QuantumScape Corp. (QS) has made a major breakthrough claiming that its high energy density solid-state lithium-metal battery has improved life, safety, and better charging time.
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QuantumScape, a well-known battery startup with a market value of $27.27 billion, on Dec. 8 released performance data that reflects that its lithium battery technology has addressed key aspects in EV batteries, including charge time, safety, life cycle, and operating temperature.
QuantumScape Corp. (QS) stock rolled on Wednesday following the battery data release. QS shares rallied to the 52-week high of $87.50.
QS stock kicked off at $73.23 from the prior close of $57.90. By the day’s close, QS shares had added +$17.24 to its price at $75.14, up by 30%. The trading volume rallied to 52 million compared to the average volume of 4.4 million.
The battery startup, backed by Bill Gates and Volkswagen, is a leading manufacturer in EV batteries; developing the next generation solid-state lithium-metal batteries.
QuantumScape in its recent research data reported that its new technology is ready to power cheap, long-range electric vehicles (EVs) within the next four years. The data addresses some key issues pausing the widespread adoption of high-energy-density solid-state batteries.
QuantumScape claims that its lithium-metal battery offers greater capacity compared to in use lithium-ion batteries. The lithium-metal battery has better recharging capability and could operate at low temperatures. Moreover, the battery can also be recharged in consecutive phases without degrading.
The company has shown the world that solid-state lithium-metal batteries can be commercialized and become reality in the advancing EV industry. The battery industry has pursued this for decades, and QuantumScape has delivered the deserved battery technology to obtain what was missing for years.
The new lithium battery compared to lithium-ion batterieswill enable EVs with a suitable driving range comparable to combustion engine-based vehicles. QuantumScape says that their solid-state battery will provide up to 80% longer range compared to conventional batteries. The report shows that the battery has an 80% charging capacity in just 15-mintues.
The CEO of QuantumScape, Jagdeep Singh believes that solid-state batteries have the potential to make electric vehicles the most dominant form of transportation. This will massively save the environment from carbon-emission and neutralize the air space.
The traditional combustion cars take merely 5 to 10 minutes to refuel, while the best existing EV batteries still take about 1 hour. When we talk about the future, the EV market is the most evolving car industry. So, the batteries that power the EVs must be efficient and up to the ranks. Today’s batteries are not that competitive.
Lithium-ion technology has provided the stepping stone to power the first generation of EVs in near future. QuantumScape Corp. (QS) believe that they have created a foundation that will transform the electrified automotive fleet.