Ultrafast dynamics in chemical systems provide a unique access to fundamental processes at the molecular scale. A proper description of such systems is often very challenging because of the quantum nature of the problem. The concept of matrix product states (MPS), however, has proven its performance in describing such correlated quantum system in recent years for a wide range of applications. In this work, we continue the development of the MPS approach to study ultrafast electron dynamics in quantum chemical systems. The method combines time evolution schemes, such as fourth-order Runge-Kutta and Krylov space time evolution, with MPS, in order to solve the time-dependent Schrodinger equation efficiently. This allows for describing electron dynamics in molecules on a full configurational interaction (CI) level for a few femtoseconds after excitation. As a benchmark, we compare MPS based calculations to full CI calculations for a chain of hydrogen atoms and for the water molecule. Krylov space time evolution is in particular suited for the MPS approach, as it provides a wide range of opportunities to be adjusted to the reduced MPS dimension case. Finally, we apply the MPS approach to describe charge migration effects in iodoacetylene and find direct agreement between our results and experimental observations.
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