Companies join forces to advance world-leading
lithium-metal technology toward mass-manufacturing for passenger
electric vehicles
Volkswagen Group’s battery company PowerCo and QuantumScape
(NYSE: QS) today announced they have entered into a groundbreaking
agreement to industrialize QuantumScape’s next-generation
solid-state lithium-metal battery technology. Upon satisfactory
technical progress and certain royalty payments, QuantumScape will
grant PowerCo the license to mass produce battery cells based on
QuantumScape’s technology platform.
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the full release here:
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Frank Blome, CEO of PowerCo, Jagdeep
Singh, Co-founder & Chairman of QuantumScape, Dr. Siva Sivaram,
CEO & president of QuantumScape, and Thomas Schmall, Volkswagen
Group Board Member for Technology (Photo: Business Wire)
Under the non-exclusive license, PowerCo can manufacture up to
40 gigawatt-hours (GWh) per year using QuantumScape’s technology
with the option to expand up to 80 GWh annually, enough to outfit
approximately one million vehicles per year. The companies believe
this high-touch engagement represents the fastest way to achieve
gigawatt-hour-scale production of solid-state technology to meet
the growing global demand for better electric vehicle batteries.
The agreement supersedes an earlier joint venture between the
Volkswagen Group and QuantumScape to co-manufacture batteries.
The agreement creates a highly collaborative partnership that
amplifies the companies’ core competencies – QuantumScape’s
cutting-edge technology and PowerCo’s global capabilities in
industrialization and manufacturing facilities. It will feature a
combined workforce initiative to accelerate the industrialization
of QuantumScape’s technology. A large, dedicated scale-up team,
composed of experts from both companies, will execute on the
industrialization activities.
QuantumScape’s technology platform is based on the company’s
proprietary solid-state ceramic separator, which enables the use of
a pure lithium-metal anode – a transformative innovation that is
designed for exceptional energy and power density, fast charging
and a robust safety profile. Together, the companies will target a
product that will be scaled-up for integration in a Volkswagen
Group vehicle series.
“With this cooperation, we aim to bring the most sustainable and
cutting-edge battery cells to our customers,” said Frank Blome, CEO
of PowerCo. “We have been collaborating and testing QuantumScape
prototype cells for years now and we are looking forward to
bringing this technology of the future into series production.
QuantumScape’s technology is poised to enter a pivotal stage where
PowerCo’s specialized expertise, resources and global factories can
help facilitate the transition to industrial-scale production.”
“Electric vehicles are the future of mobility, and this
agreement with QuantumScape will ensure the Volkswagen Group’s
global fleet has access to this groundbreaking battery technology
for years to come,” said Thomas Schmall, Volkswagen Group Board
Member for Technology. “We are committed to driving the industry
forward to ensure that our electric vehicles set the benchmark for
excellence and sustainability.”
“This agreement is a major step in our long-term global scale-up
strategy to bring QuantumScape’s solid-state lithium-metal battery
technology to market,” said Dr. Siva Sivaram, CEO and president of
QuantumScape. “Combining our cutting-edge technology with PowerCo’s
expertise in manufacturing and industrialization, this deal
establishes a blueprint for a capital-light business approach and
positions us at the forefront of energy storage innovation. Working
closely with PowerCo as our first customer will help us accelerate
commercialization and adoption of these game-changing batteries
together.”
To lead PowerCo in this next important phase of collaboration
with QuantumScape, Frank Blome stepped off QuantumScape’s board of
directors. Blome had served on the board since 2020 as one of the
two board members designated by the Volkswagen Group, which
continues to be QuantumScape’s largest shareholder. His successor
on the QuantumScape board will be announced in the coming
months.
“Frank Blome has been an exceptional partner for QuantumScape
for many years,” said Jagdeep Singh, co-founder and board chairman
of QuantumScape. “He has provided invaluable contributions to
QuantumScape’s product portfolio strategy and key decisions about
industrialization. As we move forward, Frank will continue to be an
active partner in this relationship as an anchor manufacturer of
our innovative battery technology, ensuring strength and continuity
in our collaborative efforts.”
About PowerCo
PowerCo is a global battery cell manufacturer that was founded
by the Volkswagen Group in 2022. Headquartered in Salzgitter, the
company is responsible for the development and production of
battery cells as well as the vertical integration of the value
chain. PowerCo is currently building a total of three cell
factories with a total volume of up to 200 gigawatt-hours per year:
Salzgitter in Germany, Valencia in Spain and St. Thomas in
Canada.
About QuantumScape Corporation
QuantumScape is on a mission to revolutionize energy storage to
enable a sustainable future. The company’s next-generation
solid-state lithium-metal battery technology is designed to enable
greater energy density, faster charging and enhanced safety to
support the transition away from legacy energy sources toward a
lower carbon future. For more information, visit
www.quantumscape.com.
Forward-Looking Statements
Certain information in this press release may be considered
“forward-looking statements,” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including, without
limitation, statements regarding QuantumScape’s plans and
objectives for future operations and growth, its ability to achieve
the satisfactory technical progress under the collaboration
agreement required to trigger the license and royalty prepayment,
the performance of its technology and its applications, and the
potential impacts of QuantumScape’s technology, among others. These
forward-looking statements are based on QuantumScape management’s
current expectations, assumptions, hopes, beliefs, intentions and
strategies regarding future events and are based on currently
available information as to the outcome and timing of future
events. Because forward-looking statements are inherently subject
to risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely upon forward-looking statements as
predictions of future events. The events and circumstances
reflected in the forward-looking statements may not be achieved or
occur and actual results could differ materially from those
projected in the forward-looking statements, including due to the
building out of high volume processes and otherwise to achieve
scale, the achievement of the quality, consistency, reliability,
safety, cost and throughput required for commercial production and
sale, changes in economic and financial conditions, and other
factors, including those discussed in the section titled “Risk
Factors” in QuantumScape’s Annual Report and Quarterly Reports and
other documents filed with the Securities and Exchange Commission
from time to time. Except as otherwise required by applicable law,
the company disclaims any duty to update any forward-looking
statements.
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