Dear Shareholders,

As a leader in Li-Metal battery cell development, our organization continues to evolve and innovate in order to meet the challenges that come with manufacturing large format cells.

During the third-quarter, we achieved several important milestones. First, our SES Korea pilot facility was completed, and its cell assembly line was ready-to-use in September -- only 8 months after breaking ground on this

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greenfield facility in January. Since opening, SES Korea has already been able to produce about 100 of our large Apollo-based 50 and 100 Ah cells. Second, our Shanghai Giga facility was fully operational in Q3 and, since January, has produced about 1,000 Apollo-based 50 and 100 Ah cells. Both SES Korea and Shanghai Giga have much higher capacity, approximately several thousand cells per month, however, we intentionally slowed down their lines to focus on quality and to identify and address manufacturing issues. We plan to increase volume when our manufacturing process becomes more robust.

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Sharing Data with Our Partners. We have shared 50 Ah cell data with all our OEM JDA partners and have shipped 50 Ah cells to some partners. Going forward, we plan to ship cells to all of our partners, including GM, Hyundai and Honda. We also expect to share data on our 100 Ah cells and plan to begin shipping them to our JDA partners early in 2023. Importantly, the 50 Ah cells produced at Shanghai Giga have received UN38.3 certification -- which means they have been deemed safe for transport by an approved independent testing lab. Additionally, our Shanghai Giga line received IATF16949 quality certification for our 50 Ah cells -- which means it is on track to meeting the process quality requirements for the automotive market. We expect to receive the same certifications for our 100 Ah cells produced in Shanghai Giga and at SES Korea. Existing and potential customer interest in these large format cells remains strong. In addition to our JDA partners, we have also shared cell data with several other electric vehicle (“EV”) and electric vehicle take-off and landing (“eVTOL”) OEMs around the world.

We are a leader in Li-Metal battery development and believe that we have built more small and large format Li-Metal cells than anyone else. However, developing and building large 50 and 100 Ah cells has been incredibly difficult and, candidly, much harder than we expected. We have encountered complex problems, including (1) poor pressed density of wide format lithium-metal foils, (2) powder arising from using lasers to cut our anodes that can lead to cells shorting, (3) optimizing pressure distribution over a larger area, and (4) developing accurate health monitoring algorithms for large cells without any data initially – just to name a few.

Importantly, as a result of these problems, which have led to numerous large capacity cell failures, we have gained a lot of incredibly valuable data that we are now using to train our health monitoring algorithm (Avatar). For example, our ability to predict failures in large 50 and 100 Ah cells has increased from 0 to approximately 60% in the past few months. By comparison, our ability to predict failures in smaller 4 Ah cells is more than 99% after 4 years of data training. In addition, these issues have forced us to make several key changes in our vendor partnerships and manufacturing processes that are now yielding significant improvements in cell performance, quality, and yield.

Figure 2 summarizes the performances for our 4 Ah cells (first published last year and recently updated), 50 Ah cells (entirely new data), and 100 Ah cells (still ongoing). On cell engineering and manufacturing, while there’s still a gap between the performance of our smaller 4 Ah cells and the larger 50 Ah cells, we are making great progress in bridging this gap. We expect that the larger cells - both 50 Ah and later 100 Ah - will match the performance of the smaller 4 Ah cells. On new material chemistry, we are making exciting progress in developing new electrolytes, coatings and anode materials that we believe will improve the performance of all cells. Stay tuned as we plan to publish more detailed 50 Ah cell data this month and expect to show performance improvements leading up to our expected transition from A samples to B samples.

