QuantumScape and Volkswagen's PowerCo Announce Landmark Solid-State Battery Deal; Stock Rises 32.7%

Jul 11, 2024, 12:35 PM

QuantumScape and Volkswagen's PowerCo have announced a landmark agreement to industrialize QuantumScape's solid-state lithium-metal battery technology. This collaboration aims to accelerate the commercialization of next-generation batteries, with PowerCo licensed to produce up to 40 GWh annually, with an option to expand to 80 GWh. The deal replaces a previous joint venture between the companies. Volkswagen plans to massively ramp up production of these batteries, which are expected to revolutionize various sectors, including electric vehicles. Following the announcement, QuantumScape's stock surged, rising 31% in pre-market trading and reaching up to 35% during the day. QuantumScape's CEO, Siva Sivaram, expressed pride in this milestone. The stock initially rose 16% and was up 32.7% pre-market.