Shares of battery technology company QuantumScape (QS) - Get Report surged for a second day on Wednesday after the startup released data that revealed its electric car batteries can be charged to as much as 80% of full power in 15 minutes, faster than Tesla (TSLA) - Get Report.
QuantumScape stock was up another 24% in trading on Wednesday, adding to Tuesday’s 31% surge, after the San Jose-based company revealed results from its own virtual testing that suggested the performance of its batteries could top Tesla's batteries.
Following a virtual showcase of its prototype battery, QuantumScape said on Tuesday that its battery prototype can charge to 80% capacity in 15 minutes, “faster than either conventional battery or alternative solid-state approaches are capable of delivering.”
Without naming other electric car and battery makers by name, QuantumScape said other attempts involving different types of cell separators, including polymers and sulfides, haven't generated the same results as its batteries.
QuantumScape uses a flexible ceramic separator that it says allows its batteries to withstand electric-current loads and conditions in ways that make them last longer and recharge faster - a technology that if proven could be a "home run" in terms of upending the electric vehicle market, according to investors.
QuantumScape also said its technology allows its battery to run 800 charge cycles - the rough equivalent of 240,000 miles of driving - without degradation. Volkswagen is assisting QuantumScape with manufacturing as well as testing its single-layer pouch cells that look like a stack of playing cards in its vehicles.
QuantumScape stock was up 24.23% at $71.57 in trading on Wednesday. The stock ended the trading day Tuesday up 31.08% at $57.90.
Backed by Bill Gates and Volkswagen, the company in September raised $700 million via a special purpose acquisition company merger. The stock is up almost 185% over the past three months.