As QuantumScape embarked on the search for a solid electrolyte, Singh and Holme went back to the drawing board. From September 1997 to April 2003, Mr. McCarthy served as Senior Vice President and General Counsel of Ciena Corporation, a network strategy and technology company. Before that, she served in several HR leadership roles at Foxconn Interconnect Technology, Inc., a multinational electronics manufacturer, and NUMMI, an automotive manufacturing joint venture between Toyota and General Motors. If batteries cost $50 per kwh in 2024 then selling all of the production at a fully ramped pilot plant would make $50 million per year. I think consumer electronics (like cell phones) developers worry more about Wh/L and electric car developers worry more about Wh/kg. QuantumScape hasn't disclosed the names of these two auto companies. Cost basis and return based on previous market day close. Tesla uses a dry electrode, where "dry" doesn't describe the battery but rather is a simplified manufacturing process that reduces manufacturing cost. If they keep improving like they have been so far, they will perhaps be at 30 USD/kWh in 2028. Learn More{{/message}}, {{#message}}{{{message}}}{{/message}}{{^message}}It appears your submission was successful. Prologium admits that they are currently more expensive than lithium-ion but hope to get to lithium-ion battery costs in 2023 with the 7GWh/year plant. [1] Investors include Bill Gates and Volkswagen.[2]. New battery technology needs to be able to reach $10 per kwh and scale to terawatt-hours per year by 2030 to displace lithium-ion with silicon anodes. And there will be another electric bus factory, as well," Thuy said. QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for use in electric vehicles. Mr. Singh is QuantumScapes Chief Executive Officer and Chairman of the Board of Directors. Mr. Singh joined the QuantumScape Board in May 2010. QuantumScapes SEC filings are available publicly on the SECs website at www.sec.gov. It also stated that it would have a proprietary format that would have to . The key to our technology is a patented solid ceramic electrolyte separator, the material that keeps the anode and cathode from touching and moves lithium ions from one side of the battery to the other during charge and discharge. developments in electric transport QuantumScape cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. They are aiming for the next factory, which is going to be commercial-scale with much higher capacity, to be ready to start production in 2024. The published results with single-layer pouch cells suggest that QuantumScapes battery can be quickly charged to 80 per cent capacity in 15 minutes. QS-1 will follow QS-0, QuantumScapes planned pre-pilot line. Mr. Singh co-founded QuantumScape and has served as its Chief Executive Officer since QuantumScapes incorporation in May 2010. flat storage boxes for under bed menu menu Fred is the Editor in Chief and Main Writer at Electrek. In its Q1 Shareholder Letter, QuantumScape highlighted progress on that front as well, securing a facility in San Jose to house the QS-0 line. An expansion of capacity by more than double would thus lead to an output of more than 200,000 samples. Pamela Fong is QuantumScapes Chief of Human Resources Operations, leading people strategy and operations, including talent acquisition, organizational development and employee engagement. Transportation is one of the top contributors to global greenhouse gas emissions, buttodays EVs lack the performance, safety and cost required for mass-market adoption of zero emissions vehicles. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. These samples are nearly full-size prototypes that will allow the automakers to test and begin . QuantumScape's Weak Fundamentals Exacerbated By Uncertain Manufacturing Scale QuantumScape is expected to continue burning through its $1.35B in cash and equivalents rapidly through FY26. in Business Administration from U.C. QuantumScape Corporation is engaged in developing battery technology for electric vehicles (EVs) and other applications. QuantumScape was founded in 2010 by Jagdeep Singh, Tim Holme and Professor Fritz Prinz of Stanford University. Much of the new space will be dedicated to manufacturing, ultimately expanding the footprint and overall capacities of its existing QS-0 and development buildings, and affords QuantumScape the necessary space to scale up manufacturing and execute on its development timeline. Mr. McCarthy also currently serves on the board of QSV Operations LLC. Called QS-0, it will help the company accelerate the development of its solid-state batteries and deliver up