“The milestone required Volkswagen to successfully test the latest generation of QuantumScape’s solid-state lithium-metal cells in their labs in Germany,” QuantumScape said in a statement after the close on Wednesday.
“This will be the second and final closing under the May 14, 2020 stock purchase agreement between VW and QuantumScape that provided for a total $200 million investment," QuantumScape added.
QuantumScape recently traded at 50.94 It has skyrocketed 420% over the past year amid investor mania for all things electric vehicle-related.
"We are pleased to report that the QuantumScape cells met the technical milestones in our labs in Germany that we had previously agreed upon," said Frank Blome, head of the Volkswagen Group’s Center of Excellence Battery Cell.
"Achievement of this milestone is an important step for QuantumScape and we look forward to receiving and testing subsequent generations of cells, with the goal of getting solid-state technology into series production," Blome noted.
Last week, QuantumScape began a public offering of 13 million Class A common shares.
“QuantumScape intends to use the proceeds from the offering to build a larger QS-0 pre-pilot line than recently announced; to cover its full share of equity contributions to its joint venture with Volkswagen for the previously disclosed 20-gigawatt-hour expansion of QS-1 joint manufacturing facility;" and for working capital and general purposes.
On Feb. 17, the stock jolted higher after QuantumScape revealed a breakthrough in its battery technology and after billionaire George Soros’s investment firm disclosed a stake in the company.