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PowerCo and QuantumScape Announce Landmark Agreement to Industrialize Solid-State Batteries

Read the Press Release

July 11, 2024

QuantumScape and PowerCo, the battery company of the Volkswagen Group, have entered into a groundbreaking agreement to accelerate the industrialization of QuantumScape’s solid-state lithium-metal battery technology.

  • Collaboration Overview
    • QuantumScape and PowerCo will collaborate on manufacturing battery cells based on QuantumScape’s solid-state lithium-metal battery technology.
    • The companies will establish a large jointly staffed scale-up team for technology transfer, co-development of production processes and related activities.
    • This agreement supersedes an earlier joint venture (JV) between the Volkswagen Group and QuantumScape to co-manufacture batteries.

  • License Agreement
    • Subject to the achievement of technical milestones, QuantumScape will grant PowerCo a non-exclusive, royalty-bearing IP license, and PowerCo will pre-pay QuantumScape an initial royalty fee of $130M, credited against future royalties.
    • The license would cover the current battery platform used in the QSE-5 design.
    • The license would allow for PowerCo to manufacture and sell automotive batteries up to 40 GWh annually, expandable by an additional 40 GWh.
  • Why this Matters
    • The agreement is a major step in our scale-up strategy to bring QuantumScape’s solid-state lithium-metal battery technology to market. It amplifies the companies’ core competencies – QuantumScape’s cutting-edge technology and PowerCo’s global capabilities in industrialization and manufacturing facilities.
    • This deal represents a validation of QuantumScape’s frontier technology by a leading global automotive partner.
    • Licensing to a partner with global industrialization and manufacturing capabilities provides QuantumScape with a capital-light project approach, reducing time to volume and ramp up challenges.
    • The companies believe deal represents fastest route to gigawatt-hour-scale production of solid-state technology to meet global EV battery demand.
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PAMELA FONG

Chief of Human Resources Operations

Pamela Fong is QuantumScape’s Chief of Human Resources Operations, leading people strategy and operations, including talent acquisition, organizational development and employee engagement. Prior to joining the company, Ms. Fong served as the Vice President of Global Human Resources at PDF Solutions (NASDAQ: PDFS), a semiconductor SAAS company. Before that, she served in several HR leadership roles at Foxconn Interconnect Technology, Inc., a multinational electronics manufacturer, and NUMMI, an automotive manufacturing joint venture between Toyota and General Motors. Ms. Fong holds a B.S. in Business Administration from U.C. Berkeley and a M.S. in Management from Stanford Graduate School of Business.