QuantumScape Corporation (QS) develops lithium-metal batteries for electric vehicles (EV) that are long-lasting, fast-charging and safe, bringing the world closer to a zero-emission future.
Founded in 2010, the company manufactured the world’s first anode-free cell design which brings high energy density, lowers material costs and simplifies manufacturing.
The firm’s batteries are aimed at overcoming the shortfalls that come with traditional solutions in the EV sector, while the company’s goal is to bring about the “new era of energy storage”.
QuantumScape is yet to commercialise its batteries, however, the company did set up long-term plans to do so between 2024 and 2025.
The company was backed by German motor vehicle manufacturer Volkswagen (VOW3) in 2012. In June 2018, the two companies signed a new joint venture agreement on the commercialisation of solid-state batteries.
Two years later, Volkswagen cleared $200m (£152m) to invest in QuantumScape. An additional $100m in funding from Volkswagen was announced in March 2021 after the car manufacturer verified QuantumScape’s batteries in their own labs.
Later in May the firms signed an agreement to select the location of their joint-venture solid-state battery pilot-line facility thus kickstarting the manufacturing process.
In addition to Volkswagen, QuantumScape was also backed by Microsoft (MSFT) co-founder Bill Gates since its early days.
QuantumScape went public on the NYSE stock exchange on 3 September 2020 after the special purpose acquisition company (SPAC) merger with Kensington Capital Acquisition Corporation.
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