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

Source: www.gulfoilandgas.com 7/11/2024, Location: Europe

Volkswagen Group’s battery company PowerCo and QuantumScape 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.

QuantumScape’s technology platform is based on the company’s proprietary solid-state ceramic separator, which enables the use of a pure lithium-metal anode – a transformative innovation that is designed for exceptional energy and power density, fast charging and a robust safety profile. Together, the companies will target a product that will be scaled-up for integration in a Volkswagen Group vehicle series.

“With this cooperation, we aim to bring the most sustainable and cutting-edge battery cells to our customers,” said Frank Blome, CEO of PowerCo. “We have been collaborating and testing QuantumScape prototype cells for years now and we are looking forward to bringing this technology of the future into series production. QuantumScape’s technology is poised to enter a pivotal stage where PowerCo’s specialized expertise, resources and global factories can help facilitate the transition to industrial-scale production.”

“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,” said Thomas Schmall, Volkswagen Group Board Member for Technology. “We are committed to driving the industry forward to ensure that our electric vehicles set the benchmark for excellence and sustainability.”

“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,” said Dr. Siva Sivaram, CEO and president of QuantumScape. “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.”

To lead PowerCo in this next important phase of collaboration with QuantumScape, Frank Blome stepped off QuantumScape’s board of directors. Blome had served on the board since 2020 as one of the two board members designated by the Volkswagen Group, which continues to be QuantumScape’s largest shareholder. His successor on the QuantumScape board will be announced in the coming months.

“Frank Blome has been an exceptional partner for QuantumScape for many years,” said Jagdeep Singh, co-founder and board chairman of QuantumScape. “He has provided invaluable contributions to QuantumScape’s product portfolio strategy and key decisions about industrialization. As we move forward, Frank will continue to be an active partner in this relationship as an anchor manufacturer of our innovative battery technology, ensuring strength and continuity in our collaborative efforts.”


South Korea >>  11/1/2024 - - Completed the merger process with SK E&S over the past three months, officially launching a merged entity with assets totaling KRW 105 trillion
...

United States >>  11/1/2024 - AM Batteries, the leader in dry battery-electrode (DBE) technology, has been recognized in TIME Magazine's list of the Best Inventions of 2024. The co...

Canada >>  10/31/2024 - Phenom Resources Corp. ("Phenom" or the "Company") is pleased to announce that the private Japanese battery company, MK Plus Co., Ltd. (MK Plus) has a...
Canada >>  10/31/2024 - Asahi Kasei Corporation (Asahi Kasei) and Honda Motor Co., Ltd. (Honda) announced that the two companies have signed a shareholders’ agreement to conv...

Canada >>  10/31/2024 - 18650 batteries with GEN3 silicon-based materials deliver unmatched capacity and durability [1], providing 3,301 milliampere-hours (mAh) of capacity w...
Canada >>  10/31/2024 - FCL has signed its first master distribution agreement to market FCL-X™ within the USA with AEST Fire and Safety, a USA based fire safety products dis...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.