SAN JOSE, Calif. and
WESTBURY, N.Y., Nov. 27, 2020 /PRNewswire/ -- QuantumScape
Corporation ("QuantumScape"), a leader in the development of next
generation solid-state lithium-metal batteries for use in electric
vehicles, announced today that it has completed its business
combination with Kensington Capital Acquisition Corp.
("Kensington") (NYSE: KCAC), a
special purpose acquisition company. The Business Combination was
approved by Kensington
stockholders in a special meeting held on November 25, 2020. Beginning on November 27, 2020, QuantumScape shares will trade
on the NYSE under the ticker symbol "QS" and its warrants will
trade on the NYSE under the ticker symbol "QS.W".
Since the company was founded in 2010, QuantumScape has been
exclusively focused on developing solid-state batteries and
designing a scalable manufacturing process to commercialize its
battery technology for the automotive industry. Through its elegant
"anode-less" design, QuantumScape's solid-state lithium-metal
batteries are designed to be safer, and to deliver greater range,
faster charge times and improved cycle life, than today's
conventional lithium-ion battery technology.
"Today marks a big step in the evolution of our company,"
commented Jagdeep Singh, Founder and
Chief Executive Officer of QuantumScape. "This transaction allows
QuantumScape to fund development and commercialization of our
OEM-validated battery technology as we look forward to playing our
part in the electrification of the automotive powertrain, helping
transform one of the world's largest industries and fostering a
cleaner future for all."
Justin Mirro, Chairman and Chief
Executive Officer of Kensington,
added, "we are incredibly excited to complete our business
combination with QuantumScape and to provide the company with
significant capital and automotive guidance to accelerate its
business plan. The adoption of electric vehicles has emerged
as the global mega-trend in the automotive industry, and
QuantumScape is now well positioned to become a leading supplier of
solid-state batteries for this next generation of electric
powertrains."
The transaction will result in net proceeds of approximately
$680 million to QuantumScape,
including through a $500 million
fully committed PIPE. Funds from the transaction are expected to
fully support the company through the start of production in the
second half of 2024.
Hughes Hubbard & Reed LLP served as legal advisor and UBS
Investment Bank, Stifel Nicolaus & Company Incorporated and
Robert W. Baird & Co. Incorporated served as financial advisors
to Kensington. Goldman Sachs &
Co. LLC and UBS Investment Bank served as joint placement agents on
the PIPE offering. Wilson Sonsini
Goodrich & Rosati served as legal advisor and Goldman
Sachs & Co. LLC served as financial advisor to
QuantumScape.
About QuantumScape Corporation
QuantumScape, founded
in 2010 in California, is a leader
in the development of next generation solid-state lithium-metal
batteries for use in electric vehicles. The company's mission
is to revolutionize energy storage to enable a sustainable
future.
For additional information, please visit
www.quantumscape.com
About Kensington Capital Acquisition Corp.
Kensington
Capital Acquisition Corp. (NYSE: KCAC) is a special purpose
acquisition company formed for the purpose of effecting a business
combination in the automotive sector. Kensington is sponsored by Kensington Capital
Partners LLC and the management team of Justin Mirro, Bob
Remenar, Simon Boag and
Daniel Huber. Kensington is also supported by a board of
independent directors including Tom
LaSorda, Anders Pettersson,
Mitch Quain, Don Runkle and Matt
Simoncini. The Kensington
team has completed over 70 automotive transactions and has over 300
years of combined experience leading some of the largest automotive
companies in the world.
For additional information, please visit www.autospac.com.
Forward Looking Statements
The information in this
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of present or historical fact included in this
presentation, regarding Kensington's proposed acquisition of
QuantumScape, Kensington's ability
to consummate the transaction, the development and performance of
QuantumScape's products (including the timeframe for development of
such products), the benefits of the transaction and the combined
company's future financial performance, as well as the combined
company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words 'are
designed to," "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
QuantumScape disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. QuantumScape cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of either Kensington or QuantumScape. In addition,
QuantumScape cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) QuantumScape's ability to realize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition and the ability of QuantumScape to
grow and manage growth profitably following the business
combination; (ii) risks relating to the outcome and timing of the
Company's development of its battery technology and related
manufacturing processes; (iii) the possibility that QuantumScape
may be adversely affected by other economic, business, and/or
competitive factors; and (iv) the possibility that the expected
timeframe for, and other expectations regarding the development and
performance of, QuantumScape's products will differ from current
assumptions. Should one or more of the risks or uncertainties
described in this press release, or should underlying assumptions
prove incorrect, actual results and plans could different
materially from those expressed in any forward-looking statements.
Additional information concerning these and other factors that may
impact the operations and projections discussed herein can be found
in Kensington's periodic filings
with the SEC. Kensington's
SEC filings are available publicly on the SEC's website at
www.sec.gov.
Contacts:
For Investors
ir@quantumscape.com
For Media
media@quantumscape.com
For Kensington Capital Acquisition Corp.
Dan Huber
Chief Financial Officer
dan@kensington-cap.com
703-674-6514
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SOURCE Kensington Capital Acquisition Corp.