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EV Battery Maker Quantumscape Lists on NYSE Following Close of Merger
Monday 30 November 2020

US-based electric vehicle battery company QuantumScape Corp. has closed its merger with special purpose acquisition company Kensington Capital Acquisition Corp. (NYSE: KCAC). With closing, the combined company will remain listed on the New York Stock Exchange under the ticker symbol "QS".

QuantumScape raises over USD 700m in proceeds through the business combination, including a USD 500m fully committed PIPE anchored by institutional investors including Fidelity Management and Research company LLC and Janus Henderson Investors.

The transaction results in over USD 1bn in cash and funding commitments, including QuantumScape's Series F financing led by the Volkswagen Group and Qatar Investment Authority.

QuantumScape and Volkswagen have previously announced a joint venture to enable industrial-level production of solid-state batteries for use in VW's vehicles.

Pro forma implied enterprise value of the combined company is approximately USD 3.3bn

QuantumScape is in the development of next generation solid-state lithium-metal batteries for use in electric vehicles.

Hughes Hubbard and Reed LLP is serving as legal advisor and UBS Investment Bank, Stifel Nicolaus and company Inc. and Robert W. Baird and Co. Inc. are serving as financial advisors to Kensington.

Goldman Sachs and Co. LLC and UBS Investment Bank are serving as joint placement agents on the PIPE offering. Wilson Sonsini Goodrich and Rosati is serving as legal advisor and Goldman Sachs and Co. LLC is serving as financial advisor to QuantumScape.
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Date Published: 30/11/2020

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