Shares of QuantumScape (NYSE:QS) were trading sharply higher Wednesday after the start-up provided an update on its research-and-development efforts and said that it will soon have enough cash to get its innovative batteries into production.
As of 2:15 p.m. EST, QuantumScape’s shares were up about 23.4% from Tuesday’s closing price.
QuantumScape reported its fourth-quarter and full-year results after the market closed on Tuesday. Most of the numbers were about as expected, given that the company doesn’t yet have any meaningful revenue: On an operating basis, it lost $30.2 million in the quarter.
But there were a couple of items of note. First, in the wake of the merger that took it public last year, it now has about $1 billion on hand — and it expects to receive another $100 million from strategic investor Volkswagen (OTC:VWAGY) by the end of the first quarter. That’s enough to see it through the start of production of its solid-state batteries, it said. (Put another way, QuantumScape won’t need to raise additional capital any time soon.) Read more…..
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