Backed by Volkswagen, and Tesla co-founder JB Straubel, EV battery startup Quantumscape (NYSE:QS) listed on the NYSE on Friday, and watched its shares soar more than 57% on its first day of trading.
The news followed the conclusion of QuantumScape’s business combination with special purpose acquisition company, Kensington Capital Acquisition Corp (NYSE:KCAC). On the 25th of November, Kensignton shareholders approved the Business Combination, and from the 27th, it was agreed that QuantumScape shares would trade on the NYSE. Speaking on the company’s admission to the NY exchange, company Founder and CEO, Jagdeep Singh, said:
“Today marks a big step in the evolution of our company”
He added: “This transaction allows QuantumScape to fund development and commercialization of our OEM-validated battery technology as we look forward to playing our part in the electrification of the automotive powertrain, helping transform one of the world’s largest industries and fostering a cleaner future for all.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington Capital, continued, saying that his company are: “incredibly excited to complete our business combination with QuantumScape and to provide the company with significant capital and automotive guidance to accelerate its business plan.”
Mr Mirro said that EVs have emerged as a ‘global mega-trend in the automotive industry’, and he believes QuantumScape are well-positioned to become a leading provider of solid-state batteries for the next generation of electric powertrains.
Since QuantumScape began in 2010, it has been designing and manufacturing “anode-less” solid-state lithium batteries, which are designed to be safer, and have faster charging time sand longer life cycles than lithium-ion technology.
The solid-state battery tech boasts the ability to: ‘significantly’ increase energy density to between 400 and 500 Wh/kg; fast charging of up to 80% in 15 minutes, by eliminating the lithium diffusion bottleneck; an increased lifespan by eliminating capacity loss at anode interface; increased safety as the separator is non-combustible; and lower cost by eliminating anode host material.
Following news of its listing, investors rushed to get a piece of the QuantumScape pie, causing the company’s shares to rally by more than 57%, up to $37 apiece.