Qatar Investment Authority has disclosed that it holds an almost 5% stake in Quantumscape Corp worth around $446 million, Doha News reports.
A Securities and Exchange Commission filing from Qatar Investment Authority (QIA) disclosed that the Gulf state’s sovereign wealth fund holds a 4.69% stake in Quantumscape Corp (QS.N), a company that develops batteries for electric cars.
QIA was an early investor in Quantumscape before its stock launch and had a stake of 6.5% as of November 2020.
The new filing revealed a dilution in QIA’s stake due to an increase in the number of shares outstanding. QIA’s stake in Quantumscape is worth around $446 million.
Quantumscape was listed on the stock exchange in 2020 after a merger with a blank check company. The company’s current market value is $9.5 billion, and its biggest shareholder is Volkswagen AG, with a 26% stake.
Shares of Quantumscape are down 72.87% year-to-date. On Monday, it was trading at $23.08.
The California-based company is a 2010 starburst from Stanford University, whose early investors included Bill Gates-backed venture funds.
QS.N formed a joint venture with Volkswagen to make solid-state battery cells for Volkswagen’s electric vehicles starting in 2024.