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QuantumScape

QuantumScape Corporation is an American battery technology company founded in May 2010 in San Jose, California, by Jagdeep Singh, Tim Holme, and Fritz B. Prinz, specializing in the development of solid-state lithium-metal batteries for electric vehicles (EVs) and other applications.^[1]^[2]^[3] The company's mission is to revolutionize energy storage to enable a sustainable future, focusing on next-generation batteries that overcome limitations of traditional lithium-ion cells, such as energy density and charging speed.^[4]^[5]^[6] QuantumScape went public in November 2020 through a merger with Kensington Capital Acquisition Corp., listing on the New York Stock Exchange under the ticker symbol QS.^[7]^[8] In February 2024, Dr. Siva Sivaram, a veteran in the semiconductor industry, was appointed as CEO to lead the company's growth phase, succeeding co-founder Jagdeep Singh.^[9] Key partnerships include a long-term collaboration with Volkswagen Group's battery unit, PowerCo, expanded in July 2025 to accelerate commercialization of solid-state battery technology.^[10] As of October 2025, QuantumScape achieved significant milestones, including entering baseline production for its Cobra separator process in June 2025 and shipping initial B1 battery samples to potential customers, marking progress toward commercial scalability.^[11]^[12]

History

Founding and early development

QuantumScape was founded on May 14, 2010, in San Jose, California, by Jagdeep Singh, co-founder and former CEO, along with Tim Holme and Fritz Prinz, both affiliated with Stanford University.^[13]^[14] The company emerged from research conducted in Stanford laboratories, where Prinz, a professor of mechanical engineering and materials science, and Holme, a former research associate, explored advanced battery materials.^[15]^[16] The initial focus of QuantumScape centered on developing solid-state lithium-metal batteries, building directly on Stanford's foundational work in ceramic separators and anode-free battery designs.^[6] These innovations aimed to address key limitations in traditional lithium-ion batteries, such as energy density and charging speed, with the long-term goal of revolutionizing batteries for electric vehicles.^[17] The founding team assembled a core group of experts, combining Singh's experience in technology scaling and entrepreneurship from prior ventures, Holme's materials science background, and Prinz's academic expertise in thin-film technologies and electrochemistry.^[18] Following incorporation, QuantumScape's first operational milestones included establishing an initial research and development laboratory in San Jose to prototype and test solid-state battery components.^[19] The company also pursued preliminary patent filings on lithium-metal plating concepts, with early applications dating back to around 2012, protecting innovations in solid electrolyte interfaces and metal anode deposition.^[20] These steps laid the groundwork for internal R&D efforts, emphasizing scalable manufacturing processes for ceramic-based separators.^[21]

Volkswagen partnership and growth

In 2012, QuantumScape entered into a strategic collaboration with Volkswagen Group to develop solid-state lithium-metal batteries tailored for electric vehicle applications, marking a pivotal step in the company's transition from academic research to industry-focused R&D. This joint development agreement allowed QuantumScape to leverage Volkswagen's automotive expertise for feedback on battery performance requirements, such as energy density, charging speed, and durability under real-world EV conditions.^[22]^[23] The partnership accelerated QuantumScape's growth throughout the mid-2010s, culminating in 2018 with Volkswagen's $100 million equity investment, which made the automaker QuantumScape's largest shareholder and established a 50-50 joint venture entity called QSV Operations LLC. This venture was dedicated to scaling the production of solid-state batteries, with shared responsibilities for technology transfer, manufacturing process development, and commercialization planning. The collaboration centered on QuantumScape's headquarters and R&D facilities in San Jose, California, where teams from both companies worked on integrating the battery technology into EV prototypes, including rigorous testing for safety, thermal management, and integration with vehicle powertrains.^[24]^[25] Key milestones during this period included the creation of early-stage cell prototypes—comparable to A-sample equivalents in automotive development—and successful validation of their performance in joint testing programs. Volkswagen conducted pioneering tests of these prototypes in Germany, demonstrating operation at automotive-grade power rates, which confirmed the technology's potential for high-volume EV use and represented an industry breakthrough at the time. These efforts also achieved foundational performance benchmarks, such as cycle life exceeding 300 full charge-discharge equivalents with retained capacity suitable for initial EV validation.^[26]^[27] By 2018, the deepened partnership had spurred substantial operational expansion at QuantumScape, including workforce growth to support advanced prototyping and scaling initiatives, alongside feasibility studies for commercial manufacturing. This shift emphasized cost modeling, supply chain integration, and regulatory compliance, positioning the company for broader industry adoption while building on the collaborative momentum from the prior years.^[25]

