VW-backed QuantumScape Corporation, a leader in the development of next generation solid-state lithium-metal batteries for use in EVs, has listed on the NYSE following the completion of a business combination with Kensington Capital Acquisition Corp., a special purpose acquisition company (SPAC).
QuantumScape shares are trading under the ticker symbol “QS”.
Funds from the transaction are expected to fully support the company through the start of
production in the second half of 2024.
Jagdeep Singh, Founder and Chief Executive Officer of QuantumScape. “Today marks a big step in the evolution of our company. This transaction allows QuantumScape to fund development and commercialization of our OEM-validated battery technology as we look forward to playing our part in the electrification of the powertrain and fostering a cleaner future for all.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, adds: “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.”
QuantumScape was founded in 2010 in California. The Volkswagen Group has invested $300 million in the company. They also have a manufacturing joint venture to prepare for the mass production of solid-state batteries for Volkswagen.