Shares of QuantumScape jumped as a lot as 18% on Wednesday to $59.80 a share after the electrical automobile battery maker reported clearing a key hurdle in the development of its expertise.
The firm is attempting to develop solid-state lithium-metal batteries for electric vehicles, a feat a number of EV startups are presently working in direction of. In its first quarterly monetary report, QuantumScape mentioned it was capable of produce multi layer battery cells, a essential step of progress in direction of the remaining product.
“While there may be nonetheless a lot of labor to be accomplished and we may encounter new challenges as we enhance our layer rely, that is an extremely essential end result, and we’re excited to have this so early in the yr,” CEO Jagdeep Singh mentioned in a letter to buyers that was a part of the firm’s first quarterly monetary report.
The subsequent step in creating the solid-state batteries might be to extend the variety of layers in the multilayer cells whereas rising the dimension of the layers.
QuantumScape mentioned that attaining these milestones in 2021 will allow the firm to ship the multilayer battery cells subsequent yr. To additional scale-up manufacturing QuantumScape might be constructing a facility in San Jose, California. The EV battery-maker nonetheless must safe a long-term lease for the constructing, however says it expects the facility to be producing cells by 2023.
Volkswagen has dedicated to utilizing QuantumScape’s battery expertise in its electrical automobile. QuantumScape mentioned that the new facility will permit it to offer early battery cells to Volkswagen.