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QuantumScape partners with 'large' automaker to test battery prototypes

U.S. battery maker QuantumScape Corp said on Tuesday it had partnered with a large automaker to evaluate prototypes of its solid-state battery cells, sending the Volkswagen AG-backed firm's shares 11per cent 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.

San Jose-based QuantumScape declined to identify the automaker, but said the company was a "second top ten" automaker by global revenue.

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-check merger.

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

Source: Reuters


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