QuantumScape: Agreement Signed With Volkswagen to Select Location for JV Pilot-Line Facility
May 14 2021 - 9:32AM
Dow Jones News
By Michael Dabaie
QuantumScape Corp. said Friday it signed an agreement with
Volkswagen Group of America Inc. to select the location of their
joint-venture solid-state battery pilot-line facility by the end of
2021.
QuantumScape, which is developing lithium-metal batteries for
use in electric vehicles, said the companies currently contemplate
Salzgitter, Germany, for the location.
The pilot-line facility, QS-1, will initially be a 1-gigawatt
hour battery cell commercial production plant for electric vehicle
batteries. QuantumScape and Volkswagen plan to expand production
capacity by a further 20 GWh at the same location, the company
said.
In late March, QuantumScape announced an additional $100 million
in funding from Volkswagen after Volkswagen confirmed through tests
at its labs in Germany that QuantumScape cells met the established
technical milestone.
QuantumScape shares were up 5%, to $27.80, premarket.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
May 14, 2021 09:17 ET (13:17 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Quantumscape (NYSE:QS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quantumscape (NYSE:QS)
Historical Stock Chart
From Apr 2023 to Apr 2024