99.1 pressreleasebyquantumscapecorporation · 2020. 12. 8. · copy of the press release is...

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): December 8, 2020

QuantumScape Corporation(Exact Name of Registrant as Specified in Charter)

Delaware 001-39345 85-0796578

(State or other jurisdiction of incorporation)

(CommissionFile Number)

(I.R.S. Employer Identification Number)

1730 Technology Drive

San Jose, California 95110 (Address of principal executive offices) (Zip code)

(408) 452-2000(Registrant’s telephone number, including area code)

Not Applicable(Former name or former address, if changed since last report)

ChecktheappropriateboxbelowiftheForm8-KfilingisintendedtosimultaneouslysatisfythefilingobligationoftheRegistrantunderanyofthefollowingprovisions:

☐ WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)

☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

☐ Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

☐ Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

SecuritiesregisteredpursuanttoSection12(b)oftheAct:

Title of each class Trading

Symbol(s) Name of each exchange

on which registeredClass A common stock, par value $0.0001 per

share QS

The New York Stock Exchange

Redeemable warrants, each whole warrantexercisable for one share of Class A common

stock at an exercise price of $11.50

QS.W

The New York Stock Exchange

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2).

Emerginggrowthcompany☒

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐

Item 7.01 Regulation FD Disclosure

OnDecember8,2020,QuantumScapeCorporation(the“Company”)issuedapressreleaseannouncingnewperformancedatademonstratingthatitstechnologyaddressesissuesholdingbackwidespreadadoptionofhigh-energydensitysolid-statebatteries,includingchargetime(currentdensity),cyclelife,safety,andoperatingtemperature.

TheCompany’ssolid-statebatteryisbeingdesignedtoenableupto80%longerrangecomparedtotoday’slithium-ionbatteries.DataasofDecember8,2020isasfollows:

• TheCompany’snewly-releasedresults,basedontestingofsinglelayerbatterycells,showitssolid-stateseparatorsarecapableofworkingat

veryhighratesofpower,enablinga15-minutechargeto80%capacity,fasterthaneitherconventionalbatteryoralternativesolid-stateapproachesarecapableofdelivering.

• Thetestedcellswerelarge-areasingle-layerpouchcellsinthetargetcommercialformfactorwithzeroexcesslithiumontheanodeandthickcathodes(>3mAh/cm2),runningatratesofone-hourchargeanddischarge(1Cchargeand1Cdischarge)at30degreesCelsius.Thesetestsdemonstratedrobustperformanceofthesesinglelayerpouchcellsevenatthesehighrates,resultinginretainedcapacityofgreaterthan80%after800cycles(demonstratinghighcolumbicefficiencyofgreaterthan99.97%).

AcopyofthepressreleaseisattachedasExhibit99.1tothisCurrentReportonForm8-K.ThepresentationusedtopresentthedataisattachedasExhibit99.2tothisCurrentReportonForm8-K..

TheinformationfurnishedinthisItem7.01,includingExhibits99.1and99.2,shallnotbedeemed“filed”forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),orotherwisesubjecttotheliabilitiesofthatsection,norshallitbedeemedincorporatedbyreferenceintoanyotherfilingundertheExchangeActortheSecuritiesActof1933,asamended,exceptasexpresslysetforthbyspecificreferenceinsuchafiling.

Thiscurrentreportcontainsforward-lookingstatementswithinthemeaningofthefederalsecuritieslawsandinformationbasedonmanagement’scurrentexpectationsasofthedateofthiscurrentreport.Allstatementsotherthanstatementsofhistoricalfactcontainedinthiscurrentreport,includingstatementsregardingtheCompany’sfutureoperatingresults,financialposition,businessstrategy,addressablemarket,anticipatedbenefitsofitstechnologies,projectedfactoryeconomics,proformainformation,andplansandobjectivesforfutureoperationsandproductsareforward-lookingstatements.Whenusedinthiscurrentreport,thewords“may,”“will,”“estimate,”“proforma,”“expect,”“plan,”“believe,”“potential,”“predict,”“target,”“should,”“would,”“could,”“continue,”“believe,”“project,”“intend,”“anticipates”thenegativeofsuchtermsandothersimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontainsuchidentifyingwords.Theseforward-lookingstatementsarebasedonmanagement’scurrentexpectations,assumptions,hopes,beliefs,intentionsandstrategiesregardingfutureeventsandarebasedoncurrentlyavailableinformationastotheoutcomeandtimingoffutureevents.