to 100,000 engineering cell samples from 2023 on. The deal should result in a valuation of $3.3 billion and leave Quantumscape with over $1 billion to fund its factory and plans. This new campus provides us with an opportunity to continue our ground-breaking innovation while laying the foundation for scaling up those innovations into production.. They will start building a pilot factory in about one year and that factory will produce 1 gigawatt-hour of batteries per year. They also announced a plan to bring the product to volume production in partnership with Volkswagen by 2024. In February, it was still said that QuantumScape wanted to spend between 230 and 290 million US dollars (about 190 to 240 million euros) in the current year to continue the development of its solid-state battery cells and to build the QS-0 factory. This should start in the second half of 2024 with the help of Volkswagen. so Wh/L determines the volume of the device necessary to fit the battery, and Wh/kg kind of determines how much mass (weight) is necessary to store the power required. As is the aim for the QS-1 pilot plant, which is still without a location, pilot cells are to be produced first in San Jos and later cells ready for series production. [6] The solid-state battery specialist also plans to invest part of the proceeds in its joint venture with Volkswagen. QuantumScape Corp (NYSE: QS) has secured a new set of buildings in San Jose for its future manufacturing hub, QS Campus. This suggests a possible upside of 67.0% from the stock's current price. And the ceramic separator is non-flammable and noncombustible, making our batteries safer than conventional lithium-ion batteries. QuantumScape Ships First 24-Layer Prototype Battery Cells to Automotive OEMs. Pamela Fong is QuantumScapes Chief of Human Resources Operations, leading people strategy and operations, including talent acquisition, organizational development and employee engagement. QuantumScape's cells use a solid-state separator in place of the porous separators used in conventional lithium-ion batteries. This helps increase the volumetric density of the cell. Being an investor in the startup, the German automaker will also benefit from any success it has with its competitors. The plant, called QS-0, will be able to produce more than 100,000 samples of solid-state cells per year, the announcement said. In addition, the solid-state battery is said to be extremely fireproof and to function on a broad temperature continuum without a major drop in performance even in cold temperatures as low as minus 30 degrees. builds on the email briefing we publish A full-sized plant would also be built and start production in 2027. QuantumScape hopes to provide cells for a few hundred test vehicles each year with it for all manufacturers interested in them. About 200 mL if I recall correctly. The company has worked for more than 10 years to develop this separator material. The pilot line will be based in San Jose and will be called QS0. Their stock opened with $23.50 in its Nov 27, 2020 IPO. QuantumScape (NASDAQ:QS) stock is sitting in a sort of middle ground in terms of its evolution. Microsoft to Cut Engineering Jobs This Week as Layoffs Go Deeper, Apple Delays AR Glasses, Plans Cheaper Mixed-Reality Headset, Stocks Turn Lower as Growth in Focus; Dow Falls: Markets Wrap, Saudi Arabia Says Open to Settling Trade in Other Currencies, Amazon Kicks Off Round of Job Cuts Affecting 18,000 People. Finally a legit, authentic taco restaurant in Canton. Rekha Khandelwal has no position in any of the stocks mentioned. Our solid-state lithium-metal battery technology is designed to deliver efficient, reliable, safe and cost-effective energy storage to support the transition away from legacy energy sources toward a lower carbon future. Would highly recommend coming here. Ms. Fong holds a B.S. The factory will make early production versions of the company's advanced electric. Alongside this, the developer promises a remaining battery capacity of more than 80 per cent after 800 cycles, which means that hundreds of thousands of kilometres can be covered. Mr. Hettrich has served as QuantumScapes Chief Financial Officer and head of Business Operations since September 2018. "We are planning to build a factory that can manufacture about 250,000 vehicles per year, and a Gigafactory to manufacture battery cells and the pack. Quantumscape has shared new data showcasing further development of its solid-state batteries, whose cells have completed 400 consecutive 15-minute fast-charge cycles, replenishing from 10% to 80% . Despite uncertainties, if things go according to QuantumScape's plans, the company