QuantumScape signs collaboration with PowerCo for solid-state battery industrialization; $130M prepayment

QuantumScape Corp

QS and PowerCo (Volkswagen subsidiary) entered a Collaboration Agreement to industrialize QSE-5 solid-state battery technology.
PowerCo will pre-pay $130M initial royalty fee under the IP License Agreement, subject to clawback if terminated early.
Prior JV with Volkswagen terminated; $134M of previously reserved funds released and lock-up agreements on QS shares lifted.
Frank Blome (PowerCo CEO) resigned from QS board; successor to be appointed in coming months; VW retains two board seats.
License covers up to 40 GWh annual capacity expandable by 40 GWh; joint scale-up team to enable technology transfer.

item 1.01 item 1.02 item 5.02 item 9.01

Executive movements

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Departed

Frank Blome

Director

QS · QuantumScape Corp

Effective: 2024-07-05
Filed: July 11, 2024, 7:59 PM ET

Mr. Blome resigned from the Board on July 5, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Frank Blome resigned as Director at QuantumScape Corp.

Action: resigned
Role: Director

Exact text from the filing

Mr. Blome resigned from the Board on July 5, 2024.

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QuantumScape Corp filing history →

Source: SEC EDGAR

accession 0000950170-24-082847

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