![]() That’s because QuantumScape is hardly alone in its quest: Startups such as Solid Power, ProLogium Technology, and Ilika, as well as large companies. The deal is expected to close in late 2020, when the new company will trade on the NYSE under the ticker symbol “QS. Secrecy is standard in battery development. Other investors in QuantumScape include German auto supplier Continental, Chinese automaker SAIC Motor, and several venture capitalist firms. Mirro, formerly an automotive engineer for General Motors and Toyota Motor before becoming an investment banker, formed Kensington Capital Partners in 1999 and will be a board member of the combined company. ![]() battery firm QuantumScape Corp, which aims to introduce its battery in 2024 for VW's EVs and eventually for. ![]() This is really a revolutionary step in terms of technology.” Close on their heels, Germany's Volkswagen has invested in Bill Gates-backed U.S. Justin Mirro, chairman and CEO of Kensington, adds, “We’ve done a lot of work on the technology. QuantumScape, a solid-state battery maker backed by Bill Gates and Volkswagen AG VWAGY, is going public via SPAC Kensington Capital Acquisition KCAC. It also eliminates the need for an anode, allowing the battery to charge more quickly – up to 80% capacity in just 15 minutes.Īlso, says the company, the energy density of its batteries is much higher, exceeding 400 watt-hours per kilogram, which far surpasses the 250 Wh/kg of the best current lithium-ion batteries, enabling vehicles to travel farther with the same size battery pack. The upstart solid state battery maker remains on track with everything it said it would do when it debuted via a SPAC transaction late in 2020. QuantumScape’s solid state battery technology uses a solid ceramic electrolyte, which is thought to be safer than lithium batteries using a conventional liquid electrolyte. VOLKSWAGEN BETS $100m ON SOLID STATE BATTERIES.In 2018, QuantumScape and Volkswagen announced the formation of a joint manufacturing venture to prepare for the mass production of solid-state batteries. The joint venture with VW will produce solid-state battery cells, starting in 2024, for VW’s electric vehicles, and eventually for other carmakers. “Our ambition is to be a (battery) supplier to the industry as a whole,” said Jagdeep Singh, CEO and founder of QuantumScape.
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