VW backed solid-state battery developer QuantumScape listed on NYSE
QuantumScape Corporation, a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles, announced that it has completed its business combination with Kensington Capital Acquisition Corp., a special purpose acquisition company.
The Business Combination was approved by Kensington stockholders in a special meeting held on November 25, 2020. Beginning on November 27, 2020, QuantumScape shares started trading on the NYSE under the ticker symbol “QS” and its warrants trade on the NYSE under the ticker symbol “QS.W”.
Since the company was founded in 2010, QuantumScape has been exclusively focused on developing solid-state batteries and designing a scalable manufacturing process to commercialise its battery technology for the automotive industry. Through its elegant “anode-less” design, QuantumScape’s solid-state lithium-metal batteries are designed to be safer, and to deliver greater range, faster charge times and improved cycle life, than today’s conventional lithium-ion battery technology.
Jagdeep Singh, Founder and Chief Executive Officer of QuantumScape, said, “This transaction allows QuantumScape to fund development and commercialisation of our OEM-validated battery technology as we look forward to playing our part in the electrification of the automotive powertrain, helping transform one of the world’s largest industries and fostering a cleaner future for all.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, added, “We are incredibly excited to complete our business combination with QuantumScape and to provide the company with significant capital and automotive guidance to accelerate its business plan. The adoption of electric vehicles has emerged as the global mega-trend in the automotive industry, and QuantumScape is now well positioned to become a leading supplier of solid-state batteries for this next generation of electric powertrains.”
The transaction will result in net proceeds of approximately $680 million to QuantumScape, including through a $500 million fully committed PIPE. Funds from the transaction are expected to fully support the company through the start of production in the second half of 2024.
