Quantumscape, an electric battery start-up backed by volkswagen and bill gates, would be to get public from the nyc stock-exchange because seeks to commercialise a technology it states could almost double the selection of a power vehicle.

The company, that has been spun out from stanford university in 2010, stated it could merge with kensington capital purchase corp in an offer valuing it at $3.3bn.

It stated it can raise $700m through the exchange, including a $500m purchase of shares to investors including fidelity and janus henderson.

It would be the highest-profile report on an united states battery company since a123 techniques, which moved public in 2009 before filing for bankruptcy in late 2012.

Quantumscapes backers feature silicon valley investors kleiner perkins, khosla ventures and bill gates breakthrough energy ventures.

Its biggest shareholder is vw, with spent above $300m into the organization in a relationship the carmaker has said is geared towards industrial-level creation of solid-state batteries whilst seeks to build 22m electric cars over the following ten years.

The battery company is led by jagdeep singh, some type of computer scientist and entrepreneur.

The start-up says its technology provides a substantial enhancement regarding the energy storage space of a lithium-ion battery, while also having the potential to be less dangerous and less expensive.

Its cells utilize a ceramic solid electrolyte as opposed to a liquid one, as in many mainstream lithium-ion electric batteries. additionally they have a lithium steel anode instead of a graphite one, that allows battery pack to keep more power.

Solid-state batteries have been the main focus of electric battery start-ups over the past ten years but have never been utilized in electric cars. dysons electric vehicle project utilized these types of cells, but the company pulled the plug in the automobile a year ago.

Simon moores, an analyst at benchmark mineral intelligence, said that despite quantumscapes technology he did not expect solid-state battery packs to stay electric automobiles until after 2030, and they would be utilized in drones first.

The ev could be the harshest environment for an electric battery going into, he said. thats the challenge. solid-state lithium metal could be the future nonetheless they have to show it.

Quantumscape said it would have $1.15bn in money following the merger and that it had been seeking to scale up its cell manufacturing and develop a factory. by 2028 it aims to make sufficient electric batteries for 910,000 vehicles per year, it stated.

It is one of many assets made by vw, the globes largest carmaker, because it attempts to gain a foothold in the brand-new electric vehicle economy.

Vw last might said it would spend 1.1bn to acquire a 26 percent risk in shenzhen-listed battery pack manufacturer gotion state-of-the-art, which makes it the companys biggest shareholder.

The wolfsburg-based carmaker normally building battery cellular facilities in germany, in conjunction with swedens northvolt, and has a partnership with chinas catl.