Stanford spinout QuantumScape is set to merge with NYSE-listed Kensington Capital Acquisition in a $700m deal that will value the combined company at $3.3bn.

QuantumScape, a US-based solid-state battery developer spun out of Stanford University, agreed to a reverse merger with special purpose acquisition company Kensington Capital Acquisition Corp yesterday to list on the New York Stock Exchange (NYSE). The deal will net QuantumScape more than $700m in proceeds, including a $500m private investment in public equity deal anchored…

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