Theseforward-lookingstatementsinvolvesignificantrisksanduncertaintiesthatcouldcausetheactualresultstodiffermateriallyfromtheexpectedresults.ManyofthesefactorsareoutsidetheCompany’scontrolandaredifficulttopredict.Factorsthatmaycausesuchdifferencesinclude,butarenotlimitedto:(i)theCompanyfacessignificantbarriersinitsattemptstoproduceasolid-statebatterycellandmaynotbeabletosuccessfullydevelopitssolid-statebatterycell,whichwillnegativelyimpactthebusiness;(ii)iftheCompany’sbatteriesfailtoperformasexpected,theCompany’sabilitytodevelop,marketandsellitsbatteriescouldbeharmed;(iii)theCompanymayencountersubstantialdelaysinthedesign,manufacture,regulatoryapproval,andlaunchoftheCompany’ssolid-statebatterycells,whichcouldpreventtheCompanyfromcommercializinganyproductsitdeterminestodeveloponatimelybasis,ifatall;(iv)theCompanyhasarelativelyshortoperatinghistoryandoperatesinarapidlyevolvingindustry,whichmakesitdifficulttoevaluatefutureprospectsandmayincreasetheriskthatitwillnotcontinuetobesuccessful;(v)theCompanymaybeunabletoadequatelycontrolthecostsassociatedwithitsoperationsandthecomponentsnecessarytobuilditssolid-statebatterycells;(vi)theCompanymaynotbesuccessfulincompetinginthebatterymarketindustryorestablishingandmaintainingconfidenceinitslong-termbusinessprospectusamongcurrentandfuturepartnersandcustomersand(vii)thedurationandimpactoftheCOVID-19pandemicontheCompany’sbusiness.TheCompanycautionsthattheforegoinglistoffactorsisnotexclusive.TheCompanycautionsreadersnottoplaceunduerelianceuponanyforward-lookingstatements,whichspeakonlyasofthedatemade.

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Exceptasotherwiserequiredbyapplicablelaw,theCompanydisclaimsanydutytoupdateanyforward-lookingstatements.Shouldunderlyingassumptionsproveincorrect,actualresultsandprojectionscoulddiffermateriallyfromthoseexpressedinanyforward-lookingstatements.AdditionalinformationconcerningtheseandotherfactorsthatcouldmateriallyaffecttheCompany’sactualresultscanbefoundintheCompany’speriodicfilingswiththeSEC.TheCompany’sSECfilingsareavailablepubliclyontheSEC’swebsiteatwww.sec.gov.

Item 9.01 Financial Statements and Exhibits.(d) Exhibits.Exhibit

No. Description99.1 PressreleasebyQuantumScapeCorporation

99.2 PresentationbyQuantumScapeCorporation

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SIGNATURE

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned,hereuntodulyauthorized.

Dated:December8,2020

QUANTUMSCAPECORPORATION

By: /s/MichaelMcCarthyName: MichaelMcCarthy

Title:

ChiefLegalOfficerandHeadofCorporateDevelopment

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Exhibit 99.1

QuantumScape Releases Performance Data for its Solid-State Battery Technology

Data demonstrates high energy density solid-state lithium-metal battery technology that improves life, charging time, and safety

SAN JOSE, Calif. – DECEMBER 8, 2020 –QuantumScapeCorporation(NYSE:QS,or“QuantumScape”),aleaderinthedevelopmentofnextgenerationsolid-statelithium-metalbatteriesforuseinelectricvehicles(EVs),hasreleasedperformancedatademonstratingthatitstechnologyaddressesfundamentalissuesholdingbackwidespreadadoptionofhigh-energydensitysolid-statebatteries,includingchargetime(currentdensity),cyclelife,safety,andoperatingtemperature.

Acommercially-viablesolid-statelithium-metalbatteryisanadvancementthatthebatteryindustryhaspursuedfordecades,asitholdsthepromiseofastepfunctionincreaseinenergydensityoverconventionallithium-ionbatteries,enablingelectricvehicleswithadrivingrangecomparabletocombustionenginebasedvehicles.QuantumScape’ssolid-statebatteryisdesignedtoenableupto80%longerrangecomparedtotoday’slithium-ionbatteries.Previousattemptstocreateasolid-stateseparatorcapableofworkingwithlithiummetalathighratesofpowergenerallyrequiredcompromisingotheraspectsofthecell(cyclelife,operatingtemperature,safety,cathodeloading,orexcesslithiumintheanode).

QuantumScape’snewly-releasedresults,basedontestingofsinglelayerbatterycells,showitssolid-stateseparatorsarecapableofworkingatveryhighratesofpower,enablinga15-minutechargeto80%capacity,fasterthaneitherconventionalbatteryoralternativesolid-stateapproachesarecapableofdelivering.Inaddition,thedatashowsQuantumScapebatterytechnologyiscapableoflastinghundredsofthousandsofmilesandisdesignedtooperateatawiderangeoftemperatures,includingresultsthatshowoperationat-30degreesCelsius.

Thetestedcellswerelarge-areasingle-layerpouchcellsinthetargetcommercialformfactorwithzeroexcesslithiumontheanodeandthickcathodes(>3mAh/cm2),runningatratesofone-hourchargeanddischarge(1Cchargeand1Cdischarge)at30degreesCelsius.Thesetestsdemonstratedrobustperformanceofthesesinglelayerpouchcellsevenatthesehighrates,resultinginretainedcapacityofgreaterthan80%after800cycles(demonstratinghighcolumbicefficiencyofgreaterthan99.97%).

“Thehardestpartaboutmakingaworkingsolid-statebatteryistheneedtosimultaneouslymeettherequirementsofhighenergydensity(1,000Wh/L),fastcharge(i.e.,highcurrentdensity),longcyclelife(greaterthan800cycles),andwidetemperature-rangeoperation.ThisdatashowsQuantumScape’scellsmeetalloftheserequirements,somethingthathasneverbeforebeenreported.IfQuantumScapecangetthistechnologyintomassproduction,itholdsthepotentialtotransformtheindustry,”saidDr.StanWhittingham,co-inventorofthelithium-ionbatteryandwinnerofthe2019Nobelprizeinchemistry.

