Benzinga | Sep 21, 2021 09:26AM EDT

Why QuantumScape's Stock Is Trading Higher Today

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.

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.