QuantumScape Stock Soars on Solid State Battery Test Results
Shares in energy storage company QuantumScape (NYSE: QS) soared yesterday after Volkswagen (OTC: VWAGY)announced that QuantumScape’s solid-state cell passed its first endurance test. The company’s share price surged more than 40% in morning trading on Thursday, and climbed again in Friday morning’s session.
Volkswagen’s test demonstrated that after 1,000 charging cycles, QuantumScape’s solid-state battery still had more than 95% capacity. The company concluded that a car using the battery could drive more than 300,000 miles without an appreciable loss in range.
Commenting on the results, Frank Blome, the CEO of PowerCo, Volkswagen’s battery company, said, “These are very encouraging test results and a milestone on the way to series production of the solid-state cell.”
Solid-state batteries are still in development, but have several advantages over lithium-ion batteries currently used in electrical vehicles, including providing longer ranges and charging more quickly.
About QuantumScape Corporation
QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future. For more information, visit www.quantumscape.com.
