Deal to produce solid-state batteries for Volkswagen (Il Sole 24 Ore Radiocor) - New York, 11 Jul - Shares in US startup QuantumScape soared in early morning trade after it secured a deal with Volkswagen to produce and develop solid-state batteries for the German carmaker.

"The IP License Agreement provides that QS will grant (Volkswagen unit) PowerCo a non-exclusive, limited, royalty bearing license to use the QSE-5 Technology for the purpose of manufacturing and selling batteries for automotive applications at one or more PowerCo facilities for a maximum total annual capacity of up to 40 GWh, and expandable by an additional 40 GWh of annual capacity," QuantumScape said.

Volkswagen owns 17% of QS, according to its annual report.

At 1414 GMT QuantumScape was up 25%.

AAA-Sje

(RADIOCOR) 11-07-24 16:24:19 (0487) 5 NNNN