With longer range and shorter charging times, battery technology will be at the forefront allowing more people to have the option to own an EV vehicle .
Startup EV (Electronic Vehicle) companies have turn to Special Purpose Acquisition Companies, (SPACs) to raise cash for their IPO’s and fund their vehicles for manufacturing to get their vehicles to market. Year to date over $21.5 billion has been raised for over 50 deals in the EV market.
Quantumscape uses a solid-state- lithium metal which is the next generation of batteries.by eliminating anode host material and manufacturing costs. The company is ready to debut its IPO in the New York Stock Exchange.
QuantumScape Corporation has entered into a definitive merger agreement with Kensington Capital Acquisition Corp. (NYSE: KCAC); upon closing, the combined company will remain listed on the New York Stock Exchange under the ticker symbol “QS.”
QuantumScape raises over $700 million in proceeds through the business combination, including a $500 million fully committed PIPE anchored by institutional investors including Fidelity Management & Research Company LLC and Janus Henderson Investors.
Transaction results in over $1 billion in cash and funding commitments, including QuantumScape’s Series F financing led by the Volkswagen Group and Qatar Investment Authority (QIA)
QuantumScape and Volkswagen have previously announced a joint venture to enable industrial-level production of solid-state batteries for use in VW’s vehicles.
Pro forma implied enterprise value of the combined company is approximately $3.3 billion. Source QuantaumScape Investor relations
Several companies are developing better and cheaper batteries that will hopefully make EVs a realistic option for every car owner. This video features QuantumScape, a manufacturer working to commercialize the next generation of battery technology. (I’m invested in their work both on my own and through Breakthrough Energy Ventures. Source Gates Notes
The Volkswagen Group is increasing its stake in QuantumScape and making an additional investment of up to US$200 million in the US battery specialist.
“Volkswagen is taking e-mobility to the mainstream. A strong position in the field of batteries is a decisive factor in this regard”, said Frank Blome, Head of the Battery Cell business, Volkswagen Group Components. “We are securing our global supply base with efficient producers, gradually building up manufacturing capacities and driving the development of cutting-edge solid-state battery technology. Our focus in this context is on long-term strategic partnerships.” Source Volkswagen
Image Credit Ravindra Panwar from Pixabay