DUBAI, Aug 2 (Reuters) - Sovereign wealth fund Qatar
Investment Authority (QIA) holds a 4.69% stake in Quantumscape
Corp, which is developing batteries for electric cars, a
Securities and Exchange Commission filing by the company showed.
QIA was an early investor in the company before its IPO and
had a stake of 6.5% as of November last year, based on a
However the new filing does not show any change in the
number of shares it owns, but a dilution in its stake due to an
increase in the number of shares outstanding.
QIA's stake in Quantumscape is worth around $446 million at
the company's current market value of $9.5 billion, according to
Refinitiv Eikon data on Monday.
Quantumscape was listed last year after a merger with a
special purpose acquisition company (SPAC).
Shares of Quantumscape are down over 70% year-to-date. On
Monday, it was trading at $23.27 at 1915 GMT, up 1%, erasing
Volkswagen AG is the company's biggest
shareholder with a 26% stake.
San Jose-based Quantumscape is a 2010 spin-out from Stanford
University whose early investors included Bill Gates-backed
venture funds. It formed a joint venture with VW to produce
solid-state battery cells, starting in 2024, for VWs electric
vehicles, and eventually for other carmakers.
Gulf sovereign funds have stepped up investments in electric
cars, new technologies and renewables, as they diversify their
investments away from fossil fuel.
The Public Investment Fund, the sovereign wealth fund of
neighbouring Saudi Arabia, recently made huge gains through the
listing of Lucid Group after it initially invested in
the company in 2018. PIF owns 62.7% of Lucid.
(Additional reporting by Kanika Sikka in Bengaluru)