Public listing and expansion

QuantumScape transitioned to a publicly traded entity via a merger with Kensington Capital Acquisition Corp., a special purpose acquisition company, which closed on November 27, 2020, following shareholder approval on November 25. The deal generated net proceeds of approximately $680 million for the company, including contributions from the SPAC trust and a $500 million private investment in public equity, while implying a pro forma enterprise value of $3.3 billion; shares began trading on the New York Stock Exchange under the ticker "QS."^[28]^[29] Post-merger, QuantumScape pursued operational scaling by expanding its San Jose, California headquarters and prototyping facilities to accelerate development toward commercialization. In early 2021, the company outlined plans for a pre-pilot production line addition, increasing facility space by 200,000 square feet to support automated sample cell manufacturing. This expansion built on the credibility from its longstanding Volkswagen partnership, enabling focused investment in prototype validation.^[30]^[31] A key element of these enhancements was the introduction of the Raptor high-throughput separator production process, which improved efficiency for generating prototype cells at scale within the expanded San Jose site. Complementing this, QuantumScape and Volkswagen advanced joint venture discussions for QS-1, a planned gigafactory designed for high-volume cell manufacturing with an initial target capacity of hundreds of megawatt-hours annually. In July 2024, the collaboration evolved with a new licensing agreement between QuantumScape and Volkswagen's PowerCo unit, superseding the prior QSV joint venture and enabling PowerCo to produce up to 80 GWh annually. This was further expanded in July 2025 to accelerate commercialization.^[32]^[33]^[34]^[35] In line with these capabilities, QuantumScape shipped its initial A0 prototype cells—featuring 24-layer lithium-metal architecture—in December 2022 to select automotive partners for performance evaluation and integration testing. These shipments marked the start of formal customer qualification processes. By 2023, the workforce had expanded to 850 employees, reflecting growth in engineering, operations, and supply chain teams to drive QS-1 planning and prototype iterations forward.^[36]^[37]

Business and finance

Funding and investments

QuantumScape has raised over $1 billion in funding across multiple rounds since its inception, supporting its research and development in solid-state battery technology.^[38] A pivotal early investment came in 2018 when Volkswagen Group led a $100 million round, marking the automaker's initial commitment to the company and highlighting its potential in next-generation batteries. This was followed by additional investments from Volkswagen, including a $200 million infusion in 2020, contributing to the company's cumulative funding from the group exceeding $300 million. Other key backers include Bill Gates' Breakthrough Energy Ventures, which participated in early rounds, and Kleiner Perkins, a prominent venture capital firm that provided seed and subsequent funding to fuel initial development.^[39]^[40]^[41] In 2020, QuantumScape went public through a merger with Kensington Capital Acquisition Corp., a special purpose acquisition company, which provided a significant cash infusion of approximately $730 million, including $230 million from Kensington's trust and $500 million from a private investment in public equity (PIPE) led by Fidelity Management & Research. The transaction valued QuantumScape at an implied pro forma enterprise value of $3.3 billion, enabling accelerated scaling of its operations.^[42]^[29]^[43] As of the third quarter of 2025, QuantumScape reported cash and cash equivalents of $225.8 million, alongside marketable securities totaling $777.9 million, providing a strong liquidity position to support ongoing R&D. The company generated $12.8 million in customer billings during the quarter, reflecting early commercialization efforts, while posting a GAAP net loss of $105.8 million amid investments in technology advancement. For the full year 2025, management guided capital expenditures at $30 million to $40 million, a reduction from prior plans to optimize spending efficiency.^[44]

Partnerships and collaborations

QuantumScape's most significant partnership has been with Volkswagen Group and its battery subsidiary PowerCo, originating from a joint development agreement signed in 2012.^[45] This collaboration evolved through substantial investments, including $100 million from Volkswagen in 2018 and an additional up to $200 million in 2020, totaling approximately $300 million by that year to support solid-state battery research and development.^[46] In July 2024, the partnership expanded into a non-exclusive licensing arrangement for mass production of QuantumScape's battery cells.^[47] This was further advanced in July 2025 with an agreement providing PowerCo rights to produce up to 5 gigawatt-hours annually of QSE-5-based cells, including for non-Volkswagen customers, along with up to $131 million in milestone-based payments over two years and potential additional $130 million upon technical progress, plus royalties on licensed technology.^[35] In 2025, QuantumScape broadened its collaborative network to address manufacturing scalability. In October 2025, it entered a joint development agreement with Murata Manufacturing Co., Ltd., focused on high-volume production of ceramic separators essential for solid-state batteries; this built on exploratory discussions initiated in February 2025 that validated Murata's capabilities in ceramic film production.^[48] Earlier that year, in September 2025, QuantumScape partnered with Corning Incorporated to jointly develop and commercialize manufacturing processes for ceramic separators and other solid-state battery components, aiming to enable large-scale production.^[49] These 2025 alliances, alongside the deepened Volkswagen/PowerCo ties, form a strategic ecosystem for QuantumScape's transition to commercialization, emphasizing licensing, joint R&D, and supply chain integration without overlapping prior historical funding details.^[50]

