Electric vehicle (EV) battery start-up Quantumscape Corp (NYSE:QS) shares closed nearly 50% higher Thursday after tests from Volkswagen subsidiary PowerCo SE confirmed the endurance potential of its solid-state cell.
QuantumScape's solid-state cell, which features a lithium-only anode battery with no liquid electrolyte, surpassed industry-standard expectations.
The battery achieved over 1,000 charging cycles while retaining more than 95% capacity. In practical terms, this means an electric car equipped with this technology could cover more than 500,000 kilometers without any noticeable loss of range.
PowerCo SE, the battery company of the Volkswagen Group (XETRA:VOW), announced it had confirmed the results of QuantumScape's solid-state cell in an endurance test. "These are very encouraging test results and a milestone on the way to series production of the solid-state cell,” Frank Blome, CEO of PowerCo said in a statement.
"We are convinced of the solid-state cell and are continuing to work at full speed with our partner QuantumScape towards series production."
The standardized test procedures for newly developed battery cells prioritize robustness, with industry-standard targets typically set at 700 charging cycles and a maximum capacity loss of 20%. QuantumScape's solid-state cell not only exceeded these specifications but also demonstrated proficiency in fast-charging capability, safety, and self-discharge.
Jagdeep Singh, CEO of QuantumScape, expressed enthusiasm about the results. "We are not aware of any other automotive-format lithium-metal battery that has shown such high discharge energy retention over a comparable cycle count under similar conditions."
The next phase involves perfecting and scaling the manufacturing processes as QuantumScape and Volkswagen move closer to series production. Volkswagen's unified cell concept, developed by PowerCo, is deemed suitable for integrating solid-state cell technology.
QuantumScape’s Singh told investors that the company is hoping to bring it to market “as quickly as possible."
Shares of QuantumScape were trading around US$9.23 in Friday’s premarket.