QuantumScape Shares Are Surging: What's Going On?

QuantumScape Corp QS shares are trading higher Tuesday after the company announced it shipped its first 24-layer prototype lithium-metal battery cells to automotive OEMs for testing.

What To Know: Delivery of the cells was QuantumScape's key milestone goal for 2022. With 24 layers, each comprising a solid-state separator, a cathode and a lithium-metal anode, these prototype cells have capacities in the multi-amp-hour range, which the company believes sets them up for use in a variety of applications, including automotive and consumer electronics.

OEMs can now start the testing process at their facilities and provide feedback on the performance of the cells, which will allow QuantumScape to make improvements. 

"While this milestone brings us closer to our ultimate goal, there's still a lot to do before this technology becomes a commercial product, and we now turn our attention to this important work," said Jagdeep Singh, co-founder and CEO of QuantumScape.

QuantumScape said it plans to host a virtual event in the new year to share more about its new cell format.

See Also: Why FuelCell Energy Stock Is Diving Today

QS Price Action: QuantumScape has a 52-week high of $24.97 and a 52-week low of $5.82.

The stock was up 7.52% at $6.29 Tuesday morning, according to Benzinga Pro.

Photo: courtesy of QuantumScape.