QuantumScape Corporation, just disclosed to the U.S. Securities and Exchange Commission (SEC) its new cooperation with another top ten automaker in the world. Prior to this, QuantumScape has achieved a public listing through a special purpose acquisition company (SPAC). Although the stock price has been quite depressed this year, the majority of investors are very optimistic about the content of the new announcement, which has greatly boosted QuantumScape's stock price.
Prior to this, QuantumScape has reached a cooperation with the German automotive giant Volkswagen Group to jointly build a pilot battery manufacturing plant. The latest document submitted to the SEC disclosed its new cooperation with the second giant in the field of automotive OEM manufacturing.
It is reported that the two parties will cooperate to evaluate solid-state lithium battery prototypes and purchase 10 MWh products on the QS-0 production line. But before it is officially put on the market, it still needs to complete a series of verification tests.
OEM manufacturers have already evaluated early batteries, and in the mid-term they will also verify QuantumScape's more advanced prototype batteries, which are expected to be delivered before QS-0 production in 2023.
Single diaphragm and single-layer soft pack battery shown in QuantumScape investor PPT
As QuantumScape's first factory, QS-0 hopes to complete the early-stage battery manufacturing here. As one of the few EV solid-state power battery research and development companies in the industry, these batteries are considered to have a number of advantages compared with current products.
First, it has significant safety advantages due to the reduced use of combustible materials. Secondly, high-density materials also bring longer cruising range for electric vehicles.
In its filing with the SEC today, the company also mentioned its first early/mid-stage manufacturing plant. In addition, in the investor update shared at the end of the second quarter of this year, QuantumScape also disclosed some details about current research projects and facilities.
For example, the company chose to build a QS-0 pre-production plant in San Jose, California, and leased 197,000 acres of facilities for this purpose. Moreover, QuantumScape said that it has ordered long-delivery equipment, which means that there will be new machines arriving one after another in the future.
Finally, although QuantumScape's market value has plummeted by more than 50% since the beginning of 2021, the new announcement still allowed the stock price to rise by 14%, and its current market value is approximately US$9.8 billion.