Monday, July 15, 2024

New Partnership: Volkswagen Teams Up with US Startup QuantumScape for Solid-State Batteries

Volkswagen partners with US startup QuantumScape for solid-state batteries – Agreement to mass-produce battery cells announced

Volkswagen Partners with QuantumScape for Mass Production of Solid-State Batteries

Volkswagen has announced a groundbreaking agreement with U.S. startup QuantumScape to produce solid-state batteries for their vehicles. The German carmaker’s battery unit, PowerCo, will now have the license to mass-produce battery cells based on QuantumScape technology.

This new partnership, announced on Thursday, marks a significant advancement in the automotive industry’s shift towards electric vehicles. Solid-state batteries have the potential to hold more energy than current liquid electrolyte batteries, addressing the limited range that has been a concern for consumers.

Under the terms of the agreement, Volkswagen’s PowerCo can manufacture up to 40 gigawatt-hours (GWh) per year using QuantumScape technology, with the option to expand to 80 GWh. This capacity would be enough to equip approximately 1 million vehicles annually.

Shares in QuantumScape surged 40% in pre-market trade following the news of the partnership. Volkswagen’s stake in QuantumScape, currently valued at $459 million, demonstrates the company’s commitment to advancing battery technology for electric vehicles.

“This partnership allows us to leverage QuantumScape’s innovative technology and our manufacturing expertise to scale up production for our vehicles,” said PowerCo CEO Frank Blome. The companies will work towards integrating the solid-state batteries into a Volkswagen Group vehicle series.

The agreement replaces a previous joint venture between Volkswagen and QuantumScape, showing the continued evolution of their collaboration in the electric vehicle space. With the expertise and resources of both companies combined, the transition to industrial-scale production of solid-state batteries is expected to accelerate.

This partnership signifies a significant step forward in the development of solid-state battery technology for electric vehicles, with Volkswagen and QuantumScape leading the way towards a more sustainable future for the automotive industry.

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