“Theseresultsblowawaywhatwaspreviouslythoughttobepossibleinasolid-statebattery,”saidVenkatViswanathan,batteryexpertandprofessorofmaterialsscienceatCarnegie-MellonUniversity.“Supportinghighenoughcurrentdensitytoenablefastchargewithoutformingdendriteshaslongbeenaholygrailoftheindustry.Thisdatashowsthecapabilitytochargeto80%capacityin15minutes,correspondingtoanastonishinglyhighrateoflithiumdepositionofuptoamicronperminute.”

“Webelievethattheperformancedatawe’veunveiledtodayshowsthatsolid-statebatterieshavethepotentialtonarrowthegapbetweenelectricvehiclesandinternalcombustionvehiclesandhelpenableEVstobecometheworld’sdominantformoftransportation,”saidJagdeepSingh,founder&CEOofQuantumScape.“Lithium-ionprovidedanimportantsteppingstonetopowerthefirstgenerationofEVs.WebelieveQuantumScape’slithium-metalsolid-statebatterytechnologyopenstheautomotiveindustryuptothenextgenerationbatteryandcreatesafoundationforthetransitiontoamorefullyelectrifiedautomotivefleet.”

QuantumScape’steamofscientistshaveworkedoverthepastdecadetocreatethenextgenerationofbatterytechnology:solid-statebatterieswithlithium-metalanodes.Withprocessesandmaterialsprotectedbyover200patentsandapplications,QuantumScape’sproprietarysolid-stateseparatorreplacestheorganicseparatorusedinconventionalcells,enablingtheeliminationofthecarbonorcarbon/siliconanodeandtherealizationofan“anode-less”architecture,withzeroexcesslithium.Insuchanarchitecture,ananodeofpuremetalliclithiumisformedinsituwhenthefinishedcellischarged,ratherthanwhenthecellisproduced.Unlikeconventionallithium-ionbatteriesorsomeothersolid-statedesigns,thisarchitecturedelivershighenergydensitywhileenablinglowermaterialcostsandsimplifiedmanufacturing.

Beyonditsabilitytofunctionathighratesofpowerwhiledeliveringhighenergydensity,otherkeycharacteristicsofQuantumScape’ssolid-statelithium-metalbatterytechnologyinclude:

• Zero excess lithium: Inadditiontoeliminatingthecarbonorcarbon/siliconanode,QuantumScape’ssolid-statedesignfurtherincreases

energydensitybecauseitusesnoexcesslithiumontheanode.Somepreviousattemptsatsolid-statebatteriesusedalithiumfoilorotherdeposited-lithiumanode,whichreducesenergydensity.

• Long life: Becauseiteliminatesthesidereactionbetweentheliquidelectrolyteandthecarbonintheanodeofconventionallithium-ioncells,QuantumScape’sbatterytechnologyisdesignedtolasthundredsofthousandsofmilesofdriving.Alternativesolid-stateapproacheswithalithiummetalanodetypicallyhavenotdemonstratedtheabilitytoworkreliablyatclosetoroomtemperatures(30degreesCelsius)withzeroexcesslithiumathighcurrentdensities(>3mAh/cm2)formorethanafewhundredcycles,andresultinashort-circuitorcapacitylossbeforethelifetargetismet.Bycontrast,today’stestresultsshowthatQuantumScape’sbatterytechnologyiscapableofrunningforover800cycleswithgreaterthan80%capacityretention.

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• Low-temperature operation: QuantumScape’ssolid-stateseparatorisdesignedtooperateatawiderangeoftemperatures,andithasbeentestedto-30degreesCelsius,temperaturesthatrendersomeothersolid-statedesignsinoperable.

• Safety: QuantumScape’ssolid-stateseparatorisnoncombustibleandisolatestheanodefromthecathodeevenatveryhightemperatures—muchhigherthanconventionalorganicseparatorsusedinlithium-ionbatteries.

About QuantumScape Corporation

QuantumScapeisaleaderinthedevelopmentofnextgenerationsolid-statelithium-metalbatteriesforuseinelectricvehicles.Thecompany’smissionistorevolutionizeenergystoragetoenableasustainablefuture.

Foradditionalinformation,pleasevisitwww.quantumscape.com.

Forward Looking Statements

Theinformationinthispressreleaseincludes“forward-lookingstatements”withinthemeaningofSection27AoftheSecuritiesActandSection21EoftheSecuritiesExchangeActof1934,asamended.Allstatements,otherthanstatementsofpresentorhistoricalfactincludedinthispressrelease,including,withoutlimitation,regardingthedevelopment,timelineandperformanceofQuantumScape’sproductsandtechnologyareforward-lookingstatements.Whenusedinthispressrelease,thewords“isdesignedto,”“could,”“should,”“enables,”“will,”“may,”“believe,”“anticipate,”“intend,”“estimate,”“expect,”“project,”thenegativeofsuchtermsandothersimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontainsuchidentifyingwords.Theseforward-lookingstatements,includingstatementsaboutothersolid-statebatterysystemsandtheirlimitations,andourbeliefthatourbatterysolutionopenstheindustryuptothenextgenerationofEVs,arebasedonmanagement’scurrentexpectationsandassumptionsaboutfutureeventsandarebasedoncurrentlyavailableinformationastotheoutcomeandtimingoffutureevents.

