Interestinghttps://www.wsj.com/articles/why-the-hype-around-battery-startup-quantumscape-is-discharging-11629887644?
QuantumScape became a stock-market sensation, with a strong following among individual investors. Valued at $3.3 billion in the deal that brought it to market, the company reached a peak enterprise value of more than $30 billion as 2021 dawned, according to FactSet (more, factoring in stock options and other forms of share issuance).
A steadily falling share price has since brought that number back to about $7.3 billion. Even that is out of kilter with peers. Solid Power, another solid-state startup, agreed to merge with a SPAC in June at an enterprise value of $1.2 billion. British peer Ilika is capitalized at less than $300 million.
Some investors might be comforted by the backing of Volkswagen. In reality, the German automotive giant’s ongoing support may say more about the strategic priorities of Chief Executive Herbert Diess, a big fan of electric vehicles, than about QuantumScape. VW also got in cheap: It paid $300 million in various installments for a 17.7% stake, implying an equity value of $1.7 billion.
Factoring in stock options, QuantumScape’s “diluted” equity value is now $10 billion. It is a lot to take on little but hope and trust.
Take away: Compare it to NANO valuation trajectory and all the applicable modalities: LFP, NMC, LNMO and partners involved. :)
https://nanoone.ca/technology/market-opportunity/
Market forecasts indicate annual $23B in cathode powders by 2025 (ref: Avicenne Energy 2018) representing a $1B licensing opportunity for Nano One.