RTTNews | Apr 1, 2021 07:41AM EDT

07:40 Thursday, April 1, 2021 (RTTNews.com) - Shares of solid-state lithium-metal batteries maker QuantumScape Corporation (QS) are climbing more than 14% in pre market on Thursday.

Wednesday the company said it has successfully met the technical milestone, that clears way for an additional $100 million investment by Volkswagen Group of America Investments, LLC, in the company.

The milestone required by Volkswagen was to test the latest generation of QuantumScape's solid-state lithium-metal cells in Volkswagen's labs in Germany.

This is the final closing under the $200 million stock purchase agreement between Volkswagen and QuantumScape signed in May last year, QuantumScape said.

"We are delighted to have met this technical milestone with Volkswagen, and we look forward to working jointly to bring solid-state lithium-metal battery technology into industrialized mass-production," said Jagdeep Singh, co-founder and CEO of QuantumScape.

QS closed Wednesday's regular trade at $44.75, up 1.54%. The stock is currently trading at $51.19.

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