QuantumScape Corporation (NYSE:QS) shares are trading higher after an 8-K filing from the company showed it signed an agreement with a second top ten automotive original equipment manufacturer.
The original equipment manufacturer has committed to collaborate with the company to evaluate prototypes of the company’s solid-state battery cells, and to purchase 10 MWh of capacity from the company’s pre-pilot production line facility for inclusion in pre-series vehicles, subject to satisfactory validation of intermediate milestones.
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The OEM has already evaluated early cells, and the intermediate milestones consist of more advanced prototypes of the company’s cells which are expected to be delivered before QS-0 starts production in 2023, said in the company's filing.
QuantumScape Corporation, a development stage company, engages in the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications.
QuantumScape's stock was trading about 11.35% higher at $23.15 per share on Tuesday at the time of publication. The stock has a 52-week high of $132.73 and a 52-week low of $11.25.
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