A noteworthy development is the announcement by QuantumScape Corporation (NYSE: QS) of a strategic partnership with PowerCo, the battery unit of the Volkswagen Group. Consequently, QuantumScape’s stock has seen an incredible rise, rising 11.88% to $7.90 as of the most recent market check.
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Historic Deal to Industrialize Cutting-Edge Battery Technology
A historic deal has been reached by QuantumScape and PowerCo to commercialize the latter’s next-generation solid-state lithium-metal battery technology. This deal states that QuantumScape will license PowerCo to mass-produce battery cells based on its technology platform in exchange for certain royalties and adequate technological developments.
PowerCo is initially permitted to produce up to 40 gigawatt-hours (GWh) yearly under this non-exclusive license, with the option to increase output to 80 GWh annually. This capacity is sufficient to equip approximately one million vehicles each year.
The companies view this collaboration as the quickest path to achieve gigawatt-hour-scale production of solid-state batteries to meet the increasing global demand for superior electric vehicle batteries. This agreement supersedes a previous joint venture between Volkswagen Group and QuantumScape for co-manufacturing batteries.
Enhanced Partnership to Accelerate Industrialization
This agreement fosters a highly collaborative partnership that leverages QuantumScape’s innovative technology and PowerCo’s extensive industrialization and manufacturing capabilities. The collaboration will include a combined workforce initiative aimed at expediting the industrialization of QuantumScape’s technology.
A dedicated scale-up team, comprising experts from both companies, will focus on the industrialization activities. The joint effort will target the scale-up of a product intended for integration into a Volkswagen Group vehicle series.
Future of Electric Mobility
This cooperation marks a pivotal stage for QuantumScape’s technology, as PowerCo’s specialized expertise, resources, and global manufacturing facilities will aid in the transition to industrial-scale production.
Electric vehicles represent the future of mobility, and this agreement ensures that the Volkswagen Group’s global fleet will have access to this groundbreaking battery technology for years to come. This strategic partnership is a significant step in the long-term global scale-up strategy to bring QuantumScape’s solid-state lithium-metal battery technology to market.
