- 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.
Key Quotes:
“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
