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Saturday, January 29, 2022

Qatar wealth fund holds nearly 5% stake in electric car battery developer Quantumscape Corp


Qatar Investment Authority has disclosed that it holds an almost 5% stake in Quantumscape Corp worth around $446 million.

A Securities and Exchange Commission filing from Qatar Investment Authority (QIA) disclosed that the Gulf state’s sovereign wealth fund holds a 4.69% stake in Quantumscape Corp (QS.N), a company that develops batteries for electric cars.

QIA was an early investor in Quantumscape before its stock launch and had a stake of 6.5% as of November 2020.

The new filing revealed a dilution in QIA’s stake due to an increase in the number of shares outstanding. QIA’s stake in Quantumscape is worth around $446 million.

Read also: Qatar’s economy ’emerging strong’ post Covid-19 pandemic: PwC

Quantumscape was listed on the stock exchange in 2020 after a merger with a blank check company. The company’s current market value is $9.5 billion and its biggest shareholder is Volkswagen AG, with a 26% stake.

Shares of Quantumscape are down 72.87% year-to-date. On Monday, it was trading at $23.08.

The California based company is a 2010 starburst from Stanford University, whose early investors included Bill Gates-backed venture funds.

QS.N formed a joint venture with Volkswagen to make solid-state battery cells for Volkswagen’s electric vehicles starting in 2024.

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