After revealing its test results for the solid-state battery that has been in development, EV startup QuantumScape has enjoyed a 60% rise on the New York Stock Exchange in the past month. This development sees the Westbury, NY-based company rise beyond its $22 billion market cap level.
In its latest exhibition, QuantumScape was able to prove that its solid-state battery is capable of charging to a level of 80% within 15 minutes. It can also keep that same level of capacity after 800 charging cycles, and possesses more than double the energy density of the best commercial lithium batteries out there.
While planning has already begun, QuantumScape is not expected to begin development on its solid-state battery until 2025. That’s when it’s expected that the first batteries will be used to support electric vehicles manufactured by Volkswagen, one of the EV startup’s main financial backers.
Despite this lengthy timeline, this EV startup is widely believed to have successfully tackled the challenge of developing an electric vehicle battery that is both quick to charge and safe.
Founded in 2010 by CEO Jagdeep Singh, QuantumScape is financially backed by the likes of Microsoft co-founder Bill Gates and Volkswagen.
