Shares of QuantumScape Corp (Ticker: QS) soared 47.5% in vigorous trading on Thursday following news of a successful endurance test for the battery maker’s solid-state cell. QuantumScape’s solid-state cell is considered a significant advancement in battery development and has garnered attention from industry leaders.
Volkswagen AG subsidiary, PowerCo, reported that the solid-state cell surpassed expectations in a sample test by completing over 1,000 charging cycles. This accomplishment is equivalent to a total mileage of more than half a million kilometers, which is impressive for an electric car with a WLTP range of 500-600 kilometers.
In addition to its exceptional performance, the solid-state cell demonstrated minimal aging, retaining 95 percent of its capacity (or discharge energy retention) at the end of the test. These results point towards the potential of QuantumScape’s solid-state cell to revolutionize the electric vehicle industry.
QuantumScape’s stock witnessed an unprecedented surge in trading volume, reaching a record-breaking 98.4 million shares. This surpasses the previous record of 87.0 million shares set on September 3, 2020. The stock’s extraordinary performance has secured its position as the largest gainer and most actively traded stock on the NYSE. Moreover, it marks its best one-day performance since its 57.5% increase on November 27, 2020.
Over the past 12 months, QuantumScape’s stock has achieved a remarkable growth rate of 72.4%, outperforming the S&P 500’s rally of 22%.
These impressive test results and the subsequent surge in stock value indicate a bright future for QuantumScape Corp and its groundbreaking solid-state cell technology. The market is eagerly awaiting further developments in the battery sector as QuantumScape continues to redefine the possibilities of energy storage for electric vehicles.