QuantumScape to Join Russell 3000 Index and Russell 1000 Index
QuantumScape Corporation (NYSE: QS) will join the Russell 3000 and Russell 1000 Indexes effective June 28, 2021. This annual reconstitution recognizes the company's progress in developing solid-state lithium-metal batteries for electric vehicles. CEO Jagdeep Singh highlighted this milestone as a way to enhance awareness of their technology's potential to support the automotive industry's transition to electric powertrains. Membership in these indexes is based on market capitalization and style attributes, lasting for a year.
- Inclusion in the Russell 3000 and Russell 1000 Indexes highlights QuantumScape's market recognition.
- Membership may enhance visibility and credibility among investors and stakeholders.
- Significant barriers remain in scaling and completing solid-state battery development.
- Potential delays in manufacturing and regulatory approval may hinder commercialization efforts.
- Cost control challenges in manufacturing solid-state separator and battery cells could impact financial performance.
QuantumScape Corporation (NYSE: QS), a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles, today announced that it is set to join the broad-market Russell 3000 Index and Russell 1000 Index at the end of the 2021 Russell indexes annual reconstitution, effective after the U.S. markets open on June 28, 2021.
Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index, as well as the appropriate growth and value-style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
“We have been working for over a decade to create a longer range, faster charging and safer battery that can narrow the performance gap between EVs and internal combustion engine-powered vehicles,” said Jagdeep Singh, CEO and co-founder of QuantumScape. “Inclusion in the Russell indexes is a positive milestone on our journey, and we hope it will help generate broader awareness of the unique commercial opportunity represented by our solid-state lithium-metal technology and its ability to help the automotive sector transition to cleaner, electrified powertrains.”
More information on the Russell 3000 Index and the Russell indexes reconstitution is available on the FTSE Russell website.
About QuantumScape Corporation
QuantumScape is a leader in developing next generation solid-state lithium-metal batteries for electric vehicles. The company’s mission is to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.
Forward-Looking Statements
The information in this press release includes a “forward-looking statement” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QuantumScape’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to the following: (i) QuantumScape faces significant barriers in its attempts to scale and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QuantumScape may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QuantumScape solid-state battery, any of which could prevent QuantumScape from commercializing products on a timely basis, if at all, and (iii) QuantumScape may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells. QuantumScape cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QuantumScape is set forth under the “Risk Factors” section in the QuantumScape’s registration statement on Form S-1 filed with the Securities and Exchange Commission on May 17, 2021 and available on the SEC’s website at www.sec.gov.
Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.
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