Benzinga | Sep 23, 2021 02:48PM EDT

Why QuantumScape Shares Are Rising

Quantumscape Corp (NYSE:QS) shares are trading higher by 14.6% at $27.05 on above-average volume. QuantumScape shares were trading higher Tuesday after an 8-K from the company showed it signed an agreement with a second top ten automotive original equipment manufacturer. The stock has also recently seen retail trader attention on social media forums.

According to a filing released Tuesday: QuantumScape recently signed an agreement with a second top ten (by global revenues) automotive original equipment manufacturer (OEM) in which the OEM 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 (QS-0) for inclusion in pre-series vehicles, subject to satisfactory validation of intermediate milestones.

QuantumScape engages in the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. The company was founded in 2010 and is headquartered in San Jose, California.

QuantumScape has a 52-week high of $132.73 and a 52-week low of $11.25.