Hyperdrive
QuantumScape Seeks $859 Million to Fund Pilot Line Expansion
- Battery startup selling 13 million shares after 18% rally
- Proceeds will be used to more than double pilot line capacity
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QuantumScape Corp., an electric-vehicle battery startup that went public via a reverse merger, said it’s seeking to raise as much as $859 million to fund expansion of a pilot production line.
Shares of the San Jose, California-based company have rallied 18% since Feb. 15, the day before it announced it cleared a key hurdle in the development of its solid-state battery technology. At the time, it also said it would build a 200,000 square-foot pilot line in California to make prototype cells for partner Volkswagen AG and other potential auto customers.