SES AI Corporation received an amended Schedule 13G filing showing that Temasek Holdings (Private) Limited and affiliates reported beneficial ownership of 3,160,712 shares of Class A common stock, representing 1.0% of the class. The percentage is based on 320,896,206 Class A shares outstanding as of August 25, 2025.
The total includes 2,595,854 Earnout Shares that may be acquired upon achieving specified stock price performance targets under the Business Combination Agreement. Prior to vesting, Anderson Investments Pte. Ltd. has power to vote, but not dispose of, these Earnout Shares. Reported voting powers are shared (Temasek: 3,160,712; Tembusu/Thomson/Anderson: 2,595,854) with no sole or shared dispositive power.
The filing is a joint submission by Temasek, Tembusu Capital, Thomson Capital, and Anderson Investments. The signatories certified the holdings were not acquired to change or influence control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
SES AI Corporation
(Name of Issuer)
Class A common stock, par value $0.0001 per share
(Title of Class of Securities)
78397Q109
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
78397Q109
1
Names of Reporting Persons
Temasek Holdings (Private) Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SINGAPORE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,160,712.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,160,712.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.0 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person:
Based on 320,896,206 shares of Class A common stock of SES AI Corporation (the "Issuer") outstanding as of August 25, 2025, as set forth in the Issuer's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the "Commission") on September 9, 2025 (the "Proxy Statement").
SCHEDULE 13G
CUSIP No.
78397Q109
1
Names of Reporting Persons
Tembusu Capital Pte. Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SINGAPORE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,595,854.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,595,854.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person:
Based on 320,896,206 shares of the Issuer's Class A common stock outstanding as of August 25, 2025, as set forth in the Issuer's Proxy Statement.
SCHEDULE 13G
CUSIP No.
78397Q109
1
Names of Reporting Persons
Thomson Capital Pte. Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SINGAPORE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,595,854.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,595,854.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person:
Based on 320,896,206 shares of Class A common stock of the Issuer outstanding as of August 25, 2025, as set forth in the Issuer's Proxy Statement.
SCHEDULE 13G
CUSIP No.
78397Q109
1
Names of Reporting Persons
Anderson Investments Pte. Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SINGAPORE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,595,854.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,595,854.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person:
Based on 320,896,206 shares of Class A common stock of the Issuer outstanding as of August 25, 2025, as set forth in the Issuer's Proxy Statement
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SES AI Corporation
(b)
Address of issuer's principal executive offices:
35 Cabot Road, Woburn, MA 01801
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by the following reporting persons (each a "Reporting Person" and collectively, the "Reporting Persons"):
(i) Temasek Holdings (Private) Limited ("Temasek");
(ii) Tembusu Capital Pte. Ltd. ("Tembusu");
(iii) Thomson Capital Pte. Ltd. ("Thomson");
(iv) Anderson Investments Pte. Ltd. ("Anderson", and, together with Temasek, Tembusu and Thomson, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
Each of the Reporting Persons:
60B Orchard Road
#06-18
The Atrium@Orchard
Singapore 238891.
(c)
Citizenship:
Each of the Reporting Persons: Republic of Singapore.
(d)
Title of class of securities:
Class A common stock, par value $0.0001 per share
(e)
CUSIP No.:
78397Q109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Anderson has the right to acquire 2,595,854 shares of the Issuer's Class A common stock (the "Earnout Shares"), upon the achievement of certain stock price performance targets, pursuant to the Business Combination Agreement, as amended, by and among the Issuer, SES Holdings Pte. Ltd., a Singapore private company limited by shares, and Wormhole Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares, and a direct, wholly-owned subsidiary of the Issuer (the "Business Combination Agreement"). Prior to the vesting of these shares, Anderson has the power to vote, but not dispose of, the Earnout Shares. Anderson is a wholly-owned subsidiary of Thomson, which is a wholly-owned subsidiary of Tembusu, which is a wholly-owned subsidiary of Temasek. Each of Thomson, Tembusu and Temasek, through the ownership described herein, may be deemed to beneficially own the shares held by Anderson.
Temasek, through the ownership described herein and the indirect 100% ownership of one other entity that directly owned 564,858 Earnout Shares, may be deemed to beneficially own in aggregate 3,160,712 shares of the Issuer's Class A common stock, including the 2,595,854 Earnout Shares directly owned by Anderson.
(b)
Percent of class:
As of November 6, 2025:
Temasek: 1.0%
Tembusu, Thomson and Anderson: 0.8%
Based on 320,896,206 shares of Class A common stock of the Issuer outstanding as of August 25, 2025, as set forth in the Issuer's Proxy Statement.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0.00
(ii) Shared power to vote or to direct the vote:
Temasek: 3,160,712
Tembusu, Thomson and Anderson: 2,595,854
(iii) Sole power to dispose or to direct the disposition of:
0.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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