- Automaker Volkswagen announced earlier this week that it invested $200 million in Stanford University spinout QuantumScape
Automaker Volkswagen announced earlier this week that it invested $200 million in Stanford University spinout QuantumScape — which is a company that is developing solid-state batteries that supports longer ranges and faster charging times.
Volkswagen and QuantumScape started their relationship originally back in 2012. And the two companies started a joint venture in 2018 in order to develop solid-state battery technologies and scale it commercially.
Originally, Volkswagen invested $100 million into QuantumScape in September 2018. And the additional $200 million is expected to be used to accelerate the joint development work.
“We are making technological progress with our partner QuantumScape. The additional investment will effectively strengthen and accelerate our joint development work.”
– Thomas Schmall, chairman of the Board of Management of Volkswagen Group Components — which has end-to-end responsibility for batteries.
“Volkswagen is taking e-mobility to the mainstream. A strong position in batteries is a decisive factor in this regard. We are securing our global supply base with efficient producers, gradually building up manufacturing capacities and driving the development of cutting-edge solid-state battery technology. Our focus in this context is on long-term strategic partnerships.”
– Frank Blome, Head of the Battery Cell business, Volkswagen Group Components