Technology

Solid-state battery principles

Solid-state batteries represent an advanced class of rechargeable energy storage devices that utilize solid electrolytes rather than the liquid or gel-based electrolytes common in traditional lithium-ion batteries. This substitution enables the incorporation of lithium-metal anodes, which offer a theoretical specific capacity of 3,860 mAh/g—far exceeding the 372 mAh/g of graphite anodes used in lithium-ion cells—thereby facilitating substantially higher overall energy densities.^[51] The solid electrolyte, often composed of ceramics, polymers, or sulfides, conducts lithium ions while providing structural integrity and mechanical stability to the cell.^[52] A primary advantage of solid-state batteries lies in their enhanced safety profile, as the elimination of flammable liquid electrolytes minimizes risks of leakage, thermal runaway, and combustion that plague conventional lithium-ion systems.^[53] They also promise superior energy density, with theoretical limits approaching 500 Wh/kg for lithium-metal configurations, enabling longer operational ranges in applications such as electric vehicles compared to the 250–350 Wh/kg typical of current lithium-ion batteries.^[54] Additional benefits include faster charging capabilities, potentially supporting rates of 4C (full charge in 15 minutes), and extended cycle life exceeding 1,000 cycles with minimal capacity fade, due to the solid electrolyte's resistance to degradation over repeated charge-discharge processes.^[55] The core components of a solid-state battery include a lithium-metal anode, which serves as the source of lithium ions during discharge; a cathode, commonly lithium nickel manganese cobalt oxide (NMC) or similar layered oxides, where ions are intercalated; and a solid electrolyte that functions dually as an ionic conductor and a separator.^[51] The solid electrolyte is particularly vital for mitigating dendrite formation—needle-like lithium structures that can penetrate the separator and cause internal short circuits in lithium-metal systems—by providing a mechanically robust barrier that suppresses uneven lithium plating.^[56] In comparison to traditional lithium-ion batteries, solid-state designs eliminate the need for a heavy graphite anode, reducing the cell's overall mass and allowing more efficient use of lithium's inherent capacity. This shift enhances energy density, fundamentally expressed by the equation

E = \frac{V \times Q}{m}

where E is the gravimetric energy density, V is the cell voltage, Q is the total charge capacity, and m is the mass of active materials; the use of pure lithium-metal markedly increases Q relative to intercalation-based anodes.^[53]

Proprietary innovations

QuantumScape's anode-free architecture represents a key proprietary innovation in solid-state battery design, where the lithium metal anode is formed in situ during the initial charging process rather than being pre-manufactured as a separate component. This approach eliminates the need for excess anode host materials like graphite or silicon, thereby maximizing energy density by utilizing the full volume and weight of the cell for active lithium and cathode materials. The design enables targeted energy densities exceeding 800 Wh/L and approximately 300 Wh/kg in prototype cells, surpassing conventional lithium-ion batteries.^[6]^[57] Central to this architecture is QuantumScape's proprietary ceramic separator, a thin-film solid electrolyte composed of lithium-stuffed garnet oxide that serves as both an ion conductor and a physical barrier. This separator prevents lithium dendrite formation by providing a stable interface that homogenizes lithium plating during charge-discharge cycles, enhancing overall cell safety and performance. The material's high mechanical strength and chemical stability allow for seamless integration with lithium metal, distinguishing it from traditional polymer separators used in liquid-electrolyte batteries.^[58]^[57] The QSE-5 cell embodies these innovations in a practical format, measuring 84.5 mm × 65.6 mm × 4.6 mm with a nominal capacity of about 5 Ah, delivering over 800 Wh/L in a pouch-style FlexFrame configuration optimized for automotive applications. This cell format supports high-volume stacking while maintaining structural integrity under operational pressures below 3.4 atm.^[59]^[60] To enable scalable production, QuantumScape introduced the COBRA manufacturing process in June 2025, a dry-coating technique for applying the ceramic separator that achieves approximately 25 times faster deposition rates compared to the prior Raptor method. COBRA reduces energy consumption, footprint, and material costs by eliminating wet processing steps, facilitating gigawatt-hour scale output for commercial solid-state batteries.^[11]^[61] QuantumScape's intellectual property protections underpin these advancements, with a patent portfolio of approximately 350 granted and pending patents as of December 2024, concentrated in areas such as separator materials, lithium plating uniformity via pulse techniques, and electrochemical interfaces. This extensive IP, including over 500 filings related to ceramic compositions and manufacturing, secures the company's competitive edge in solid-state lithium-metal technology.^[62]^[63]

