Founder and CEO of AISPEX Inc. said :

This collaboration brings together two pioneers in their respective fields,

“By integrating SES AI’s advanced BESS technology with our EnerVision platform, we aim to deliver innovative and advanced solutions that address today’s energy challenges while setting the stage for a sustainable future.”

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SES AI Signs an MOU With AISPEX Targeting up to $45 Million to Provide up to 100 MWh Advanced Battery Energy Storage System (“BESS”) Solution With AI for Safety and First Deployment at a Crypto Mining Site in Texas, source