Theseforward-lookingstatementsinvolvesignificantrisksanduncertaintiesthatcouldcausetheactualresultstodiffermateriallyfromtheexpectedresults.MostofthesefactorsareoutsideQS’scontrolandaredifficulttopredict.Factorsthatmaycausesuchdifferencesinclude,butarenotlimitedto:(i)QSfacessignificantbarriersinitsattemptstoscalefromasinglelayerpouchcellandcompletedevelopmentofitssolid-statebatterycellandrelatedmanufacturingprocesses,anddevelopmentmaynotbesuccessful,(ii)QSmayencountersubstantialdelaysinthedevelopment,manufacture,regulatoryapproval,andlaunchofQSsolid-statebatterycells,whichcouldpreventQSfromcommercializingproductsonatimelybasis,ifatall,(iii)QSmaybeunabletoadequatelycontrolthecostsofmanufacturingitssolid-stateseparatorandbatterycells,and(iv)QSmaynotbesuccessfulincompetinginthebatterymarket.QScautionsthattheforegoinglistoffactorsisnotexclusive.AdditionalinformationaboutfactorsthatcouldmateriallyaffectQSissetforthunderthe“RiskFactors”sectionintheproxystatement/prospectus/informationstatementfiledbyKensingtonCapitalAcquisitionCorp.withtheSEConNovember12,2020andavailableontheSEC’swebsiteatwww.sec.gov.

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Exceptasotherwiserequiredbyapplicablelaw,QuantumScapedisclaimsanydutytoupdateanyforward-lookingstatements,allofwhichareexpresslyqualifiedbythestatementsinthissection,toreflecteventsorcircumstancesafterthedateofthispressrelease.Shouldunderlyingassumptionsproveincorrect,actualresultsandprojectionscoulddifferentmateriallyfromthoseexpressedinanyforward-lookingstatements.

For Media

media@quantumscape.com

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Exhibit99.2NEXT-GENERATIONSOLID-STATEBATTERIESDecember,2020Exhibit99.2NEXT-GENERATIONSOLID-STATEBATTERIESDecember,2020

