Battery Maker QuantumScape Going Public Through SPAC Kensington Capital
By Colin Kellaher
QuantumScape Corp., an electric-vehicle battery startup backed
by Germany's Volkswagen AG, on Thursday unveiled plans to go public
by combining with blank-check company Kensington Capital
The deal, which gives the combined company an implied enterprise
value of $3.3 billion, sent shares of special-purpose acquisition
company Kensington soaring.
Kensington, which in June raised $200 million in an upsized
initial public offering, said the transaction raises more than $700
million for QuantumScape, including $500 million from a from a
fully committed private placement led by institutional investors
including Fidelity Management & Research Co. and Janus
Volkswagen, which has worked with QuantumScape since 2012, in
June said it would invest an additional $200 million in the
startup, bringing its total investment to more than $300 million.
QuantumScape and VW in 2018 formed a joint venture aimed at
industrial-level production of solid-state batteries for use in
On completion of the transaction, expected by the end of the
year, the combined company will be named QuantumScape and will
remain listed on the New York Stock Exchange under the symbol QS,
the companies said.
Shares of Kensington surged 57% to $15.70 in early trading
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
September 03, 2020 10:19 ET (14:19 GMT)
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