Shares of battery innovation business QuantumScape ( QS) – Get Report rose for a second day on Wednesday after the start-up released data that revealed its electric cars and truck batteries can be charged to as much as 80% of full power in 15 minutes, faster than Tesla ( TSLA) – Get Report.
QuantumScape stock was up another 24% in trading on Wednesday, adding to Tuesday’s 31% surge, after the San Jose-based company exposed outcomes from its virtual testing that recommended the performance of its batteries could top Tesla’s batteries.
Following a virtual showcase of its prototype battery, QuantumScape stated on Tuesday that its battery model can charge to 80% capacity in 15 minutes, “faster than either standard battery or alternative solid-state approaches are capable of providing.”
Without naming other electric vehicle and battery makers by name, QuantumScape said other efforts involving various types of cell separators, consisting of polymers and sulfides, have not generated the exact same outcomes as its batteries.
QuantumScape uses a flexible ceramic separator that it states allows its batteries to stand up to electric-current loads and conditions in manner ins which make them last longer and charge faster – a technology that if shown might be a “house run” in regards to upending the electrical automobile market, according to financiers.
QuantumScape also said its technology permits its battery to run 800 charge cycles – the rough equivalent of 240,000 miles of driving – without deterioration. Volkswagen is assisting QuantumScape with manufacturing along with checking its single-layer pouch cells that look like a stack of playing cards in its vehicles.
QuantumScape stock was up 24.23% at $71.57 in trading on Wednesday. The stock ended the trading day Tuesday up 31.08% at $57.90.
Backed by Costs Gates and Volkswagen, the business in September raised $700 million through a unique function acquisition business merger. The stock is up nearly 185% over the previous three months.