https://techcrunch.com/2020/09/03/vw-backed-quantumscape/

QuantumScape, the solid-state battery company backed by Volkswagen Group, has agreed to merge with a special purpose acquisition company Kensington Capital Acquisition Corp. as it aims to raise the capital it needs to commercialize solid-state batteries for electric vehicles.

The merger will give QuantumScape a post-deal market valuation of $3.3 billion.