QuantumScape partners with big carmaker to test battery prototypes
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.