could start pilot production of its batteries in 2024. Their QS share price forecasts range from $4.00 to $27.00. Berkeley and a M.S. Here's Why QuantumScape Shares Soared This Morning, Why QuantumScape Stock Lost Its Charge This Week, Why QuantumScape Stock Plunged to All-Time Lows Today, 3 Reasons Tesla Stock Is a No-Brainer Buy in 2023, Social Security: 4 Big Changes Washington Wants to Make, Warren Buffett Is Raking in $4.84 Billion in Annual Dividend Income From These 6 Stocks, Better Buy in 2023: Apple Stock vs. Amazon Stock, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. in Management from Stanford Graduate School of Business. QuantumScape (QS -1.45%) stock rose recently on the rumors of a potential partnership with Porsche. Many of these factors are outside QuantumScapes control and are difficult to predict. QuantumScape Publishes Inaugural Environmental, Social and Governance Report . 5 min read. from Vanderbilt University Law School. Volkswagen says it is looking to produce car batteries with QuantumScape's technology in 2025. QuantumScape, so far, has collaborations with four key customers -- three automotive and one stationary energy-storage product manufacturer. [9][10] The battery was claimed to offer an energy density of 1kWh/L or 380-500 Wh/kg. QuantumScape was founded in 2010 to create a battery that doesn't make compromises and after a decade of hard work, we've built a technology that enables the fast charging, long-lasting and safer batteries required to power zero-emissions transportation. QuantumScape Corporation (NYSE:QS) today announced it has shipped its first 24-layer prototype lithium-metal battery cells to automotive OEMs for testing. A123 Systems, a developer and manufacturer of advanced Nanophosphate lithium-ion batteries and systems, on September 13 announced the grand opening of the largest lithium-ion automotive battery production facility in North America, based on available data. The short story is that they claim to have solved the solid-state battery problem. One of these is a top 10 global auto manufacturer by revenue, and the other is a luxury auto company. Before that, she served in several HR leadership roles at Foxconn Interconnect Technology, Inc., a multinational electronics manufacturer, and NUMMI, an automotive manufacturing joint venture between Toyota and General Motors. Prior to joining QuantumScape, he was a Research Associate at Stanford University from June 2008 to January 2011. Lithium-ion batteries are at the heart of the next transportation revolution, but in the technologys current form, they fall short of meeting the needs of drivers in key areas like battery life, charging speed and cost. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Pamela Fong is QuantumScapes Chief of Human Resources Operations, leading people strategy and operations, including talent acquisition, organizational development and employee engagement. QuantumScape is a San Jose-based battery company founded 10 years ago by Jagdeep Singh, a computer scientist and co-founder of Infinera Corporation, a major telecom component supplier, and Tim Holme, a Stanford-educated mechanical engineer. [3][4] In 2012, QuantumScape began working with German automaker Volkswagen. The transaction was completed in November 2020 and raised capital for the series production of batteries. Solid-state battery developer QuantumScape Corp. (NYSE: QS) was a $54 billion stock just 18 months ago, but after an agonizing 93% decline in QS stock off a . Prior to this, Mr. Hettrich served as QuantumScapes Vice President of Business Operations from March 2016 to March 2018, as Senior Director of Finance and Product Management from March 2014 to March 2016, as a Director of Product Management from March 2013 to March 2014, and as a Manager of Product Management from January 2012 to March 2013. With reporting by Cora Werwitzke, France. Its solid-state battery cell technology has an energy density, enhanced safety, fast charging capability, and small size. Berkeley and a M.S. Ms. Fong holds a B.S. In February, it was still said that QuantumScape wanted to spend between 230 and 290 million US dollars (about 190 to 240 million euros) in the current year to continue the development of its solid-state battery cells and to build the QS-0 factory. Learn More. ET. All statements other than statements of historical fact contained in this article, including statements regarding the future development of QuantumScapes battery technology, the anticipated benefits of QuantumScapes technologies and the performance of its batteries, and plans and objectives for future operations, are forward-looking statements. The