QuantumScape to Go Public via SPAC
QuantumScape, a solid-state battery developer for electric vehicles (EV), went public through a merger agreement with Kensington Capital Acquisition Corp at an enterprise valuation of $3.3 billion.
(QuantumScape)
Soumen's key takeaways:
- QuantumScape is another venture-backed EV start-up to follow the SPAC method to go public instead of a traditional IPO, which proves to be costlier and lengthy. The other EV start-ups taking this route in recent times include Nikola, Canoo, Fisker and Lordstown Motors.
- Volkswagen-backed QuantumScape needed capital for starting commercialization of its solid-state battery, which is considered a replacement for the lithium-ion battery in the EV industry. Any delay in this commercialization will help other technologies, like hydrogen fuel cell, in capturing the EV market.
- This joining of forces between a battery developer and an automotive investment company will help QuantumScape to create a sustainable business strategy for the long term.
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Published
Sep 8, 2020
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