KCAC > QuantumScape Corp., a developer of what are known as “solid-state” batteries, has entered into a definitive agreement to merge with blank check company Kensington Capital Acquisition Corp.
It’s the latest SPAC deal for an automotive company following shares of electric vehicle company Nikola surging through such a deal in early June.
The implied value of the combined company, which will list under “QS” on the New York Stock Exchange, is $3.3 billion.
H/O: QuantumScape battery lab
A solid-state battery development lab for QuantumScape.
QuantumScape
A battery supplier for electric vehicles backed by Microsoft co-founder Bill Gates and Volkswagen is the newest automotive company to announce plans to go public through a special purpose acquisition company, or SPAC.
QuantumScape Corp., a developer of what are known as “solid-state” batteries, on Thursday said it has entered into a definitive agreement to merge with blank check company Kensington Capital Acquisition Corp. to become a publicly traded company in the fourth quarter.
It’s the latest SPAC deal for an automotive company following electric vehicle company Nikola’s IPO in early June.
The implied value of the combined company, which will list under “QS” on the New York Stock Exchange, is $3.3 billion. QuantumScape is expected to receive more than $1 billion in cash and funding commitments, led by Volkswagen and Qatar’s sovereign wealth fund, as part of the transaction.
In 2018, Volkswagen and QuantumScape announced the formation of a manufacturing joint venture to prepare for the mass production of solid-state batteries.
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