Strategic Relationship Brings Next-Gen Battery Technology to New Sector
SAN JOSE, Calif.–(BUSINESS WIRE)– QuantumScape Corporation (NYSE: QS) and Fluence Energy Inc. (NASDAQ: FLNC) today announced a multi-year agreement to introduce solid-state lithium-metal battery technology to stationary energy storage applications. The strategic relationship brings together two companies leading in technology innovation focused on accelerating clean energy adoption and reducing global carbon emissions. The companies will collaborate on what they believe to be a first-of-its-kind solution to incorporate QuantumScape’s battery technology into Fluence stationary energy storage products as specific technical and commercial milestones are met.
Stationary energy storage installations are expected to grow by more than 2,000% from 2020 to 2030, representing a $385 billion* global market opportunity. The transition to cleaner energy systems will require cost-effective technologies that increase energy reliability and grid resilience, and better manage demand to cover deficits and prevent power outages. As a leader in stationary storage, Fluence has consistently pioneered new applications for battery-based storage on the electric grid, from replacing natural gas peaker plants to enhancing transmission networks. QuantumScape’s solid-state lithium-metal technology has the potential to improve these solutions by offering higher energy density battery cells that can store more energy in less space than today’s leading lithium-ion batteries.
“Fluence and QuantumScape share the same mission to reduce global greenhouse gas emissions through innovation and adoption of energy storage technologies, so our collaboration is a natural fit,” said Jagdeep Singh, co-founder and CEO of QuantumScape. “While we have historically focused on automotive applications, we believe our battery technology is broadly applicable and can play a role in other sectors contributing to a lower-carbon future.”
“We are delighted to work with QuantumScape to bring the benefits of solid-state lithium-metal batteries to the stationary storage space,” said Manuel Perez Dubuc, CEO of Fluence. “As the team that invented battery-based energy storage on electric grids, it’s no surprise that Fluence is working with QuantumScape, the clear leader in the solid-state battery space, to bring its innovation to the power grid. Fluence’s technology-agnostic platform is also particularly suited to early adoption of next-gen technologies like this that have the potential to increase the adoption of stationary storage.”
Along with the agreement, which reserves batteries produced at QuantumScape’s pre-pilot production facility, QS-0, the companies will work together to validate and test QuantumScape solid-state battery cells for use in Fluence’s proprietary stationary storage products. The companies expect to enter into a large-scale supply agreement in the course of the collaboration.
QuantumScape is on a mission to revolutionize energy storage and enable a lower-carbon future. The Fluence relationship is the first non-automotive agreement announced by the company. QuantumScape has announced three partnerships with major global automotive manufacturers, including the Volkswagen Group. Over the last six months, QuantumScape has also unveiled several significant technological advancements that have led to increased interest from automotive manufacturers and companies in other industries looking for high-performing next-generation energy storage.
*UBS (Jan 2022). Q-Series Redux: Energy storage – an accelerator of net zero target with US$385bn market potential in 2030.
About QuantumScape Corporation
QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.
Fluence is a global market leader in energy storage products and services, and digital applications for renewables and storage. As of September 30, 2021, the company has more than 3.6 GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California. Through our products, services and AI-enabled Fluence IQ platform, Fluence is helping customers around the world drive more resilient electric grids and a more sustainable future. For more information, please visit www.fluenceenergy.com.
This article contains forward-looking statements within the meaning of the federal securities laws and information based on management’s current expectations as of the date of this current report. All statements other than statements of historical fact contained in this article, including statements regarding the future development of QuantumScape’s battery technology, the anticipated benefits of QuantumScape’s technologies and the performance of its batteries, and plans and objectives for future operations, are forward-looking statements. When used in this current report, the words “may,” “will,” “estimate,” “pro forma,” “expect,” “plan,” “believe,” “potential,” “predict,” “target,” “should,” “would,” “could,” “continue,” “believe,” “project,” “intend,” “anticipates” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on 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. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Many of these factors are outside QuantumScape’s control and are difficult to predict. QuantumScape cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that could materially affect QuantumScape’s actual results can be found in QuantumScape’s periodic filings with the SEC. QuantumScape’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
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.