Bill Gates-backed vehicle battery supplier to go public through SPAC deal

Bill Gates-backed vehicle battery supplier to go public through SPAC deal

A solid-state battery development lab for QuantumScape.QuantumScapeA battery supplier for electric vehicles backed by Microsoft co-founder Bill Gates and Volkswagen is the newest automotive company to announce plans to go public through a special purpose acquisition company, or SPAC.QuantumScape Corp., a developer of what are known as "solid-state" batteries, on Thursday said it has entered into a definitive agreement to merge with blank check company Kensington Capital Acquisition Corp. to become a publicly traded company in the fourth quarter.It's the latest SPAC deal for an automotive company following electric vehicle company Nikola's IPO in early June.The implied value of the combined company, which will list under "QS" on the New York Stock Exchange, is $3.3 billion. QuantumScape is expected to receive more than $1 billion in cash and funding commitments, led