QuantumScape

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QuantumScape
TypePublic
NYSE: QS
ISINUS74767V1098
IndustryElectric batteries
Founded14 May 2010; 11 years ago (2010-05-14)
Stanford University
FounderJagdeep Singh, Tim Holme and Fritz Prinz
HeadquartersSan Jose, California, United States
Key people
Jagdeep Singh
(CEO)
Number of employees
400 (2021)[1]
Websitewww.quantumscape.com

QuantumScape is an American company that does research about solid state lithium metal batteries for electric cars. The company is headquartered in San Jose, California and employs around 400 people.[1] Investors include Bill Gates and Volkswagen.[2]

History[]

QuantumScape was founded in 2010 by Jagdeep Singh, Tim Holme and Professor Fritz Prinz of Stanford University.[3][4] In 2012, QuantumScape began working with German automaker Volkswagen.

In 2018, Volkswagen invested $100 million in the company, becoming the largest shareholder. In the same year, Volkswagen and QuantumScape announced the establishment of a joint production project to prepare for mass production of solid state batteries.[2] In June 2020, Volkswagen made an additional $200 million investment into the company.[5]

On September 3, 2020, QuantumScape announced a merger with the special-purpose acquisition company Kensington Capital Acquisition. As a result of the merger, QuantumScape will receive $1 billion in financing, including funding from Volkswagen and the Qatar Investment Authority.[2] At the same time, the company's shares will be listed on the New York Stock Exchange under the symbol QS. The transaction was completed in November 2020 and raised capital for the series production of batteries.[6]

On April 15, 2021, hedge fund Scorpion Capital announced their short position in the stock, accusing the company of being a pump-and-dump scheme.[7]

References[]

  1. ^ a b "Q2 FISCAL 2021 LETTER TO SHAREHOLDERS" (PDF). QuantumScape. 27 July 2021. Retrieved 30 July 2021.
  2. ^ a b c Wayland, Michael (2020-09-03). "Bill Gates-backed vehicle battery supplier to go public through SPAC deal". CNBC. Retrieved 2020-09-09.
  3. ^ "Our team is redefining the frontier of battery technology". QuantumScape.
  4. ^ "QuantumScape Corp".
  5. ^ Philipp K (2020-09-04). "VW-Partner QuantumScape geht an die US-Börse" (in de-DE).{{cite web}}: CS1 maint: unrecognized language (link)
  6. ^ Ambrogio Visconti. "QuantumScape's Merger With Kensington Capital Acquisition Corp – Global Legal Chronicle".
  7. ^ Lenihan, Rob. "QuantumScape Falls on Scorpion Capital Short Report". TheStreet. Retrieved 2021-04-15.
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