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PowerCo and QuantumScape Announce Landmark Agreement to Industrialize Solid-State Batteries
Volkswagen Group’s battery company PowerCo and QuantumScape (NYSE: QS) 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.
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.