QuantumScape and PowerCo SE Expand Collaboration to Accelerate Solid-State Battery Development

QuantumScape Corporation, a pioneer in solid-state lithium-metal battery technology, has announced an enhanced collaboration with PowerCo SE, the battery division of the Volkswagen Group. This strategic move is set to accelerate the development of the QSE-5 battery pilot line in San Jose, a crucial phase in bringing solid-state batteries to the industrial scale. The agreement signifies a shared vision between the two companies to revolutionize the energy storage sector with advanced battery solutions.

Under the revised terms, PowerCo is committed to investing up to $131 million over the next two years, with payments starting in 2025, based on the achievement of predefined milestones by the collaborative scale-up team. This investment is in addition to the $130 million previously agreed upon, which was linked to technical advancements and the execution of a licensing agreement. The expanded partnership not only accelerates the pilot line's development but also integrates PowerCo more deeply into the QSE-5 production and automation processes, ensuring a smoother transition to large-scale manufacturing.

The collaboration is poised to facilitate the technology transfer necessary for the QSE-5 battery's introduction to global markets. It also enables QuantumScape to increase prototype cell deliveries to PowerCo and grants PowerCo the license to produce an additional 5 GWh of QSE-5-based cells annually. This production capacity extends beyond the Volkswagen Group's needs, allowing PowerCo to serve other customers and license future QuantumScape technologies, further broadening the impact of this partnership.

Dr. Siva Sivaram, CEO and president of QuantumScape, emphasized the agreement as a reflection of the growing strategic, technical, and financial alignment between QuantumScape and PowerCo. This partnership underscores both companies' confidence in the QSE-5 battery's potential to set new standards in the battery industry, offering a glimpse into the future of energy storage and electric mobility. For more information on QuantumScape's innovative battery technology, visit https://www.quantumscape.com.