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QuantumScape (QS) has issued an update.
QuantumScape Battery, Inc. has partnered with PowerCo SE, a Volkswagen Group subsidiary, to industrialize solid-state lithium-metal battery technology for use in automotive batteries. This collaboration entails joint development and intellectual property ownership, with QS granting PowerCo a licensure to manufacture and sell batteries up to a certain capacity, in exchange for an initial royalty fee. Additionally, QuantumScape revised its board designation rights with Volkswagen Group of America Investments, ensuring ongoing collaboration beyond the termination of their previous joint venture. Frank Blome, CEO of PowerCo, resigned from QuantumScape’s board to focus on the new partnership, with a replacement to be announced soon.
Learn more about QS stock on TipRanks’ Stock Analysis page.