Commercialization and challenges

Development timeline

QuantumScape's development of its solid-state lithium-metal battery technology has progressed through distinct phases, beginning with early prototypes and advancing toward production-intent samples. In 2021, the company achieved its goal of demonstrating a 10-layer cell prototype capable of at least 800 cycles with greater than 80% capacity retention, as verified by independent testing.^[64] By late 2022, QuantumScape shipped its first A0 24-layer prototype cells to automotive OEMs for evaluation, marking the transition to more complex stack architectures in a proprietary hybrid prismatic-pouch format.^[36] These A0 prototypes represented an initial alpha-stage development, focusing on validating core performance metrics like energy density and cycle life. The progression continued into 2024 with the introduction of A1 cells and the start of B0 samples. In March 2024, QuantumScape began customer shipments of Alpha-2 (A1 prototypes, which incorporated refinements to the separator and anode design for improved scalability.^[65] Later that year, in October 2024, the company initiated low-volume production of initial B0 samples using its Raptor separator process, enabling automotive partners to conduct integration testing for electric vehicle applications.^[66] By October 2025, QuantumScape advanced to B1 samples, shipping production-intent cells featuring separators produced via the enhanced Cobra process, which offers up to 25 times faster manufacturing speeds compared to prior methods.^[67] These phases—where alphabetic designations indicate developmental stages and numeric increments denote steps toward production readiness—have systematically de-risked the technology through iterative validation.^[62] QuantumScape's commercial roadmap targets low-volume production starting in 2026, followed by high-volume manufacturing in 2027-2028, with initial integration into electric vehicles by 2030 through its partner PowerCo.^[68] This timeline supports field testing of B1 samples in 2026, leading to C-sample validation and early commercialization.^[69] Scaling efforts include completing the QS-1 Eagle production line in 2025, a highly automated pilot facility in San Jose designed for higher-volume B-sample output to facilitate partner evaluations.^[44] Longer-term, PowerCo's planned Gigafab will enable up to 40 GWh of annual capacity using QuantumScape's licensed technology, sufficient to power approximately one million electric vehicles per year.^[70] Originally, QuantumScape projected commercialization by 2024 in its pre-merger investor presentations, but manufacturing complexities, including separator process optimization, led to a revised timeline starting low-volume production in 2026.^[71] This delay reflects the challenges of scaling solid-state architectures while maintaining performance targets like 800+ cycles and fast charging.^[72] Despite setbacks, the phased approach has allowed integration of proprietary innovations, such as the Cobra process, to support the updated roadmap.

Recent progress and obstacles

In 2025, QuantumScape achieved several key milestones in advancing its solid-state battery technology toward commercialization. In June, the company validated its proprietary COBRA separator process by integrating it into baseline production, enabling higher-throughput manufacturing of ceramic separators essential for scaling solid-state cells.^[11] This was followed in September by the first live demonstration of a solid-state battery cell powering a vehicle, conducted in partnership with Volkswagen Group's PowerCo unit using QSE-5 cells in a Ducati electric motorcycle at IAA Mobility.^[73] By October, QuantumScape shipped its initial B1 samples—higher-volume QSE-5 prototypes produced via the COBRA process—to PowerCo, marking a critical step in customer validation and joint production planning.^[12] Testing outcomes from these advancements reinforced the technology's potential. PowerCo's validation of earlier 2024 A-sample tests, referenced in QuantumScape's Q3 2025 investor presentation, confirmed the cells achieved more than 1,000 full charge cycles with over 95% energy retention under automotive conditions, equivalent to roughly 500,000 kilometers of driving range.^[74] Additionally, the design supports 4C charging rates, allowing 80% capacity in under 15 minutes by minimizing ion diffusion distances in the anode-free architecture, as detailed in company technical updates.^[75] Despite these progresses, QuantumScape faces significant obstacles in scaling production. Delays in ramping the COBRA process and broader manufacturing challenges have pushed back timelines for higher-volume output, as noted in Q3 2025 earnings discussions.^[69] The company reported an adjusted EBITDA loss of $61.4 million in Q3 2025 and generated $12.8 million in customer billings, marking its first invoices as a pre-commercial entity.^[44] It also revised its full-year 2025 capital expenditures guidance to $30-40 million, reflecting investments in equipment and facilities amid ongoing quarterly losses.^[44] QuantumScape remains dependent on external partners for ceramic separator components, with new 2025 agreements with Corning and Murata aimed at developing scalable production but introducing coordination risks.^[49]^[48] Market and regulatory hurdles further complicate commercialization. Supply chain vulnerabilities persist for rare materials like lithium and specialized ceramics precursors, exacerbated by global trade tensions and resource concentration in limited geographies, as highlighted in industry analyses of EV battery development.^[76] Intense competition from other solid-state battery developers, including Solid Power and SES AI, pressures QuantumScape to accelerate validation while navigating evolving automotive regulations on battery safety and sustainability.^[77]

