Batteries for premium electric vehicles have attracted attention to the shares of QuantumScape
Car battery manufacturer QuantumScape Corporation (QS) rose 6.88% to $18.48 at auction on March 28. The market capitalization was $8.16 billion. The reason was the announcement of a partnership with the manufacturer of premium cars.
The driver of growth was the report of the Manager Magazin publication that QuantumScape is working with the Porsche automobile brand to create an electric version of the famous 911 car. QuantumScape specialists are working on a new solid-state battery, which should provide increased safety and high performance.
Such batteries are the major activity of QuantumScape, and the company has previously attracted the attention of investors with a message that major automakers are showing interest in its technologies. The major advantage of solid—state batteries, which QuantumScape promises, is a reduced fire hazard in comparison with conventional lithium-ion batteries with liquid electrolyte.
Also, QuantumScape expects to offer a longer service life and about one and a half times higher capacity with the same battery weight. QuantumScape has a long-standing partnership with the Volkswagen carmaker, which owns the Porsche brand. In particular, in 2021, Volkswagen invested $100 million in QuantumScape, after successfully showing new batteries in laboratory conditions.
The companies also signed an agreement on the creation of an experimental line for the production of solid-state batteries. Therefore, rumors about participation in the development of the new 911 model seemed plausible to investors. We should note that QuantumScape plans to start commercial production of batteries by 2024.
