Automotive manufacturer Volkswagen has agreed to invest $100m in US-based advanced battery developer QuantumScape as part of a strategic collaboration deal.
Founded in 2010 as a spinout from Stanford University, QuantumScape is working on solid-state batteries that will use solid electrolytes, as opposed to the liquid or polymer electrolytes utilised in lithium batteries.
The technology could potentially be used to create batteries with a higher energy density, equating to increased capacity, that are also more compact, safer to use and quicker to charge.
QuantumScape is still operating largely in stealth and has not disclosed details of any earlier funding, but said Volkswagen provided the capital as an existing investor, and that the deal will make it the company’s “largest automotive shareholder”.
The two have been collaborating with each other since 2012 but plan to now establish a joint venture that will aim to facilitate the industrial-scale manufacturing of solid-state batteries, and in particular the deployment of a production line by 2025.
Axel Heinrich of Volkswagen Group Research, said: “The solid-state battery will mark a turning point for e-mobility.
“By increasing our stake in QuantumScape and forming the joint venture we strengthen and deepen our strategic cooperation with an innovative partner and secure access to the promising QuantumScape battery technology for Volkswagen.”