QuantumScape Corp. impressed the electric vehicle (EV) industry on Thursday after Volkswagen battery subsidiary PowerCo said its solid-state battery (SSB) has exceeded expectations.
It has been a little over a year since QuantumScape delivered its first batch of 24-layer SSBs for testing. The energy-dense battery cells aim to accelerate the development of EVs by improving safety, charge time, and driving distance.
Volkswagen and other original equipment manufacturers (OEMs) supported the California-based firm by helping test its prototypes. Since its founding in 2010, QuantumScape’s research development (R&D) has centered on improving the energy density of its solid-state cells.
The German automaker said QuantumScape’s latest prototype surpassed all metrics in the first phase of PowerCo’s endurance test. Volkswagen was one of the battery developer’s earliest partners and has remained one of its largest investors.
Even after 1,000 charging cycles (CC), the SSB barely aged and still had 95.00% discharge energy retention, according to PowerCo. An average EV battery must be replaced after 1,500 to 2,000 CC, causing its retention rate to fall to 70.00% capacity.
Optimism over the positive test results made QuantumScape the biggest gainer on Thursday, gaining 43.08% to $9.30 per share. It was also the company’s best single-day performance since its stock advanced 57.50% in November 2020.
Shares in QuantumScape have risen 72.40% throughout last year.
PowerCo Sees QuantumScape as the Future of EVs
Limited driving distance and long charge times have consistently been a significant criticism for EVs. A single charge typically runs out after 250 miles and may take approximately 30 minutes to recharge.
PowerCo claimed that a 24-layer QuantumScape SSB can travel 400 to 500 miles on a single charge. The fast-charging solid-state cell can also gain 10.00% to 80.00% in 15 minutes.
In addition, the useful life of current-generation EV batteries typically lasts between 100,000 and 200,000 miles. QuantumScape’s SSB can provide several times the driving distance, earning it the moniker ‘forever battery.’
The key is the 24-layer solid-state drive’s slow degradation rate of under 1.00% after 100 charging cycles or 40,000 miles. The battery can retain over 80.00% of its initial charging capacity after 400 CC or 160,000 miles.
