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      "text": "Thickness negates the entire rationale for a solid-state cell – without it, all key QS claims go out the window.",
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      "text": "QS cell diagram showing “Solid State Separator”",
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      "text": "QS 10K – “our business could fail” with a thick separator. Experts, ex-employees indicate failure to disclose separator thickness is a massive red flag.",
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      "text": "Aside from liquid, we note red flags around the thickness of the solid-state separator – a key element of the cell and essential to it being “solid-state.” The separator must be ultra-thin to have a viable energy density – so thin that it’s a super-human, unsolved problem. Ex-employees suggest that QS is struggling with a separator so thick that it’s dead on arrival. Thickness negates the entire rationale for a solid-state cell – without it, all key QS claims go out the window.",
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      "text": "Quantumscape’s SEC filings vaguely allude to unsolved separator thickness as a risk factor but otherwise bury the struggle.",
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      "text": "\"The other thing that they're not showing is separator thickness across the board...I mean, if they reported separator thickness, that would go a long way toward answering these questions.\" — Solid-state expert; \"One of the solutions was to make the separator thicker, and that typically reduces the performance of the cell, and it quickly negates a lot of the advantages that solid-state gives ...If they say they can make a separator that works, but they won't tell us how thick it is...\" — Ex-employee",
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      "text": "Source: Scorpion Capital consultation calls with experts; https://s26.q4cdn.com/263384136/files/doc_presentation/2021/1/Data-Launch-Updated-Post-Presentation-20210107-2.pdf",
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      "text": "1) Introduction to Quantumscape",
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