ForwardLookingStatementsThispresentationcontainsforward-lookingstatementswithinthemeaningofthefederalsecuritieslawsandinformationbasedonmanagement’scurrentexpectationsasofthedateofthispresentation.Allstatementsotherthanstatementsofhistoricalfactcontainedinthispresentation,includingstatementsregardingQuantumScape’sfutureoperatingresults,financialposition,businessstrategy,addressablemarket,anticipatedbenefitsofitstechnologies,projectedfactoryeconomics,proformainformation,andplansandobjectivesforfutureoperationsandproductsareforward-lookingstatements.Whenusedinthispresentation,thewords“may,”“will,”“estimate,”“proforma,”“expect,”“plan,”“believe,”“potential,”“predict,”“target,”“should,”“would,”“could,”“continue,”“believe,”“project,”“intend,anticipatesthenegativeofsuchtermsandothersimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontainsuchidentifyingwords.Theseforward-lookingstatementsarebasedonmanagement’scurrentexpectations,assumptions,hopes,beliefs,intentionsandstrategiesregardingfutureeventsandarebasedoncurrentlyavailableinformationastotheoutcomeandtimingoffutureevents.QuantumScapecautionsyouthattheseforward-lookingstatementsaresubjecttoalloftherisksanduncertainties,mostofwhicharedifficulttopredictandmanyofwhicharebeyondthecontrolofQuantumScape,incidenttoitsbusiness.Theseforward-lookingstatementsinvolvesignificantrisksanduncertaintiesthatcouldcausetheactualresultstodiffermateriallyfromtheexpectedresults.ManyofthesefactorsareoutsideQuantumScape’scontrolandaredifficulttopredict.Factorsthatmaycausesuchdifferencesinclude,butarenotlimitedto:(i)QuantumScapefacessignificantbarriersinitsattemptstoproduceasolid-statebatterycellandmaynotbeabletosuccessfullydevelopitssolid-statebatterycell,whichwillnegativelyimpactthebusiness;(ii)ifQuantumScape’sbatteriesfailtoperformasexpected,QuantumScape’sabilitytodevelop,marketandsellitsbatteriescouldbeharmed;(iii)QuantumScapemayencountersubstantialdelaysinthedesign,manufacture,regulatoryapproval,andlaunchofQuantumScape’ssolid-statebatterycells,whichcouldpreventQuantumScapefromcommercializinganyproductsitdeterminestodeveloponatimelybasis,ifatall;(iv)QuantumScapehasarelativelyshortoperatinghistoryandoperatesinarapidlyevolvingindustry,whichmakesitdifficulttoevaluatefutureprospectsandmayincreasetheriskthatitwillnotcontinuetobesuccessful;(v)QuantumScapemaybeunabletoadequatelycontrolthecostsassociatedwithitsoperationsandthecomponentsnecessarytobuilditssolid-statebatterycells;(vi)QuantumScapemaynotbesuccessfulincompetinginthebatterymarketindustryorestablishingandmaintainingconfidenceinitslong-termbusinessprospectusamongcurrentandfuturepartnersandcustomersand(vii)thedurationandimpactoftheCOVID-19pandemiconQuantumScape'sbusiness.QuantumScapecautionsthattheforegoinglistoffactorsisnotexclusive.QuantumScapecautionsreadersnottoplaceunduerelianceuponanyforward-lookingstatements,whichspeakonlyasofthedatemade.FurtherinformationaboutfactorsthatcouldmateriallyaffectQuantumScape,includingitsresultsofoperationsandfinancialcondition,issetforthunderthe“RiskFactors”sectionintheForm8-KfiledbyQuantumScapewiththeSEConDecember2,2020.Exceptasotherwiserequiredbyapplicablelaw,QuantumScapedisclaimsanydutytoupdateanyforward-lookingstatements,allofwhichareexpresslyqualifiedbythestatementsinthissection,toreflecteventsorcircumstancesafterthedateofthispresentation.QuantumScapecautionsyouthattheseforward-lookingstatementsaresubjecttonumerousrisksanduncertainties,mostofwhicharedifficulttopredictandmanyofwhicharebeyondthecontrolofQuantumScape.Shouldunderlyingassumptionsproveincorrect,actualresultsandprojectionscoulddifferentmateriallyfromthoseexpressedinanyforward-lookingstatements.AdditionalinformationconcerningtheseandotherfactorsthatmayimpacttheoperationsandprojectionsdiscussedhereincanbefoundinQuantumScape’speriodicfilingswiththeSEC.QuantumScape’sSECfilingsareavailablepubliclyontheSEC’swebsiteatwww.sec.gov.ForwardLookingStatementsThispresentationcontainsforward-lookingstatementswithinthemeaningofthefederalsecuritieslawsandinformationbasedonmanagement’scurrentexpectationsasofthedateofthispresentation.Allstatementsotherthanstatementsofhistoricalfactcontainedinthispresentation,includingstatementsregardingQuantumScape’sfutureoperatingresults,financialposition,businessstrategy,addressablemarket,anticipatedbenefitsofitstechnologies,projectedfactoryeconomics,proformainformation,andplansandobjectivesforfutureoperationsandproductsareforward-lookingstatements.Whenusedinthispresentation,thewords“may,”“will,”“estimate,”“proforma,”“expect,”“plan,”“believe,”“potential,”“predict,”“target,”“should,”“would,”“could,”“continue,”“believe,”“project,”“intend,anticipatesthenegativeofsuchtermsandothersimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontainsuchidentifyingwords.Theseforward-lookingstatementsarebasedonmanagement’scurrentexpectations,assumptions,hopes,beliefs,intentionsandstrategiesregardingfutureeventsandarebasedoncurrentlyavailableinformationastotheoutcomeandtimingoffutureevents.QuantumScapecautionsyouthattheseforward-lookingstatementsaresubjecttoalloftherisksanduncertainties,mostofwhicharedifficulttopredictandmanyofwhicharebeyondthecontrolofQuantumScape,incidenttoitsbusiness.Theseforward-lookingstatementsinvolvesignificantrisksanduncertaintiesthatcouldcausetheactualresultstodiffermateriallyfromtheexpectedresults.ManyofthesefactorsareoutsideQuantumScape’scontrolandaredifficulttopredict.Factorsthatmaycausesuchdifferencesinclude,butarenotlimitedto:(i)QuantumScapefacessignificantbarriersinitsattemptstoproduceasolid-statebatterycellandmaynotbeabletosuccessfullydevelopitssolid-statebatterycell,whichwillnegativelyimpactthebusiness;(ii)ifQuantumScape’sbatteriesfailtoperformasexpected,QuantumScape’sabilitytodevelop,marketandsellitsbatteriescouldbeharmed;(iii)QuantumScapemayencountersubstantialdelaysinthedesign,manufacture,regulatoryapproval,andlaunchofQuantumScape’ssolid-statebatterycells,whichcouldpreventQuantumScapefromcommercializinganyproductsitdeterminestodeveloponatimelybasis,ifatall;(iv)QuantumScapehasarelativelyshortoperatinghistoryandoperatesinarapidlyevolvingindustry,whichmakesitdifficulttoevaluatefutureprospectsandmayincreasetheriskthatitwillnotcontinuetobesuccessful;(v)QuantumScapemaybeunabletoadequatelycontrolthecostsassociatedwithitsoperationsandthecomponentsnecessarytobuilditssolid-statebatterycells;(vi)QuantumScapemaynotbesuccessfulincompetinginthebatterymarketindustryorestablishingandmaintainingconfidenceinitslong-termbusinessprospectusamongcurrentandfuturepartnersandcustomersand(vii)thedurationandimpactoftheCOVID-19pandemiconQuantumScape'sbusiness.QuantumScapecautionsthattheforegoinglistoffactorsisnotexclusive.QuantumScapecautionsreadersnottoplaceunduerelianceuponanyforward-lookingstatements,whichspeakonlyasofthedatemade.FurtherinformationaboutfactorsthatcouldmateriallyaffectQuantumScape,includingitsresultsofoperationsandfinancialcondition,issetforthunderthe“RiskFactors”sectionintheForm8-KfiledbyQuantumScapewiththeSEConDecember2,2020.Exceptasotherwiserequiredbyapplicablelaw,QuantumScapedisclaimsanydutytoupdateanyforward-lookingstatements,allofwhichareexpresslyqualifiedbythestatementsinthissection,toreflecteventsorcircumstancesafterthedateofthispresentation.QuantumScapecautionsyouthattheseforward-lookingstatementsaresubjecttonumerousrisksanduncertainties,mostofwhicharedifficulttopredictandmanyofwhicharebeyondthecontrolofQuantumScape.Shouldunderlyingassumptionsproveincorrect,actualresultsandprojectionscoulddifferentmateriallyfromthoseexpressedinanyforward-lookingstatements.AdditionalinformationconcerningtheseandotherfactorsthatmayimpacttheoperationsandprojectionsdiscussedhereincanbefoundinQuantumScape’speriodicfilingswiththeSEC.QuantumScape’sSECfilingsareavailablepubliclyontheSEC’swebsiteatwww.sec.gov.

