QuantumScape (QS) - Get QuantumScape Corporation Class A Report shares jumped on Tuesday after the maker of lithium batteries for electric cars said tests showed that its batteries offer some major benefits.
Drivers should be able to recharge their electric cars to 80% of capacity in only 15 minutes, the company said.
Its batteries should last about 12 years of normal use in a car with a range of at least 300 miles. And the batteries should be able to withstand subzero temperatures, QuantumScape said.
The stock recently traded at $55.93, up 27%. It has jumped 35% since its first day of trading Nov. 27. The company was backed by Volkswagen VWAGY and Bill Gates.
“QuantumScape’s solid-state battery is designed to enable up to 80% longer range compared to today’s lithium-ion batteries,” the company said in a statement.
“Previous attempts to create a solid-state separator capable of working with lithium metal at high rates of power generally required compromising other aspects of the cell.”
The 15-minute charge to 80% of capacity is “faster than either conventional battery or alternative solid-state approaches are capable of delivering,” QuantumScape said.
The hardest part about making a working solid-state battery is the need to simultaneously meet the requirements of high energy density, fast charge, long cycle life and wide temperature-range operation, Stan Whittingham, co-inventor of the lithium-ion battery and chemistry Nobel laureate, said in the company’s statement.
“This data shows QuantumScape’s cells meet all of these requirements, something that has never before been reported," he said.
"If QuantumScape can get this technology into mass production, it holds the potential to transform the industry.”