Volkswagen has now completed their planned stock increase of QuantumScape. The Germans have invested 100 million dollars in the battery specialist, with whom VW intends to establish mass production of solid-state batteries.
Volkswagen is now also the largest shareholder behind QuantumScape, giving them a seat on the board. Furthermore, the Wolfsburg-based automobile manufacturers and Quantumscape has founded a joint venture to develop solid-state batteries. The market watch authority CFIUS (Committee on Foreign Investment in the United States) has officially permitted the transaction. The San José based company was initially founded by Stanford University, and holds more than 200 patents and patent applications regarding solid-state batteries. Volkswagen previously owned five percent of the company – how much they hold now is still unknown.
What is clear however, is that the partners aim to set up a factory for serial production of solid-state batteries by 2025. As the Volkswagen corporation plans to offer an electrified option for each of their 300 vehicle models by 2030, the consolidation of battery manufacturing capacities is a vital step for them. Early development steps in the solid-state battery direction by QuantumScape were already tested by VW for automotive use.
Volkswagen corporate research head Axel Heinrich stated back in June, that his belief was that the solid-state battery technology would mark a milestone in EV history, and would shake up the market considerably. He added that Volkswagen considered QuantumScape an innovative partner, with whom they plan to secure access to solid-state battery development through strategic cooperation.