1. QuantumScape's development of solid-state lithium metal cells positions the company as a key player in the EV battery niche. 2. As the niche grows, QS should be able to maintain sufficient liquidity to grow and achieve profitability sooner than expected. 3. The potential size of the solid-state battery market could significantly narrow the gap with the lithium-ion battery market in the next 10-12 years, making QuantumScape a potential 10-bagger in the next few years. 4. The analyst initiates coverage with a 'Buy' rating.