$QS test cells truly are small. Note further that the cell they used for their energy density data is even smaller, just 30mmx30mm (slightly over quarter-sized). Not good to use different size/formats of cells for different data sets at their stage of the game, and since they didn't post areals on that slide, the energy of the whole cell used in that data set is unknown. They also didn't show room temp data for the energy density. $QS, QuantumScape Corporation / H1 2. SEC filings disclose that Quantumscape is not solid-state; they are using a liquid in their "catholyte". This of course gives them improved rate performance. But they removed the footnote stating the presence of a liquid from their public data presentation. Meanwhile, they carefully refer to their "solid state separator" when one skilled in the art would expect to hear "solid state electrolyte". So does it even have an elyte function? Or is it "just" a separator, like say Pellion's or Soteria's? Significantly, the SEC filing also reveals that the separator is the only part they will make themselves, as the manufacture of batteries is JV'd with VW. So they're a $40B separator company? Color me confused.Trade QS on T2BF 3. The presence of an organic liquid electrolyte is particularly relevant to the safety question, of course. In the DSC data that CEO Singh offered as evidence "as to safety", only the solid separator is included, NOT the liquid/polymer catholyte system. We all know that solid separators (including those in today's LIBs) aren't the ignition concern, the electrolytes are. So that was a big eyeroll from me. 4. The SEC filing also reveals that they will need "over a hundred" layers to make a commercially viable cell, which CEO Singh repeatedly says "dozens". Technically true, I suppose, but why doesn't he use the same language as the filing? 5. The separator they show a picture of in the ppt appears to be MUCH thicker than the 20 um ARPA-E target for solid state viability. No actual measurement provided. 5. Finally, it has not been discussed enough that the panel singing the praises of Quantumscape's "solid state" technology at the public data showcase was composed of 7 out of 8 people with a financial interest in $QS. It pains me to say it, because there are certainly members of that panel that I like and respect. But these financial interests should have been disclosed.Notes via a userTrade QS on T2BF