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We have real-world experience with large Li-Metal cells. As a result of our real-world experiences with large Li-Metal cells, we have started to take a fresh look at our supply chain and have elected to take certain operations in-house to improve performance and quality. Our Li-Metal supply chain has a lot of overlap with the Li-ion supply chain. Having a comprehensive supply chain is critical for us to develop a cell system that meets OEM requirements

and to scale our volumes and reduce costs – this is not only important for getting to B Samples but also for pilot scale development. Improving our internal capability for R&D in every component and having control over every step in the process now allows us to quickly troubleshoot, identify, and optimize. Initially, we only focused on our electrolyte, anode, and the cell, we simply purchased the cathode, lithium foil and separator and had little ability

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to investigate and optimize besides a simple quality analysis summary from our vendors. Now for all cell materials, we either make it inhouse or we partner with our vendors and have them develop new materials to our specifications which has improved the performance and quality of our cells. A cell is really a living and breathing system, especially a large 100 Ah Li-Metal cell, if you don’t have full access and control of the entire supply chain, every little detailed step, you just will not succeed at meeting the full-blown specs from OEMs for A samples or get to the B sample stage.

South Korean - North American Investor Roundtable – expanding SES Korea. In late September I had the privilege of meeting the South Korean President at the South Korea - North America Investors Roundtable in New York, where I committed to advancing research and development for Li-Metal batteries in South Korea. SES was the only North American battery company to participate in the event where South Korea announced a total of $1.15 billion of planned investment for batteries, semiconductors, and other industries. South Korea is a world leader in EV batteries and plays a key role in the global upstream supply chain. This is why we are investing in the development of SES Korea. We are proud to have been recognized by the Government of South Korea for our innovation in Li-Metal battery technology and our commitment to supporting the future of the electric vehicle and urban air mobility ecosystem.

Inflation Reduction Act – more potential opportunity for SES. The recent Inflation Reduction Act (IRA) offers very attractive tax credits and incentives for battery manufacturing and supply chain build-out in North America.

We are actively discussing with our partners to see how we can leverage our learning from the global supply chain to establish a robust North American EV battery supply chain. We are very excited about the potential here.

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Mid-2023 Milestones Unchanged. Earlier this year, we set three milestones we hoped to attain by mid-2023. These are incredibly challenging, but we are making good progress on all three.

Finally, we expect to hold our second-annual Battery World in December and hope everyone will be able to join us. Topics at Battery World will include data and performance of our large format cells, AI-based battery health monitoring developments, and further thoughts on our supply chain initiatives.

3Q22 Financial Highlights and Outlook

We reported an operating loss for the third-quarter of $21.7 million, an increase of $11.0 million from last year reflecting general and administrative expenses of $13.3 million and research and development expenses of $8.4 million. This higher level of spending mostly reflects an increase in headcount to support battery cell and AI software development as well as an increase in costs related to being a public company. We recognized a non-cash loss on the change in fair value of our sponsor earn-out liability of $4.9 million during the three months ended September 30, 2022. On a fully-diluted basis, net loss attributable to common stockholders was a loss of $0.08 per share.

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Cash and cash equivalents at quarter-end were $394.7 million which we expect to use to support the continued development of all aspects of our Li-Metal battery technology and AI-powered safety software platform Avatar.

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Our third-quarter and year-to-date cash usage -- defined as net cash used in operating activities and for capital expenditures -- was approximately $10.3 million and $48.5 million, respectively. For full year 2022, we now expect total use of cash to range between $75 million and $85 million down from our prior forecast of total use of cash between $95 million and $115 million. This lower level of spending reflects a combination of some initial conservatism on our part, lower spending on materials for large-scale manufacturing as we emphasize quality over quantity, and the timing of some capital expenditures which will now likely fall into 2023. We expect to end the year with over $350 million of cash.

Figure 3: 2022 Financial Guidance

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Forward-Looking Statements

All statements other than statements of historical facts contained in this letter are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES. Although SES believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business,

market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES’s business; the ability of SES to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES’s battery cells could adversely affect SES’s business and prospects; potential supply chain difficulties; risks resulting from SES’s joint development agreements and other strategic alliances and investments; the quickly evolving battery market; SES’s ability to accurately estimate future supply and demand for its batteries; SES’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES’s ability to effectively manage its growth; SES’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES’s intellectual property; risks related to SES’s business operations outside the United States, including in China and South Korea;

the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents filed from time to time with the SEC. There may be additional risks that SES presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES anticipates that subsequent events and developments will cause its assessments to change. However, while SES may elect to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date subsequent to the date of this letter.

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