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  "documentTitle": "QuantumScape (QS)",
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  "authorName": "Scorpion Capital",
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      "text": "Its 10K filing, however, suggests that the thickness is a problem – \"our business could fail\" if we can't reduce its thickness and overcome other barriers.",
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      "text": "energy density: >400 Wh/kg",
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      "text": "Quantumscape claims an energy density >400 Wh/kg, but we see no mention of the thickness of its solid-state separator – without which the energy density claim is meaningless. Its 10K filing, however, suggests that the thickness is a problem – “our business could fail” if we can’t reduce its thickness and overcome other barriers.",
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      "text": "We are likely to encounter engineering challenges as we increase the dimensions, reduce the thickness and increase the volume of our solid-state separators. If we are not able to overcome these barriers in developing and producing its solid-state separators at commercial volumes, our business could fail.",
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      "text": "We are working to improve the reliability and performance of our solid-state separator, including decreasing the thickness.",
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      "text": "\"We are working to improve the reliability and performance of our solid-state separator, including decreasing the thickness.\" — QuantumScape 10K. \"We are likely to encounter engineering challenges as we increase the dimensions, reduce the thickness and increase the volume of our solid-state separators. If we are not able to overcome these barriers in developing and producing its solid-state separators at commercial volumes, our business could fail.\" — QuantumScape 10K.",
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      "kind": "source-note",
      "text": "Note: Red text and dotted circle inside slide is ours for emphasis. Source: https://s26.q4cdn.com/263384136/files/doc_presentation/2021/1/Data-Launch-Updated-Post-Presentation-20210107-2.pdf https://www.sec.gov/ix?doc=/Archives/edgar/data/1811414/000156459021007621/qs-10k_20201231.htm",
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      "text": "Red flag 1 (cont'd): QS claims an outlandish energy density >400 Wh/kg, but their separator appears to be 7X or more too thick to achieve it – which implies an energy density far lower than even conventional Li-ion batteries. QS SEC filings vaguely allude to but bury the struggle.",
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      "text": "6) Red flags around scaling and manufacturability render Quantumscape's cells a pipe dream",
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