QuantumScape underwrites public offering of 13,000K shares to raise additional funds
QuantumScape, a solid-state battery manufacturer based in San Jose, California, has confirmed that it is looking for additional funding to expand its QS-0 pilot line, which will be used to produce prototype cells Volkswagen Group (VW) and other potential partners. Confirming that it is seeking additional funding, QuantumScape revealed that it aimed to double the size of its originally announced pilot line to boost development of scalable, effective solid-state batteries for EVs. Founded in 2010, the solid-state battery manufacturer has been working with auto giant VW since 2012. The German automaker has already invested more than $300 million in the business.
In the fall 2020, the battery manufacturer became a public entity by signing a reverse SPAC merger deal with Kensington Capital Acquisition. Since the signing of that merger deal, the company has successfully overcome numerous hurdles on the way to development of solid-state batteries. In December last year, it made a major “breakthrough” by using a ceramic separator to successfully testing single-layer prototype cells.
According to QuantumScape’s claims, solid-state battery technology is better than conventional lithium-ion batteries as it can contain two-times more energy as compared to conventional liquid soaked battery separators. It may be noted here that soaked battery separators come in with a 20 to 30 micron thickness, while solid-state technology can trim downs their thickness to just 3 to 4 microns, saving space for more energy.
Pushing ahead with its plans, QuantumScape recently announced plans to create a “QS-0” pilot factory in California. A full-fledged solid-state battery factory will have a production capacity of 100,000 cells per annum.
In a recently-released statement, the company said, “QS-0 is intended to have a continuous flow, high automation line capable of building over 100,000 engineering cell samples per year. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023.”
To turn all those plans into a reality, QuantumScape needs additional funding. Thus, the public entity has underwritten public offering of a total of 13,000,000 shares of its Class-A common stock.
Proceeds from the sale of the shares will be used to construct a larger QS-0 pre-pilot line than previously announced; expansion of QS-1 manufacturing plant that it has developed in partnership with VW, and to fulfill some corporate purposes.
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