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QuantumScape Corp. shares rose more than 5% in after-hours trading Tuesday after the battery-making startup reported a larger-than-expected loss in its first quarterly report as a public company, and said it will build a power plant. test in California. . QuantumScape QS, -7.32% said it lost $ 695 million, or $ 2.41 a share, in its fiscal fourth quarter, compared to a loss of $ 14.3 million, or 6 cents a share, in the quarter. from the previous year.

QuantumScape is a pre-revenue company. Analysts surveyed by FactSet expected a loss of 6 cents a share in the quarter. The company announced that it decided to build a “pre-pilot line facility” in San Jose, California, which it named QS-0. The plant “is designed to have a highly automated, continuous flow line capable of building more than 100,000 engineered cell samples per year,” said QuantumScape. The goal is for the plant to produce battery cells by 2023, he said. Additionally, the company said it expects to lease a second building in the second half of 2021. QuantumScape, founded in 2010, went public in November through a blank checking company. In December, it released performance data for its solid-state lithium metal battery, saying, among other highlights, that according to the company’s testing, its battery cells showed the ability to charge faster. The company said it plans to spend between $ 230 million and $ 290 million on combined operations and capital expenditures. It would enter 2022 with more than $ 900 million in liquidity, “sufficient funds, we believe, to finance us through the first production,” he said in a letter to shareholders.