With its stock price down about 72% year-to-date amid an overall cooling in the SPAC craze, QuantumScape founder and CEO Jagdeep Singh has a message to the market.
The upstart solid state battery maker remains on track with everything it said it would do when it debuted via a SPAC transaction late in 2020.
Singh said on Yahoo Finance Live the company is still eyeing commercialization of its battery technology in the 2024-2025 timeframe. Its key partner and backer Volkswagen will be the first recipient of those batteries. Prototypes of the batteries will be delivered in 2022 to original equipment providers (namely Volkswagen).
Singh says the company is not looking at a capital raise in the near-term to support the build out of its manufacturing footprint.
QuantumScape said it plans to enter 2022 with $1.3 billion in total liquidity.
“I think what’s encouraging is to see us tracking well to that timeline,” Singh said of the start of commercialization of its batteries.
QantumScape was founded in 2010 by Singh and backed early by Microsoft founder Bill Gates and auto giant Volkswagen. Both continue to be investors in QuantumScape.
