QuantumScape, a company known for next generation solid-state lithium-metal batteries, has announced a definitive agreement with Kensington, a special purpose acquisition company for business combination.
As a result of this business combination QuantumScape will become a publicly listed company. Upon closing of the transaction, the combined company will be named QuantumScape and is expected to remain listed on the NYSE and trade under the new ticker symbol “QS”.
QuantumScape is a company focused on developing solid-state batteries and designing a scalable manufacturing process to commercialize its battery technology for the automotive industry.
The company with Volkswagen, one of the world’s largest automotive manufacturers, has formed a manufacturing joint venture to prepare for the mass production of solid-state batteries. The companies have been collaborating since 2012 on battery cell development, the testing of prototype cells etc.
The Volkswagen Group in June this year had also made an additional investment of up to US$200 million in the US battery specialist.
