QuantumScape (NYSE: QS) and today announced a new deal that has the electric vehicle (EV) battery start-up's stock soaring.

The news pushed QuantumScape shares higher by as much as 34% Thursday morning. As of 11:05 a.m. ET, the stock was still trading up by 29.2%.

The two companies aren't strangers. Volkswagen was an early investor in QuantumScape hoping that it can successfully commercialize the solid-state battery technology it is developing. QuantumScape's battery technology could address range anxiety and reinvigorate interest in EVs after a slowdown in sales growth.

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Source Fool.com