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| Jagdeep Singh [Image - Yahoo Finance] |
QuantumScape Corp., a US-based energy storage startup company, has offered a billion-dollar salary package to its Indian-origin CEO Jagdeep Singh. QuantumScape was founded in 2010 by Jagdeep Singh along with Tim Holme and Professor Fritz Prinz of Stanford University.
QuantumScape Corp. has approved a multi-billion dollar salary package for Jagdeep Singh in the meeting of its shareholders. They will be allotted the shares of the company as part of the salary. According to the estimates of proxy advisory firm Glass Lewis, the value of the shares of the company to be allotted to Jagdeep Singh could be around $2.3 billion (about Rs 174.86 billion).
Pay package of Jagdeep Singh is being compared in the EV industry to Tesla CEO Elon Musk, who received almost $6.7 billion in compensation last year. And, similar to Jagdeep the staggering pay package of Elon Musk also came in the form of stock options that give him the right to purchase shares of Tesla at a pre-set price, as opposed to a salary or cash bonuses.
Jagdeep holds masters degree from prestigious Stanford University and graduate from University of Maryland, College Park -- a public land-grant research university in College Park, Maryland, U.S
Notably, the investors of QuantumScape include Bill Gates, Khosla Ventures, LightSpeed and Volkswagen, among others.
QuantumScape is developing next-generation solid-state lithium-metal batteries for use in electric vehicles (EV). The company aims to change the paradigm in energy storage by developing a completely new class of electrical energy storage device.
According to the company's data, its battery cell could charge to 80% of
capacity in 15 minutes. Further, it retains more than 80% of its
capacity after 800 charging cycles, is non-combustable and boasts nearly
double the energy density of high-end commercial lithium batteries.
Last year, the company's shares got listed on the New York Stock Exchange (NYSE) under the symbol QS.QuantumScape’s data showed that its battery cell could charge to 80% of capacity in 15 minutes. Further, it retains more than 80% of its capacity after 800 charging cycles, is non-combustible and boasts nearly double the energy density of high-end commercial lithium batteries.