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Illustration: Aïda Amer/Axios

Yet another transportation startup plans to take the shortcut to an IPO and this time, it's a battery company.

What's happening: QuantumScape, a battery startup backed by Volkswagen and Bill Gates, said on Thursday it plans to go public through a reverse merger with Kensington Capital Acquisition Corp.

Why it matters: The deal gives $700 million to QuantumScape to commercialize its promising solid-state batteries for electric vehicles.

  • The deal values the company at $3.3 billion.
  • It's the latest in a string of transactions in which venture-backed transportation startups merge with a publicly-traded shell entity called a special purpose acquisition company (SPAC).
  • EV companies Nikola, Canoo, Fisker and Lordstown Motors have gone public (or will soon) in this manner. Lidar manufacturers Velodyne and Luminar have, too.

The intrigue: QuantumScape's lithium-metal battery claims a much higher energy density than today's technology and uses a solid ceramic electrolyte that the company says is more stable than a conventional liquid electrolyte.

  • Instead of the conventional graphite/silicon anode, the battery uses a lithium-metal anode that translates to a much faster charging time.
  • Medium's Steve LeVine explains the significance of the breakthrough here.

What to watch: QuantumScape, a 10-year-old spinout from Stanford University, said it will form a joint venture with VW to produce solid-state battery cells, starting in 2024, for the German automaker's electric vehicles, and eventually for other carmakers, per Reuters.

  • A VW spokesman said the timeline is more likely five to 10 years.

Go deeper

Ben Geman, author of Generate
Dec 8, 2020 - Energy & Environment

Toyota teases its first EV on new platform

Toyota yesterday offered a spare outline of an electric SUV it's developing for European markets.

Why it matters: It's slated to be the first vehicle made using Toyota's new e-TNGA platform.

Cuomo says words may have been "misinterpreted" following allegations of harassment

New York Gov. Andrew Cuomo at a Feb. 22 news conference. Photo: Seth Wenig/pool/AF via Getty Images

New York Gov. Andrew Cuomo issued a lengthy statement on Sunday saying he " never inappropriately touched anybody" but acknowledged that "some of the things I have said have been misinterpreted as an unwanted flirtation," after two of his former aides accused him of sexual harassment.

Why it matters: Prior to Cuomo's statement, in which he adds that he "never inappropriately touched anybody" or meant to make anyone uncomfortable, the governor's office and the state attorney general went back and forth in a public disagreement about how to investigate the allegations.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."