QuantumScape

QuantumScape is an American company that develops solid state lithium metal batteries for electric cars. The company is headquartered in San Jose, California and employs around 850 people.[2] Investors include Bill Gates and Volkswagen.[3]

QuantumScape Corporation
Company typePublic
ISINUS74767V1098
IndustryElectric batteries
FoundedMay 14, 2010 (2010-05-14) at Stanford University
Founders
  • Jagdeep Singh
  • Tim Holme
  • Fritz Prinz
HeadquartersSan Jose, California, U.S.
Key people
Jagdeep Singh (Chairman), Dr. Siva Sivaram (CEO)[1]
Number of employees
850 (2023)[2]
Websitewww.quantumscape.com

History

QuantumScape was founded in 2010 by Jagdeep Singh, Tim Holme and Professor Fritz Prinz of Stanford University.[4] In 2012, QuantumScape began working with German automaker Volkswagen.

In 2018, Volkswagen invested $100 million in the company, becoming the largest shareholder. In the same year, Volkswagen and QuantumScape announced the establishment of a joint production project to prepare for mass production of solid state batteries.[3] In June 2020, Volkswagen invested an additional $200 million.[5]

In 2020, QuantumScape merged with the special-purpose acquisition company Kensington Capital Acquisition. As a result of the merger, QuantumScape received $1 billion in financing, from investors including Volkswagen and the Qatar Investment Authority.[3] At the same time, the company's shares listed on the New York Stock Exchange under the symbol QS.[6] In the last quarter of 2020, QuantumScape briefly surpassed the valuation of Ford Motor Co. without a commercial product and without revenue.[7]

On April 15, 2021, hedge fund Scorpion Capital announced their short position in the stock, labeling the company a pump-and-dump scheme.[8]

On June 26, 2022, the company announced the production of a solid-state battery with a range of 650 km and a charge time of 15 minutes.[9]

At the beginning of 2024, Volkswagen and QuantumScape presented a battery prototype in a press release based on the technologies developed by QuantumScape, which has 1000 charging cycles with only 5% capacity loss and an energy density that is at least a third higher.[10]

References
  1. https://www.bloomberg.com/news/articles/2024-02-14/battery-maker-quantumscape-names-chip-veteran-to-replace-ceo
  2. "Q2 FISCAL 2021 LETTER TO SHAREHOLDERS" (PDF). QuantumScape. July 27, 2021. Retrieved July 30, 2021.
  3. Wayland, Michael (September 3, 2020). "Bill Gates-backed vehicle battery supplier to go public through SPAC deal". CNBC. Retrieved September 9, 2020.
  4. "QuantumScape Corp". Bloomberg News.
  5. Philipp K (September 4, 2020). "VW-Partner QuantumScape geht an die US-Börse" (in German).
  6. Ambrogio Visconti (September 7, 2020). "QuantumScape's Merger With Kensington Capital Acquisition Corp – Global Legal Chronicle".
  7. Akshat Rathi (April 14, 2021). "QuantumScape says its technology is ready to move from the lab to VW's dealerships. But this secretive startup is very familiar with failure". Bloomberg L.P. Retrieved August 1, 2021.
  8. Lenihan, Rob (April 15, 2021). "QuantumScape Falls on Scorpion Capital Short Report". TheStreet. Retrieved April 15, 2021.
  9. Eric Tegler (June 21, 2022). "A Revolutionary Solid-State Battery Is Nearly Here, Scientists Say". Retrieved July 1, 2022.
  10. "Feststoffzelle von Quantumscape besteht laut VW Härtetest". www.golem.de. Retrieved February 17, 2024.
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