AgendaQuantumScapeJagdeepSingh,CEOOverviewandResultsBatterySciencePanelDr.DavidDanielson(Moderator)•Dr.StanleyWhittingham•Dr.PaulAlbertus•Dr.VenkatViswanathan•Dr.TimHolmeCommercialImpactonDr.DavidDanielson(Moderator)EVsPanel•Dr.JurgenLeohold•JBStraubelQuestions&AnswersJagdeepSingh,CEOAgendaQuantumScapeJagdeepSingh,CEOOverviewandResultsBatterySciencePanelDr.DavidDanielson(Moderator)•Dr.StanleyWhittingham•Dr.PaulAlbertus•Dr.VenkatViswanathan•Dr.TimHolmeCommercialImpactonDr.DavidDanielson(Moderator)EVsPanel•Dr.JurgenLeohold•JBStraubelQuestions&AnswersJagdeepSingh,CEO

ManagementTeamSelectManagementTeamMembersJAGDEEPSINGHPROF.FRITZPRINZDR.TIMHOLMEDR.MOHITSINGHFounder/CEOFounder&ChiefScientificFounder&ChiefChiefDevelopment(Chairman)Advisor(BoardMember)TechnologyOfficerOfficer●Founder/CEOInfinera(NASDAQ:●Chair,MechanicalEngineering,●ResearchAssociate,Stanford●CTOandco-founder,SEEOINFN);Lightera,nowCienaStanford●Ph.D.&MSMechanicalEngineering,●Solid-stateenergystorageworldexpert(NASDAQ:CIEN);OnFiber,now●Professor,MaterialsScience,StanfordStanford●Ph.D.Chem&BiomolEng,TulaneQwest;AirSoft●PhD,Physics,UniversityofVienna●BSPhysics,Stanford●Postdoc,Polymers,Berkeley●MSComputerScience,StanfordKEVINHETTRICHHOWARDLUKENSJAYUNDERWOODMIKEMCCARTHYChiefFinancialOfficerChiefSalesOfficerVicePresident,SalesChiefLegalOfficer&HeadofCorp.Dev.●BainCapital●VPWWSales,Infinera(NASDAQ:●SalesDirector,NorthernEurope,●CLO&CAO,Infinera(NASDAQ:INFN)InfineraINFN)●McKinsey&Company●VPStrategicSales,Ciena,(NASDAQ:●ProductPlanning,Infinera●SVP&GeneralCounsel,Ciena●USDepartmentofEnergyCIEN)(NASDAQ:CIEN)●MSTechnology●MBA&MS,Stanford●VPWWSales,Lightera●J.D.VanderbiltManagementTeamSelectManagementTeamMembersJAGDEEPSINGHPROF.FRITZPRINZDR.TIMHOLMEDR.MOHITSINGHFounder/CEOFounder&ChiefScientificFounder&ChiefChiefDevelopment(Chairman)Advisor(BoardMember)TechnologyOfficerOfficer●Founder/CEOInfinera(NASDAQ:●Chair,MechanicalEngineering,●ResearchAssociate,Stanford●CTOandco-founder,SEEOINFN);Lightera,nowCienaStanford●Ph.D.&MSMechanicalEngineering,●Solid-stateenergystorageworldexpert(NASDAQ:CIEN);OnFiber,now●Professor,MaterialsScience,StanfordStanford●Ph.D.Chem&BiomolEng,TulaneQwest;AirSoft●PhD,Physics,UniversityofVienna●BSPhysics,Stanford●Postdoc,Polymers,Berkeley●MSComputerScience,StanfordKEVINHETTRICHHOWARDLUKENSJAYUNDERWOODMIKEMCCARTHYChiefFinancialOfficerChiefSalesOfficerVicePresident,SalesChiefLegalOfficer&HeadofCorp.Dev.●BainCapital●VPWWSales,Infinera(NASDAQ:●SalesDirector,NorthernEurope,●CLO&CAO,Infinera(NASDAQ:INFN)InfineraINFN)●McKinsey&Company●VPStrategicSales,Ciena,(NASDAQ:●ProductPlanning,Infinera●SVP&GeneralCounsel,Ciena●USDepartmentofEnergyCIEN)(NASDAQ:CIEN)●MSTechnology●MBA&MS,Stanford●VPWWSales,Lightera●J.D.Vanderbilt

