- The stock price of QuantumScape Corp (NYSE: QS) increased by over 13% during intraday trading. This is why it happened.
The stock price of QuantumScape Corp (NYSE: QS) increased by over 13% during intraday trading. Investors are responding positively to QuantumScape announcing it has partnered with an undisclosed large automaker for evaluating prototypes of its solid-state battery cells, according to Reuters.
This deal includes an option for the automaker to buy 10-megawatt hours worth of battery capacity from QuantumScape’s pre-pilot production line facility. QuantumScape did not disclose the name of the automaker. But they said it was a second top ten automaker based on global revenue.
QuantumScape spun out of Stanford University in 2010 and it counts Bill Gates as an early investor. The company went public last year after merging with a special purpose acquisition company (SPAC). Plus Quantumscape has a joint venture with Volkswagen for producing solid-state battery cells starting in 2024.
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