Volkswagen-Backed Electric Vehicle Battery Maker QuantumScape to Go Public

Silicon Valley-based battery maker QuantumScape will become the latest Wall Street-aligned company to raise capital this year in a reverse merger deal with Kensington Capital Acquisition Corp. (NYSE: KCAC), an acquisition company. special purpose (SPAC). The deal will allow Volkswagen-backed QuantumScape to become a publicly traded company with an enterprise value of $ 3.3 billion. QuantumScape was founded in 2010 and focuses exclusively on the development of solid-state batteries as well as designing a scalable manufacturing process to market its battery technology to the automotive industry.