![]() ![]() That additional backing was to accelerate that joint development work, Thomas Schmall, chairman of the board of management of Volkswagen Group components, said at the time. The automaker has invested a total of $300 million in QuantumScape, including $200 million last year. The company attracted attention and capital early on from high-profile venture firms like Kleiner Perkins and Khosla Ventures. QuantumScape worked quietly for years to develop solid-state batteries, a next-generation technology that could help unlock longer ranges and faster charging times in electric vehicles. The raise was anchored by institutional investors, including Fidelity Management & Research Company and Janus Transaction. At the time, QuantumScape said it was able to raise more than $700 million through the business combination, a figure that includes $500 million in private investment in public equity, or PIPE. Just six months ago, QuantumScape agreed to merge with a special purpose acquisition company (Kensington Capital Acquisition Corp.). ![]() The market’s response is likely tied to the surprising timing of this share offering. ![]() Investors haven’t responded well in the hours following the initial offering, with prices falling more than 13% since launching the share offering. The funds will be used to build a larger pre-pilot line called QS-0 and cover its part of a joint venture with Volkswagen Group for an expanded manufacturing facility known as QS-1. The offering is expected to be priced after the market closes Wednesday, Bloomberg reported. QuantumScape said in a regulatory filing that the net proceeds from its sale of 13 million shares - along with an additional 1.95 million shares if underwriters exercise that option - could be much as $859 million based upon an assumed public offering price of $59.34 per share. The proceeds from this transaction and our relationships with key partners, bring us closer to making safe, affordable energy storage a reality by facilitating the development and large-scale deployment of our All-Solid-State-Battery technology, while also helping us grow our existing core business.QuantumScape has issued a share offering to pay for an expanded pilot production line for its solid-state batteries just months after it became a publicly traded company via a reverse merger. Denis Phares, Chief Executive Officer of Dragonfly said: “Becoming a public company is an important and exciting step forward for us. For 2023, it expects revenues to more than double to US$255.1 million and unadjusted EBITDA to become positive at US$39.1 million.ĭr. It went through this strategy, how the solid state battery fit into it and the risks associated with it – including significant engineering challenges of the solid state battery technology – in a pre-listing prospectus.ĭragonfly Energy expects US$115 million in revenue in 2022, up 47%, with negative EBITDA of US$18.1 million and adjusted EBITDA of US$12.2 million. The transaction generated a committed capital of US$250 million in gross proceeds consisting of US$25 million in equity, a US$75 million senior secured term loan facility from Energy Impact Partners, and the post-closing availability of a $150 million Chardan Equity Facility.ĭragonfly said the transaction will accelerate the company’s mission to “…create a more sustainable, reliable smart grid through the future deployment of the Company’s proprietary and patented All-Solid-State-Battery technology and increase market penetration of its existing business”.Īs Energy-Storage.news previously wrote, Dragonfly has to-date focused on selling batteries to the recreational vehicle (RV), marine and off-grid solar sectors but has long-term plans to expand in the grid-connected battery energy storage space. ![]()
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