Electric Vehicle Battery Maker Subsidized Through Bill Gates and Volkswagen Joins A Developing List of Startups Goes Public Through Special Purpose Acquisition Corporations (SPACs) or Opposing Mergers – A Difficult Financing Agreement to understand what is shaking the IPO market this year.
QuantumScape, a two-year company that produces semiconductor batteries for electric cars, said Thursday that it had agreed to merge with the SPAC Kensington Capital Acquisition “blank check” to list its shares on the New York Stock Exchange under the QS symbol in the fourth quarter.
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Kensington is a $3. 3 billion valuation for the merged company. As a component of the merger agreement, QuantumScape will raise more than $1 billion in money and a new budget from Volkswagen and Qatar’s sovereign fund.
Solid-state batteries are considered a promising option for today’s classic lithium-ion batteries, such as those used by Tesla. They are less flammable, classify faster, and have a higher power density that allows for longer battery life. The only problem is that solid state batteries are expensive to produce with existing technology.
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