KENSINGTONCAPITALACQUISITIONCORPJOHNDOERRJBSTRAUBELJUSTINMIRRO•Managementandboardwithextensivepubliccompanyexperienceandoperatingcapabilitiesintheautomotiveandautomotive-relatedsector•RelevantautomotiveexperiencetooptimizeprogramlaunchesandcapitaldeploymentwhilefacilitatingcommercialBackedbyrelationshipsDIPENDERJÜRGENBRADBUSS•TrackrecordofcreatingsignificantSALUJALEOHOLDshareholdervalueinautomotiveLeadingbusinessesInvestorsEXISTINGINVESTORSSELECTBOARDMEMBERSANDINVESTORSFRANKBLOMEBillGates(1)Proformafor$388mmSeriesFfinancing;$188mmanticipatedtofundconcurrentwithPIPE;$100mmofVolkswagen'sinvestmentanticipatedtofundonDecember1,2020and$100mmissubjecttotechnicalmilestones.Note:VolkswagenwillreceiveanadditionalboardseatwhenthefirsttrancheofitsSeriesFinvestmentcloses.Kensingtonboardmemberwillbeaddedafterthetransactioncloses.KENSINGTONCAPITALACQUISITIONCORPJOHNDOERRJBSTRAUBELJUSTINMIRRO•Managementandboardwithextensivepubliccompanyexperienceandoperatingcapabilitiesintheautomotiveandautomotive-relatedsector•RelevantautomotiveexperiencetooptimizeprogramlaunchesandcapitaldeploymentwhilefacilitatingcommercialBackedbyrelationshipsDIPENDERJÜRGENBRADBUSS•TrackrecordofcreatingsignificantSALUJALEOHOLDshareholdervalueinautomotiveLeadingbusinessesInvestorsEXISTINGINVESTORSSELECTBOARDMEMBERSANDINVESTORSFRANKBLOMEBillGates(1)Proformafor$388mmSeriesFfinancing;$188mmanticipatedtofundconcurrentwithPIPE;$100mmofVolkswagen'sinvestmentanticipatedtofundonDecember1,2020and$100mmissubjecttotechnicalmilestones.Note:VolkswagenwillreceiveanadditionalboardseatwhenthefirsttrancheofitsSeriesFinvestmentcloses.Kensingtonboardmemberwillbeaddedafterthetransactioncloses.

>$1.5BofCommittedCapital¹Over$300Mspentondevelopmenttodate10YearsofR&DInvestmentFoundedin2010Bythe250+EmployeesWorldClassNext-genBatteryDevelopmentTeamNumbers200+Patents²Materials,UseandProcessExtensiveTradeSecretsProcessesandIntellectualProperty1.PriortoitsmergerwithKensington,QuantumScapesecuredover$800millionincommittedfunds.Withtheadditionofthe$700millionfromitsmergerwithKensingtonandsubsequentPIPEfinancing,QuantumScapewillhavereceivedmorethan$1.5billionincommitmentstodate2.Includespatentsandpatentapplications.>$1.5BofCommittedCapital¹Over$300Mspentondevelopmenttodate10YearsofR&DInvestmentFoundedin2010Bythe250+EmployeesWorldClassNext-genBatteryDevelopmentTeamNumbers200+Patents²Materials,UseandProcessExtensiveTradeSecretsProcessesandIntellectualProperty1.PriortoitsmergerwithKensington,QuantumScapesecuredover$800millionincommittedfunds.Withtheadditionofthe$700millionfromitsmergerwithKensingtonandsubsequentPIPEfinancing,QuantumScapewillhavereceivedmorethan$1.5billionincommitmentstodate2.Includespatentsandpatentapplications.

