QuantumScape Stock Pops on EV Battery Deal with Volkswagen's PowerCo

Shares of QuantumScape Corporation (QS) jumped successful intraday trading Thursday aft nan electric conveyance (EV) artillery shaper reached a licensing woody pinch Volkswagen Group’s artillery institution PowerCo.

The woody grants PowerCo a non-exclusive licence to utilize QuantumScape’s exertion level successful nan wide accumulation of artillery cells. Volkswagen’s EV artillery section will beryllium allowed to nutrient up to 40 gigawatt-hours (GWh) annually pinch an action to grow up to arsenic overmuch arsenic 80 GWh, aliases capable batteries to powerfulness astir 1 cardinal EVs per year, nan merchandise said.

Deal Seen Helping Accelerate Adoption of QuantumScape's Battery Technology

“Combining our cutting-edge exertion pinch PowerCo’s expertise successful manufacturing and industrialization, this woody establishes a blueprint for a capital-light business attack and positions america astatine nan forefront of power retention innovation,” QuantumScape Chief Executive Officer (CEO) Dr. Siva Sivaram said. “Working intimately pinch PowerCo arsenic our first customer will thief america accelerate commercialization and take of these game-changing batteries together.”

Shares of QuantumScape surged astir 30% to $7.01 arsenic of 12:30 p.m. ET Thursday. They are fundamentally level connected nan year.