Solid-state battery developer QuantumScape has signed an agreement with PowerCo that gives the Volkswagen Group’s battery arm a non-exclusive license to mass produce its technology. This agreement could expedite the industrialization of QuantumScape’s next-generation solid-state lithium-metal battery technology and potentially help revolutionize electric mobility.
QuantumScape ($QS) and PowerCo continue expanding their relationship regarding next-generation battery technology. PowerCo’s parent company, Volkswagen Group, partnered with QuantumScape early on and remains one of its largest investors.
In December 2022, QuantumScape delivered its first batch of 24-layer solid-state cells to its automotive partners for testing – including Volkswagen Group and others. We’ve since seen QuantumScape develop even more energy-dense cells and, as of October 2023, exceed performance targets during testing.
This past January, PowerCo completed its own endurance tests with QuantumScape’s 24-layer cells and reported encouraging results. Following today’s latest news, a future in which EVs will offer better range with significantly less battery degradation appears closer than ever.
QuantumScape and PowerCo sign landmark agreement
According to a press release from QuantumScape and the video you can view below, it is granting PowerCo a non-exclusive license to mass produce its solid-state battery technology following “satisfactory technical progress and certain royalty payments.”
As part of the agreement, PowerCo is authorized to manufacture up to 40 gigawatt-hours (GWh) per year using QuantumScape’s technology with the option to expand up to 80 GWh annually. The company relayed that the expanded capacity is large enough to equip roughly one million electric vehicles with solid-state technology per year. Per QuantumScape president and CEO, Dr. Siva Sivaram:
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. 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.
Together, the companies state they will continue to develop QuantumScape’s solid-state lithium-metal technology for mass-scale production, targeting a final product that will be integrated into a lineup of Volkswagen Group vehicles. Per Volkswagen Group Board Member for Technology, Thomas Schmall:
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. We are committed to driving the industry forward to ensure that our electric vehicles set the benchmark for excellence and sustainability.
As part of the agreement, PowerCo CEO Frank Blome has stepped off QuantumScape’s board of directors and will be replaced by another representative of Volkswagen Group, to be announced later. Learn more about the new agreement between QuantumScape and Volkswagen Group’s battery division in the video below:
FTC: We use income earning auto affiliate links. More.
Source link
#Groups #PowerCo #licensed #mass #produce #QuantumScapes #solidstate #battery #technology