company is headquartered in San Jose, California and employs around 400 people. newsletter is published every During the presentation of the test results, company boss Jagdeep Singh said that further development work will consist of converting the single-layer cells into multi-layer cells and then preparing them for mass production. Our technology creates the lithium anode in situ during the first charge, an innovation that dramatically simplifies battery design and makes it fundamentally cheaper to manufacture. The 50 USD/kWh was Brians conjecture for 2024 price levels. However, the industry has several challenges to overcome in order to make solid-state viable, and QuantumScape claims to have solved them all. QuantumScape's batteries may increase electric vehicles' range considerably for the same battery size. Invest better with The Motley Fool. The company hopes to work alongside experienced battery scientists in the Asia-Pacific region to further develop and manufacturer it battery technologies for electric vehicles. 10/12/2022. QuantumScape Factory Economics (QS-1, 20GWh) Capex + Start-up Costs: $1.6B ~70% Cell Factory ~30% Separator Factory Equity Need: ~$500M Note: Assumes 5% annual price and cost declines. Until now, the low cycle stability has been considered a major weakness of solid-state batteries. Many of these factors are outside QuantumScapes control and are difficult to predict. It released on May 14 that it is in the process of selecting where it will produce with Volkswagen. QuantumScape is funded by 10 investors. QuantumScape (NYSE: QS), a startup that is developing solid-state lithium metal batteries for electric vehicles, has seen its stock price decline by close to 45% year-to-date and by about 80% from . Also, silicon anodes, by definition cannot produce a denser battery than a solid state battery that uses NO anodes at all. The solid-state batteries that QuantumScape is researching could change the EV landscape considerably. The solid electrolyte allows us to use lithium-metal for the anode, which is the lightest metal on the planet and nearly 10 times more energy dense than whats used in todays batteries. Tried the pastor, carnitas and steak tacos. Even if they execute flawlessly, they will have too little capacity to matter and the prices will be too high. QuantumScapes SEC filings are available publicly on the SECs website at www.sec.gov. [7], On April 15, 2021, hedge fund Scorpion Capital announced their short position in the stock, accusing the company of being a pump-and-dump scheme. QuantumScape said it has begun shipping "A0" samples of its battery cells to its automaker clients. Additional information concerning these and other factors that could materially affect QuantumScapes actual results can be found in QuantumScapes periodic filings with the SEC. Prior to joining QuantumScape, he was the Chief Administrative Officer at Infinera Corporation from April 2003 to March 2013. QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. SAN JOSE, Calif.-- QuantumScape Corporation (NYSE: QS), a leader in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles, today announced the release of an independent third-party laboratory testing report on the performance of its solid-state lithium-metal battery cells. The expected proceeds of $859 million are to be invested in the companys planned pilot plant and in the joint venture with Volkswagen. QuantumScape is an American company that develops solid state lithium metal batteries for electric cars. SAN JOSE, Calif.- (BUSINESS WIRE)- QuantumScape Corporation (NYSE: QS) today announced QS Campus - the future hub of its upcoming manufacturing activities - after securing a new set of buildings in San Jose. EV battery startup QuantumScape has leased a massive production site in San Jose, hinting at the company's intent to bring its "groundbreaking" solid . But while the capacity is limited, it will provide cells for development work and help design next-gen manufacturing equipment: QS-0 will help provide the additional capacity we need for our development work and will enable usto accelerate work on the next-generation of manufacturing tools. Incidentally, QuantumScape does not mention the new information on the pilot plants named QS-0 and QS-1 in its press release on the share issue; it is hidden in a long stock exchange notice, the SEC Report. It depends on the density of the materials used in the battery. