QuantumScape, the 10-year-old Silicon Valley battery startup backed by Volkswagen AG, said on Thursday it plans to go public through a reverse merger with Kensington Capital Acquisition Corp with an enterprise value of $3.3 billion.
San Jose-based QuantumScape, a 2010 spinout from Stanford University, said it will form a joint venture with VW to produce solid-state battery cells, starting in 2024, for VW’s electric vehicles, and eventually for other carmakers.
VW has committed more than $300 million to QuantumScape. Other corporate investors include Shanghai Auto, which is partnered with VW in China, and German auto supplier Continental AG. Venture backers include Bill Gates, Khosla Ventures and Kleiner Perkins. The Qatar Investment Authority also participated in the latest funding round.