In a recent earnings filing on Tuesday, SES AI Corp (NYSE:SES) revealed its plans to ramp up production of its A-sample lines to 1000 large capacity 100Ah cells per line monthly. This increase in production is intended for internal testing, OEM sample qualification, and avatar safety prediction algorithm training. The company is also nearing the completion of a B-sample Joint Development Agreement (JDA) with an OEM customer.
Simultaneously, the company is wrapping up vendor qualification reviews for two B-sample lines dedicated to electric vehicle (EV) and Urban Air Mobility (UAM) applications. These new production lines are expected to be operational in 2024.
The earnings report also showed a decline in cash and cash equivalents from $106,623k to $49,938k between December 2022 and September 2023. However, short-term investments saw an uptick from $283,460k to $292,225k during the same period.
The balance sheet further indicated a drop in total assets from $440,439k to $403,253k, total liabilities from $48,900k to $39,530k, and stockholders' equity from $391,539k to $363,723k.
As part of its upcoming presentations at Battery World 2023, SES AI Corp plans to showcase videos of high energy density Li-Metal batteries undergoing safety tests. These demonstrations aim to underline the company's commitment to safety and innovation in the rapidly evolving battery technology sector.
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