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(Bloomberg) –
QuantumScape Corp., the generation developer working in partnership with Volkswagen AG on complex car batteries, will be indexed in New York after merging with white check company Kensington Capital Acquisition Corp.
The deal will cost approximately $700 million for QuantumScape, adding $500 million from Fidelity Management
The transaction highlights investor interest in emerging electric vehicle technologies amid forecasts of strong customer demand, and also marks the latest in a wave of embezzled listings on public exchanges through special target acquisition corporations (SPACs), which have become a developing option for initial classics.public offerings.
Kensington, led by former automotive logo executives, adding General Motors Co.and Chrysler Group LLC, raised approximately $200 million in June for acquisitions in North America’s automotive sector.Kensington Capital Acquisition Corp.’s shares increased by up to 74% on Thursday..
“This vote of investor confidence and the capital provided through this transaction will lead to a more sustainable long-term for generations to come,” said Jagdeep Singh, founder and CEO of QuantumScape.The agreement means the developer will be fully funded to get started.increase in battery production at VW, which according to partners could take a position from 2023.
QuantumScape, founded a decade ago through former Stanford University researchers, is a semiconductor battery developer, a breakthrough in mobile lithium-ion generation that promises to supply more power to make greater range, lower costs, protect, and decrease charging times.little like 15 minutes of several hours.
The company’s technology, as well as other industry developments, are imperative in supplying higher quality, less expensive batteries that will make electric models a “realistic option for each and every car owner,” Gates said in a blog post last month. Breakthrough Energy Ventures, funded through Gates, is an investor in QuantumScape.
The QuantumScape generation “represents the ultimate sublime architecture I’ve noticed for a lithium battery system, and the company has the opportunity to redefine the battery landscape,” said JB Straubel, co-founder of Tesla Inc., which is part of the developer board, in the statement.
The agreement is SPAC’s first merger in the electric vehicle sector.Nikola Corp.se made public on the Nasdaq inventory exchange in June through a merger with a former GM executive-led entity called VectoIQ Acquisition Corp.
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