On June 16, US time, Volkswagen announced that it will increase its investment in QuantumScape, a developer of solid-state batteries. The amount of capital increase is US$200 million (approximately RMB 1.42 billion). Volkswagen stated that this move is to further develop solid-state batteries and support Next-generation electric vehicle technology.
QuantumScape is a subsidiary of Stanford University that develops solid-state batteries. QuantumScape hopes that through the commercialization of solid-state battery technology, electric vehicles can have longer battery life and shorter charging time.
In September 2018, Volkswagen invested $100 million in QuantumScape for the first time. The two parties also plan to build an experimental factory to produce industrial-grade solid-state batteries. According to reports, this pilot plant will be finalized this year.
It is understood that most of the electric vehicles on the market now use lithium-ion battery technology, and solid-state batteries use solid electrolytes, which allows them to have greater energy density, and is safer in thermal management, which can reduce the risk of fire.
In addition to Volkswagen, BMW, Honda, Hyundai and Toyota have also been investing in solid-state battery technology.