Scorpion Capital has initiated a short position on QuantumScape, which it called a scam, according to a report released by the activist short seller.
- Scorpion Capital said QuantumScape is “no different” than other recently exposed special purpose acquisition companies (SPAC) and electric vehicle frauds.
- Interviews conducted with Volkswagen employees indicate that engineers and battery experts are “highly skeptical” of QuantumScape’s claims.
- Scorpion Capital said Quantumscape lacks credibility on key technical claims regarding the resistance of solid-state material on dendrites, battery performance in low temperatures, fast charging to 80% in under 15 minutes, long battery life to 1,000+ cycles, the battery life in low temperatures, and aggressive automotive power profiles.
- “Key scientific and technical claims are misleading, grossly exaggerated, or fraudulent,” the study said.
- The Scorpion Capital study includes 15 interviews, including nine former research and development employees, four solid-state battery experts, and two employees in Volkswagen’s EV battery effort.