QuantumScape amended its collaboration with PowerCo to prioritize automotive-scale QSE-5 solid-state battery development and larger format cells, shifting to milestone-based payments totaling up to $75.4 million, inclusive of amounts paid to date. Concurrently, Statement of Work No. 1 was terminated and replaced by the new Statement of Work No. 2 under the amendment. The company expects the updated structure, centered on delivery and validation milestones over the next two years, to support validation, demonstration, and initial commercialization efforts.
New agreement details:
- Agreement type: Amendment to collaboration agreement with milestone-based development program
- Counterparty: PowerCo
- Signed / Effective: Jul 16 2026 / Jul 16 2026
- Duration / Termination: Approximately 2 years
- Reason: Advance automotive solid-state battery commercialization
Terminated agreement details:
- Agreement terminated: Statement of Work No. 1 under Collaboration Agreement
- Counterparty: PowerCo
- Original agreement date: Jul 17 2025
- Termination date: Jul 16 2026
- Termination type: mutual
- Reason: Replace SOW No. 1 with updated milestone-based program
Original SEC Filing:
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