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QuantumScape Secures Campus in San Jose, California
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
QuantumScape Corporation (NYSE: QS) has secured new facilities in San Jose as part of its expansion plan. The QS Campus will enhance manufacturing capabilities, complementing the existing QS-0 production line. This development aligns with the company's goal to commercialize solid-state lithium-metal battery technology. QuantumScape has signed 10-year leases for the new buildings, which will support research, development, and accommodate hundreds of new employees. The company aims to start outfitting the facilities in January 2022.
Positive
Secured new facilities in San Jose, enhancing manufacturing capacity.
Signed 10-year lease agreements for three new buildings.
New campus supports research, development, and hiring of hundreds of new employees.
Negative
QuantumScape faces significant barriers in scaling and completing battery technology development.
Potential delays in manufacturing and regulatory approval may hinder commercialization.
Risks associated with controlling manufacturing costs for solid-state battery components.
Expansion to three new facilities to scale advanced manufacturing capabilities
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. The new campus comprises the current site of QS-0, QuantumScape’s pre-pilot production line, and the adjacent three new buildings. QS Campus is a key building block of QuantumScape’s multi-year strategic growth plan as it advances closer to commercializing its solid-state lithium-metal battery technology.
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. The company has confirmed 10-year lease agreements for the three new buildings of QS Campus.
“As we shift into the next phase of our growth trajectory, developing advanced manufacturing capabilities becomes more critical. To achieve our goals, we believe we must make progress on both development and manufacturing simultaneously,” said Jagdeep Singh, co-founder and CEO of QuantumScape. “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.”
QuantumScape’s new facilities will also house additional research and development and office space to accommodate hundreds of new employees. The company plans to continue aggressive hiring of world-class talent through 2022 and beyond. The campus is designed to encourage more natural opportunities for employees to collaborate across departments and functions. This prime location in San Jose – in the heart of Silicon Valley, near world-renowned universities and research institutions – offers access to a rich pool of talent for the company to build out its team.
“As the capital of Silicon Valley, San Jose continues to welcome the growth of innovative tech leaders like QuantumScape," said San Jose Mayor Sam Liccardo. "We are thrilled to see QuantumScape’s investment in our community and their commitment to bringing advanced battery development and local manufacturing jobs to North San Jose.”
The company will take possession of the new buildings and begin outfitting the facilities for specific purposes starting in January 2022. QuantumScape has been based in San Jose since its founding in 2010. The new site in North San Jose is minutes from its current location, which will retain its central role in the company’s research and development activities.
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 and the QS Campus, 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 October 28, 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.