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements. [8], On June 26, 2022, the Company announced the production of a solid-state battery with a range of 650km and a charge time of 15 minutes. The Wolfsburg-based company now owns a third of the California-based company. It is not yet clear where this plant will be built. Its stock soared 49% in its first day of trading in November 2020 and had. [11], Last edited on 17 December 2022, at 02:53, "Bill Gates-backed vehicle battery supplier to go public through SPAC deal", "Our team is redefining the frontier of battery technology", "VW-Partner QuantumScape geht an die US-Brse", "QuantumScape's Merger With Kensington Capital Acquisition Corp Global Legal Chronicle", "QuantumScape says its technology is ready to move from the lab to VW's dealerships. Chart reflects 100% of factory financials. Dr. Holme holds a B.S. When used in this current report, the words may, will, estimate, pro forma, expect, plan, believe, potential, predict, target, should, would, could, continue, believe, project, intend, anticipates the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. QuantumScape Corp. plans to lease 200,000 square feet of space in San Jose for a new manufacturing facility. in Management from Stanford Graduate School of Business. Prior to joining the company, Ms. Fong served as the Vice President of Global Human Resources at PDF Solutions (NASDAQ: PDFS), a semiconductor SAAS company. Prologium is another solid-state battery company but they have had a 40MWh/year pilot plant in operation since 2017. All we have mostly in Canton are corporate chain restaurants. We are thrilled to see QuantumScapes investment in our community and their commitment to bringing advanced battery development and local manufacturing jobs to North San Jose.. If all goes as planned, it QuantumScape expects revenue to grow gradually from $39 million in 2025 . QuantumScape was founded in 2010. in Computer Science from the University of Maryland College Park, an M.B.A. from the University of California, Berkeley, Haas School of Business, and a M.S. Even before the news, the stock has been on an upward trend since the middle of March. QuantumScape Corp. ( QS) stock's 93% plunge makes it a vulnerable acquisition target if shares fail to recover soon. In concrete terms, the latter should be possible in San Jos from 2023. it will be decades before solid state will matter at all, if ever. VW ID. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This will allow us toprovide early cells to VW, as well as other automotive partners, explore non-automotive applications, andhelp de-risk subsequent commercial scale-up.. Made in Germany! Tesla dry cells and silicon anodes mean that solid-state batteries will not be able to beat advanced lithium-ion on energy density. Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. SAN JOSE, Calif.(BUSINESS WIRE) QuantumScape Corporation, (NYSE: QS, or QuantumScape) today announced that it has entered into an agreement with Volkswagen Group of America, Inc. to select the location of their joint-venture solid-state battery pilot-line facility by the end of 2021. . Expansion to three new facilities to scale advanced manufacturing capabilities. Solid-state battery maker QuantumScape has announced a plan to build a new pilot battery production factory in California. Source: QuantumScape via Green Car Congress. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023.. Berkeley and a M.S. QuantumScape has been promising to present not only a solid-state platform that will work with any lithium-ion chemistry. The new campus comprises the current site of QS-0, QuantumScapes pre-pilot production line, and the adjacent three new buildings. QuantumScape ( NYSE: QS) has fallen pretty far from its high of over $130 per share back in late December. Before that, she served in several HR leadership roles at Foxconn Interconnect Technology, Inc., a multinational electronics manufacturer, and NUMMI, an automotive manufacturing joint venture between Toyota and General Motors. QuantumScape completed its 2021 milestones as planned. I hope they fire the Head of Designer. a wide range of relevant stories and It an investment of 200 million euros from Volkswagen, performance data of prototype cells for the first time in December 2020, FC specialist Loop Energy launches cooperation in Germany, Twaice improves development with battery model library, Outlook: These electric cars are coming in 2023, 2022 in review: Rediscover the most popular articles in each month. Pouch form factor batteries cannot be made into structural parts of the body of the car. However, the goal is to make it reach a 20 GWh production scale. [5], On September 3, 2020, QuantumScape announced a merger with the special-purpose acquisition company Kensington Capital Acquisition.
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