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Illustration: Sarah Grillo/Axios

The lithium-metal battery startup SES just announced it's going public via merging with the special purpose acquisition company Ivanhoe Capital Acquisition Corp. at an implied valuation of $3.6 billion.

Why it matters: SES, which spun out of MIT nearly a decade ago, is backed by investors including General Motors and Hyundai in a sign of how big automakers are investing in battery tech and future supply.

Driving the news: The deal is expected the provide SES with up to $476 million in proceeds to fund its expansion, the announcement states.

  • Backers of the new transaction include those automakers I mentioned above, as well as China's Geely Holding Group, Koch Strategic Platforms, LG Technology Ventures and several others.
  • The company says its "hybrid Li-Metal approach provides the superior energy density of Li-Metal via the proven manufacturing efficiencies of lithium-ion batteries."

Go deeper

Sep 28, 2021 - Economy & Business

Ford's big plans to turbocharge the electric car industry in the U.S.

Illustration: Annelise Capossela/Axios

Ford Motor Company’s new $11 billion manufacturing plan, the biggest component of which will sit just outside Memphis, is part of a much bigger effort to put the U.S. at the center of the electric vehicle revolution, executive chairman Bill Ford says.

The big picture: Ford’s plans — for enormous facilities in both Tennessee and Kentucky, employing a combined 11,000 workers — are ambitious manufacturing efforts designed to minimize their environmental impact.

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

Judge temporarily blocks Biden vaccine mandate for federal contractors

Photo: Chip Somodevilla via Getty Images

A federal judge on Tuesday temporarily blocked President Biden's vaccine mandate for federal contractors nationwide.

Why it matters: It's the latest setback in the Biden administration's rollout of COVID-19 vaccine requirements. Federal judges in two states temporarily barred the administration from enforcing mandates for millions of workers last week.