Automotive manufacturer Volkswagen revealed yesterday that it is investing up to $200m in US-based solid-state battery developer and existing portfolio company QuantumScape.
QuantumScape is developing solid-state batteries that would utilise solid electrodes and a solid electrolyte, in theory offering greater energy density than the lithium-ion batteries generally used for electric vehicles right now, which use liquid or polymer gel electrolytes.
The company was spun out of Stanford University in 2010 and began collaborating with Volkswagen two years later, before the carmaker invested $100m in QuantumScape in mid-2018.
The 2018 investment was provided in connection with a partnership agreement that will involve the companies working together on the industrial-level manufacturing of solid-state batteries for Volkswagen vehicles, and they said this week they intend to establish a pilot facility soon.
Frank Blome, head of Volkswagen subsidiary Volkswagen Group Components’ battery cell business, said: “Volkswagen is taking e-mobility to the mainstream. A strong position in the field of batteries is a decisive factor in this regard.
“We are securing our global supply base with efficient producers, gradually building up manufacturing capacities and driving the development of cutting-edge solid-state battery technology. Our focus in this context is on long-term strategic partnerships.”
QuantumScape has not disclosed details of its earlier funding but its existing investors include venture capital firms Kleiner Perkins and Khosla Ventures, according to TechCrunch.
