QuantumScape partners with big carmaker to test battery prototypes

21 September 2021 - 17:08 By Reuters
Technicians work inside a QuantumScape Corp laboratory.
Technicians work inside a QuantumScape Corp laboratory.
Image: QuantumScape Corp

US battery maker QuantumScape Corp said on Tuesday it had partnered with an undisclosed large automaker to evaluate prototypes of its solid-state battery cells, sending the Volkswagen AG-backed firm's shares 11% higher.

The deal also includes an option for the automaker to purchase 10-megawatt hours worth of battery capacity from QuantumScape's pre-pilot production line facility.

While San Jose-based QuantumScape did not disclose the name of the automaker, it said the company was a "second top 10" automaker by global revenue.

It did not respond to a request for further details on the automaker.

Quantumscape, whose early investors included Bill Gates-backed venture funds, was spun-out in 2010 from Stanford University and went public last year in a blank cheque  merger.

It has a joint venture with VW to produce solid-state battery cells, starting in 2024, for the German automaker's electric vehicles and eventually for other carmakers.