QuantumScape was founded in 2010 by Jagdeep Singh, Tim Holme and Professor Fritz Prinz of Stanford University.[4] In 2012, QuantumScape began working with German automaker Volkswagen.
In 2018, Volkswagen invested $100 million in the company, becoming the largest shareholder. In the same year, Volkswagen and QuantumScape announced the establishment of a joint production project to prepare for mass production of solid state batteries.[3] In June 2020, Volkswagen invested an additional $200 million.[5]
In 2020, QuantumScape merged with the special-purpose acquisition company Kensington Capital Acquisition. As a result of the merger, QuantumScape received $1 billion in financing, from investors including Volkswagen and the Qatar Investment Authority.[3] At the same time, the company's shares listed on the New York Stock Exchange under the symbol QS.[6] In the last quarter of 2020, QuantumScape briefly surpassed the valuation of Ford Motor Co. without a commercial product and without revenue.[7]
On April 15, 2021, hedge fund Scorpion Capital announced their short position in the stock, labeling the company a pump-and-dump scheme.[8]
On June 26, 2022, the company announced the production of a solid-state battery with a range of 650 km and a charge time of 15 minutes.[9]
At the beginning of 2024, Volkswagen and QuantumScape presented a battery prototype in a press release based on the technologies developed by QuantumScape, which has 1000 charging cycles with only 5% capacity loss and an energy density that is at least a third higher.[10] In July 2024, VW PowerCo and QS announced an agreement for volume production. The initial goal is 40 gigawatt-hours’ worth of batteries per year.[11]
