Kensington Capital Acquisition, a special purpose acquisition company, completed the merge with QuantumScape, an American company that produces lithium batteries that are used in electric cars, in a $3.3bn deal. "Today marks a big step in the evolution of our company. This transaction allows QuantumScape to fund development and commercialization of our OEM-validated battery technology as we look forward to playing our part in the electrification of the automotive powertrain, helping transform one of the world's largest industries and fostering a cleaner future for all," Jagdeep Singh, QuantumScape Founder and Chief Executive Officer.