QuantumScape Releases Third-Party Test Results

Rhea-AI Summary

QuantumScape Corporation (NYSE: QS) has released an independent report showcasing the performance of its solid-state lithium-metal battery cells, tested by Mobile Power Solutions. The cells achieved over 800 cycles under automotive-relevant conditions, maintaining over 80% energy retention. The testing confirms QuantumScape's previous performance claims from December 2020. The report highlights significant factors, including operational efficiency at room temperature and high discharge rates. QuantumScape aims to advance its product goals and meet customer needs while addressing challenges in scaling and manufacturing.

Positive

• Cells achieved over 800 cycles, indicating longevity equivalent to approximately 240,000 miles for a vehicle with a 300-mile range.
• Test results confirm previous claims made in December 2020, supporting credibility in battery performance.
• The cells maintain over 80% energy retention at high charge/discharge rates.

Negative

• QuantumScape faces significant barriers in scaling and completing development of solid-state battery cells.
• Potential delays in manufacturing and regulatory approval could impede timely commercialization.
• Uncertainty in controlling manufacturing costs for solid-state separators and battery cells.

SAN JOSE, Calif.--(BUSINESS WIRE)-- 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.

QuantumScape’s single-layer cells were tested by Mobile Power Solutions, an independent battery lab, and met automotive-relevant conditions: over 800 cycles at 25 °C, 1C (one hour) charge/discharge rates, 100% depth of discharge and under 3.4 atmospheres of pressure. We believe that the results from the tests, covering a group of three single-layer cells, are consistent with those initially reported by QuantumScape in its December 2020 Battery Showcase presentation.

“We are happy that these independent test results substantially replicate the cycling performance we reported at our December 2020 Battery Showcase,” said Jagdeep Singh, CEO and co-founder of QuantumScape. “With the publication of this report, we will continue to focus on our product roadmap goals and delivering cells to our customers.”

The test performed on QuantumScape’s cells reflects a complete cycle-life test that demonstrates how well the cell chemistry performs under extended high-performance usage and various commercially relevant conditions for EVs. These conditions, which we believe must be met simultaneously, include:

• 800 cycles — roughly equivalent to 240,000 miles driven for a 300-mile range vehicle and demonstrates the battery technology’s ability to perform over a vehicle’s expected lifetime
• 25 °C — operating at room temperature, as opposed to elevated temperatures (e.g., 60-80 °C), shows the robustness of a battery’s power capability
• 1C charge/discharge rates — indicate that the battery can operate at continuously high charge and discharge rates with minimal degradation (with energy retention maintained at more than 80%) over a long period (800 cycles in this case)
• 100% depth of discharge — the battery was fully charged and discharged every cycle of testing, which is typically more strenuous on the battery than shallower charge and discharge cycles
• 3.4 atmospheres of pressure — this amount of pressure is sufficiently low for automotive applications

Mobile Power Solutions is an independent battery laboratory, ANAB accredited to ISO/IEC 17025:2017, based in Beaverton, Oregon.

The full cycle life test report from Mobile Power Solutions is available on our website.

About QuantumScape Corporation

QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.

Forward-Looking Statements

The information in this press release includes a “forward-looking statement” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QuantumScape’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to the following: (i) QuantumScape faces significant barriers in its attempts to scale and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QuantumScape may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QuantumScape solid-state battery cells and building out of QS-0, which could prevent QuantumScape from commercializing products on a timely basis, if at all, and (iii) QuantumScape may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells. QuantumScape cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QuantumScape is set forth under the “Risk Factors” section in the QuantumScape’s Annual Report on Form 10-Q filed with the Securities and Exchange Commission on July 29, 2021 and available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027006112/en/

 For Media

media@quantumscape.com

Source: QuantumScape Corporation

FAQ

What performance results did QuantumScape report for its solid-state batteries?

QuantumScape's solid-state batteries achieved over 800 cycles with more than 80% energy retention under automotive-relevant conditions, demonstrating strong performance.

Who conducted the testing for QuantumScape's battery cells?

The testing was conducted by Mobile Power Solutions, an independent battery laboratory.

What are the implications of the independent testing for QuantumScape's future?

The positive test results enhance QuantumScape's credibility and support their ongoing product development goals, but they face challenges in scaling and manufacturing.

What does QuantumScape say about the replication of their previous performance claims?

QuantumScape stated that the independent test results substantially replicate the cycling performance reported during their December 2020 Battery Showcase.

What are the main challenges QuantumScape is facing according to their press release?

QuantumScape faces challenges in scaling its battery development, potential delays in regulatory approval, and controlling manufacturing costs.