EV Battery Company Mergers : solid-state batteries

QuantumSpace, a company specializing in solid-state batteries for EVs, will merge with Kensington Capital Acquisition Corp. The merger will help QuantumSpace raise funds to be able to produce solid-state batteries for eco-friendly vehicles that traditionally have used lithium-ion batteries. Jagdeep Singh, the CEO of QuantumSpace, indicated that a number of companies in the automotive industry have attempted to produce solid-state batteries, however these attempts have been unsuccessful due in part to financial costs.

Solid-state batteries employ a solid electrolyte, in place of liquid or gel materials. This allows the battery to more efficiently store energy, producing a longer battery life.

With the new merger, QuantumScape will now have a market valuation totalled at $3.3 billion and it will continue to be listed on the NYSE.

Image Credit: QuantumScape

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