Why Solid Power Stock Was Climbing Today

Shares of Solid Power (NASDAQ: SLDP) were moving higher today, even though there was no news out on the stock. Instead, the maker of solid-state batteries was lifted on news from rival Quantumscape (NYSE: QS), which was soaring today after Volkswagen (OTC: VWAGY) said yesterday that Quantumscape's solid-state cell passed its first endurance test.

Since both companies are working on solid-state battery technology, the news also lifted shares of Solid Power.

As of 2:50 p.m. ET, Solid Power stock was up 10.5%, while Quantumscape had soared 46.5% at the same time.

Source Fool.com