11:52 AM EST, 01/23/2025 (MT Newswires) -- SES AI (SES) said Thursday it signed contracts worth up to $10 million with two automotive original equipment manufacturers to use AI for the development of new electrolyte materials for automotive battery technology.

The company expects to report part of the revenue in Q4 2024 and the rest in H1 2025, the company said.

Shares of the company were up more than 45% in recent trading.

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