QuantumScape Corporation has accomplished its mixture with Kensington Capital Acquisition Corp., a particular objective acquisition firm, and from in the present day (November 27) on it’s traded on the NYSE below the ticker image “QS”. Web proceeds from the deal amounted to about $680 million.
The corporate attracted numerous consideration from traders, together with Volkswagen which invested roughly $300 million, Continental, SAIC and Bill Gates. One of the crucial necessary issues is that QuantumScape has Tesla co-founder J.B. Straubel on its board.
It implies that the solid-state battery know-how, developed for the reason that firm was based in 2010, have to be actually promising.
QuantumScape says that its solid-state cells mustn’t solely be extra energy-dense (from lower than 400 Wh/kg to nearly 500 Wh/kg) than typical lithium-ion, but additionally permit for ultra-fast charging (0 to 80% in lower than quarter-hour), and supply excessive security, longevity and low value.
With vital capital available, QuantumScape is planning to begin manufacturing within the second half of 2024. That is nonetheless 4 years from now.
Jagdeep Singh, Founder and Chief Government Officer of QuantumScape stated:
“Right this moment marks a giant step within the evolution of our firm. This transaction permits QuantumScape to fund growth and commercialization of our OEM-validated battery know-how as we look ahead to taking part in our half within the electrification of the automotive powertrain, serving to rework one of many world’s largest industries and fostering a cleaner future for all.”