QuantumScape, the 10-year-old Silicon Valley battery startup backed by Volkswagen AG , said on Thursday it plans to go public through a reverse merger with Kensington Capital Acquisition Corp with an enterprise value of $3.3 billion.
Venture backers include Bill Gates, Khosla Ventures and Kleiner Perkins. The Qatar Investment Authority also participated in the latest funding round.
The SPAC deal is expected to close in late 2020, when the new company will trade on the NYSE under the ticker symbol QS.
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