QuantumScape

QuantumScape is an American company that develops solid state lithium metal batteries for electric cars. The company is headquartered in San Jose, California and employs around 850 people.[1] Investors include Bill Gates and Volkswagen.[2]

QuantumScape Corporation
TypePublic
ISINUS74767V1098
IndustryElectric batteries
FoundedMay 14, 2010 (2010-05-14) at Stanford University
Founders
  • Jagdeep Singh
  • Tim Holme
  • Fritz Prinz
HeadquartersSan Jose, California, U.S.
Key people
Jagdeep Singh (CEO)
Number of employees
850 (2023)[1]
Websitewww.quantumscape.com

History

QuantumScape was founded in 2010 by Jagdeep Singh, Tim Holme and Professor Fritz Prinz of Stanford University.[3] 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.[4]

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.[5] In the last quarter of 2020, QuantumScape briefly surpassed the valuation of Ford Motor Co. without having any commercial product and with zero revenue.[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]

On June 26, 2022, the company announced the production of a solid-state battery with a range of 650 km and a charge time of 15 minutes.[8]

References
  1. "Q2 FISCAL 2021 LETTER TO SHAREHOLDERS" (PDF). QuantumScape. July 27, 2021. Retrieved July 30, 2021.
  2. Wayland, Michael (September 3, 2020). "Bill Gates-backed vehicle battery supplier to go public through SPAC deal". CNBC. Retrieved September 9, 2020.
  3. "QuantumScape Corp". Bloomberg News.
  4. Philipp K (September 4, 2020). "VW-Partner QuantumScape geht an die US-Börse" (in German).
  5. Ambrogio Visconti (September 7, 2020). "QuantumScape's Merger With Kensington Capital Acquisition Corp – Global Legal Chronicle".
  6. Akshat Rathi (April 14, 2021). "QuantumScape says its technology is ready to move from the lab to VW's dealerships. But this secretive startup is very familiar with failure". Bloomberg L.P. Retrieved August 1, 2021.
  7. Lenihan, Rob (April 15, 2021). "QuantumScape Falls on Scorpion Capital Short Report". TheStreet. Retrieved April 15, 2021.
  8. Eric Tegler (June 21, 2022). "A Revolutionary Solid-State Battery Is Nearly Here, Scientists Say". Retrieved July 1, 2022.
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