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QuantumScape Achieves Final 2021 Goal Ahead of Schedule
Nov 16, 2021 · QuantumScape released 10-layer battery cell testing data, achieving the goal it had laid out for 2021. Learn more about the goals and ...Missing: 1 factory
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QuantumScape Begins Customer Shipments of Alpha-2 Prototypes ...
Mar 27, 2024 · QuantumScape's remaining key goals for 2024 include ramping up the Raptor production process, beginning low-volume QSE-5 prototype production, ...
[66]
QuantumScape begins production of B-sample solid-state cells
Oct 23, 2024 · It has begun low-volume production of its initial B-sample cells, which will soon be sent to automotive partners for EV implementation testing.
[67]
QuantumScape Announces Shipment of B1 Samples, Achieving a ...
Oct 22, 2025 · “We are proud to announce the start of deliveries of these QSE-5 samples,” said Dr. Luca Fasoli, Chief Operating Officer of QS. “We are working ...
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QuantumScape's Solid-State Breakthrough: A Strategic Inflection ...
Sep 8, 2025 · The company's roadmap is aggressive: QSE-5 B1 B-samples are slated for delivery in 2025, with field testing in 2026 and mass production by 2028 ...Missing: A1 | Show results with:A1
[69]
https://seekingalpha.com/article/4838253-quantumscape-qse-5-battery-shipment-sparks-commercialization-inflection
[70]
PowerCo and QuantumScape Announce Landmark Agreement to ...
Jul 11, 2024 · Under the non-exclusive license, PowerCo can manufacture up to 40 gigawatt-hours (GWh) per year using QuantumScape's technology with the ...
[71]
Where Will QuantumScape Stock Be in 10 Years? - Nasdaq
Jan 21, 2025 · As an early mover in solid-state batteries, QuantumScape could profit from that secular expansion. Solid-state lithium-metal batteries are less ...
[72]
QuantumScape Vs. NVIDIA: Which Stock Is a Better Buy Now?
Jul 23, 2025 · However, after failing to meet that timeline, QuantumScape revised its projections to 2026. The delay hurt investors' sentiment, and QS ...
[73]
QuantumScape and PowerCo Debut Solid-State Batteries in Ducati ...
QuantumScape and PowerCo Debut Solid-State Batteries in Ducati Motorcycle at IAA Mobility. September 8, 2025. Revolutionary Battery Technology ...
[74]
[PDF] Investor Presentation
Prepare for Cobra Production in 2025. Expand Commercial Engagements. Install Higher-Volume Cell. Production Equipment with PowerCo. Ship Higher-Volume QSE-5 B1 ...
[75]
White Paper: Fast-Charging Performance | QuantumScape
Jan 27, 2022 · The QuantumScape platform The room-temperature cells can reach 80% in less than 15 minutes, and the cells at 45 °C are even faster. The second ...
[76]
https://iea.blob.core.windows.net/assets/ef5e9b70-3374-4caa-ba9d-19c72253bfc4/GlobalCriticalMineralsOutlook2025.pdf
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[PDF] Global Critical Minerals Outlook 2025 - NET
The Global Critical Minerals Outlook 2025 includes a detailed assessment of the latest market and investment trends, along with their implications for critical ...<|control11|><|separator|>
[78]
[PDF] February 2025 Investor Presentation
Feb 1, 2025 · QuantumScape's anode-free lithium-metal tech offers improved energy density, fast charging, safety, and is on the fastest path to GWh scale, ...