QuantumScape, the developer of next-gen solid-state lithium-metal batteries has announced that it has successfully met the technical milestone set forth to close investment of an additional $100 million by Volkswagen Group of America Investments, LLC (VW).
The technical milestone set by Volkswagen required Volkswagen to successfully test the latest generation of QuantumScape’s solid-state lithium-metal cells in their labs in Germany.
“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,” he added.
This will be the second and final closing under May 14, 2020, stock purchase agreement between VW and QuantumScape that provided for a total $200 million investment.
QuantumScape’s co-founder and CEO, Jagdeep Singh said: “We are delighted to have met this technical milestone with Volkswagen, and we look forward to working jointly to bring solid-state lithium-metal battery technology into industrialized mass-production.”
- By Shraddha Kakade,
Asst. Editor, Emerging Technology News.
