QuantumScape KCAC Kensington Merger VW Backed Battery Maker - Bill Gates Lithium Vehicle скачать в хорошем качестве

QuantumScape KCAC Kensington Merger VW Backed Battery Maker - Bill Gates Lithium Vehicle

QuantumScape KCAC Kensington Merger VW Backed Battery Maker - Bill Gates Lithium Vehicle Directory of sites Login Contact Support Business Markets World Politics TV More Flag of United States Business News September 3, 2020 / 3:36 AM / Updated 3 hours ago VW-backed U.S. battery maker QuantumScape to go public at $3.3 billion valuation Paul Lienert 3 Min Read (Reuters) - QuantumScape, the 10-year-old Silicon Valley battery startup backed by Volkswagen AG (VOWG_p.DE), said on Thursday it plans to go public through a reverse merger with Kensington Capital Acquisition Corp with an enterprise value of $3.3 billion. FILE PHOTO: Employees clean a new car after a ceremony marking start of the production of a new electric Volkswagen model ID.3 in Zwickau, Germany, November 4, 2019. REUTERS/Matthias Rietschel/File Photo San Jose-based QuantumScape, a 2010 spinout from Stanford University, said it will form a joint venture with VW to produce solid-state battery cells, starting in 2024, for VW’s electric vehicles, and eventually for other carmakers. “Our ambition is to be a (battery) supplier to the industry as a whole,” QuantumScape founder and CEO Jagdeep Singh said in an interview. QuantumScape is the latest transportation startup to tie up with a special purpose acquisition company, or SPAC. Among the recent SPAC-backed transactions: Lidar maker Luminar, electric truck maker Nikola, electric shuttle maker Canoo and electric carmaker Fisker. A SPAC is a shell company that raises money through an IPO to buy a private operating company, typically within two years. Advertisement VW has committed more than $300 million to QuantumScape. Other corporate investors include Shanghai Auto (600104.SS), which is partnered with VW in China, and German auto supplier Continental AG (CONG.DE). Venture backers include Bill Gates, Khosla Ventures and Kleiner Perkins. The Qatar Investment Authority also participated in the latest funding round. Ahead of the merger announcement, QuantumScale raised $500 million from institutional investors, led by Fidelity Management & Research. The SPAC deal is expected to close in late 2020, when the new company will trade on the NYSE under the ticker symbol QS. Singh said QuantumScape’s lithium-metal battery uses a solid ceramic electrolyte which he said is safer than using a conventional liquid electrolyte. It also eliminates the need for an anode, allowing the battery to charge more quickly - up to 80% capacity in just 15 minutes. Also, its energy density is much higher, exceeding 400 watt-hours per kilogram, which far surpasses 250 Wh/kg for the best current lithium-ion batteries. Advertisement “The company has an opportunity to redefine the battery landscape,” said Tesla (TSLA.O) co-founder J.B. Straubel, CEO of Redwood Materials, a Silicon Valley battery recycling startup. Kensington is a SPAC headed by longtime investment banker Justin Mirro, a specialist in transportation-related deals who will join QuantumScape’s board. Kensington’s directors include Tom LaSorda, former vice chairman of Chrysler; Don Runkle, former vice chairman of Delphi, and Matt Simoncini, former CEO of Lear Corp. Reporting by Paul Lienert in Detroit; Editing by David Gregorio Our Standards:The Thomson Reuters Trust Principles. Advertisement Trending Exclusive: Biden garners more Republican endorsements, this time from ex-governors U.S. court: Mass surveillance program exposed by Snowden was illegal Fact check: Video showing Joe Biden falling asleep during live interview is manipulated Scientists see downsides to top COVID-19 vaccines from Russia, China Fisher Investments’ Structural Analysis of 2020’s Election BackdropPaid and posted by Fisher Investments Advertisement Reuters News Now Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Advertisement AppsNewslettersAdvertise with UsAdvertising GuidelinesCookiesTerms of UsePrivacy All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2020 Reuters. All Rights Reserved. LIVE: New York City's public transit chief discusses the pandemic and its financial impact in a Reuters Newsmaker event