VolkswagenCommittedtoQuantumScapeTechnologyVolkswagenGroupOverview“VolkswagenhasbecomethelargestshareholderofQuantumScape.OurUS$100millioninvestmentisakeybuildingblockintheGroup’sbatterystrategy.Oneofthe•~11millionvehiclesproducedinFY2019long-termtargetsistoestablishaproductionlineforsolid-statebatteriesby2025.”-HerbertDiess,VolkswagenAGCEO•~$38billioninvestmentinelectricmobilityby2024•Planstolaunch~70electricvehiclemodelsandproduce22millionelectricvehiclesby2029“TheVolkswagenGrouphasestablishedajointventurewithQuantumScape,amanufacturerofsolid-statebatteries.Thesharedgoalofthecompaniesislarge-scaleproduction...”-OliverBlume,PorscheCEO“InJune2020,theVolkswagenGroupalsoannouncedplanstoincreaseitsVolkswagenPartnerswithQuantumScapeshareholdingintheUSbatteryspecialistQuantumScape.Theobjectiveistopromotethejointdevelopmentofsolid-statebatterytechnology.Inthefuture,solid-state1◼Corporatefundingcommitmentof$300+millionbatteriesshouldresultinasignificantlyincreasedrangeandfasterchargetimes.Theyareregardedasthemostpromisingapproachtoelectricmobilityfor◼Strongrelationshipsince2012,includingdevelopment2generationstocome.Volkswagenhasalreadybeencollaboratingwithcollaboration,testingofprototypecellsandQuantumScapesince2012andisthelargestautomotiveshareholderthusfar.Bothfoundedajointventurein2018,theaimofwhichistopreparethemassproductionofrepresentationontheQSboardofdirectorssolid-statebatteriesforVolkswagen.”◼FoundedaJVtoprepareforthemassproductionof3-VolkswagenGroupHalf-YearlyFinancialReport,July2020solid-statebatteriesforVolkswagenSource:VolkswagenAGHalf-YearlyFinancialReportpublishedJuly-2020,2019AnnualReportpublishedMar-2020,pressreleasespublishedMar-2019,Nov-2019andJun-2020,Half-yearpressconferencepublishedAug-2018;PorscheAnnualPressConferencepublishedMar-2019).Page18basedonVolkswagenAGpressreleasepublishedSep-2018.SelectBrandsVolkswagenCommittedtoQuantumScapeTechnologyVolkswagenGroupOverview“VolkswagenhasbecomethelargestshareholderofQuantumScape.OurUS$100millioninvestmentisakeybuildingblockintheGroup’sbatterystrategy.Oneofthe•~11millionvehiclesproducedinFY2019long-termtargetsistoestablishaproductionlineforsolid-statebatteriesby2025.”-HerbertDiess,VolkswagenAGCEO•~$38billioninvestmentinelectricmobilityby2024•Planstolaunch~70electricvehiclemodelsandproduce22millionelectricvehiclesby2029“TheVolkswagenGrouphasestablishedajointventurewithQuantumScape,amanufacturerofsolid-statebatteries.Thesharedgoalofthecompaniesislarge-scaleproduction...”-OliverBlume,PorscheCEO“InJune2020,theVolkswagenGroupalsoannouncedplanstoincreaseitsVolkswagenPartnerswithQuantumScapeshareholdingintheUSbatteryspecialistQuantumScape.Theobjectiveistopromotethejointdevelopmentofsolid-statebatterytechnology.Inthefuture,solid-state1◼Corporatefundingcommitmentof$300+millionbatteriesshouldresultinasignificantlyincreasedrangeandfasterchargetimes.Theyareregardedasthemostpromisingapproachtoelectricmobilityfor◼Strongrelationshipsince2012,includingdevelopment2generationstocome.Volkswagenhasalreadybeencollaboratingwithcollaboration,testingofprototypecellsandQuantumScapesince2012andisthelargestautomotiveshareholderthusfar.Bothfoundedajointventurein2018,theaimofwhichistopreparethemassproductionofrepresentationontheQSboardofdirectorssolid-statebatteriesforVolkswagen.”◼FoundedaJVtoprepareforthemassproductionof3-VolkswagenGroupHalf-YearlyFinancialReport,July2020solid-statebatteriesforVolkswagenSource:VolkswagenAGHalf-YearlyFinancialReportpublishedJuly-2020,2019AnnualReportpublishedMar-2020,pressreleasespublishedMar-2019,Nov-2019andJun-2020,Half-yearpressconferencepublishedAug-2018;PorscheAnnualPressConferencepublishedMar-2019).Page18basedonVolkswagenAGpressreleasepublishedSep-2018.SelectBrands

Needbatterybreakthroughtoenableelectrificationofremaining98%ofmarketCustomerRequirementsforMassMarketAdoptionEnergy/Capacity>300milerangeFastChargingChargein<15minCost<$30K,300mileEVsBatteryLifetime>12years,>150kmilesSafetySolid,non-oxidizableseparator2%PHEV+BEVPenetration²Source:InternationalOrganizationofMotorVehicleManufacturers(OICA);IEA(1)Basedon2019globalvehicleproduction;includespassengervehicles,heavytrucks,busesandcoaches(OICA).Batteryopportunityassumes$100/KWhand50KWh+batterypack.(2)%ofGlobalCarStockin2019(IEA).Needbatterybreakthroughtoenableelectrificationofremaining98%ofmarketCustomerRequirementsforMassMarketAdoptionEnergy/Capacity>300milerangeFastChargingChargein<15minCost<$30K,300mileEVsBatteryLifetime>12years,>150kmilesSafetySolid,non-oxidizableseparator2%PHEV+BEVPenetration²Source:InternationalOrganizationofMotorVehicleManufacturers(OICA);IEA(1)Basedon2019globalvehicleproduction;includespassengervehicles,heavytrucks,busesandcoaches(OICA).Batteryopportunityassumes$100/KWhand50KWh+batterypack.(2)%ofGlobalCarStockin2019(IEA).

Lithium-MetalAnodeisRequiredforHighEnergyDensityAndLithiummetalanoderequiresasolid-stateseparator600Lithium-MetalLithium-MetalAnodeRequiredKeyTakeawaysAnode500Lithium-MetalBatteriesLithium-metalanode400necessarytoachievehighenergydensityGraphite/Silicon300ConventionalAnodeLithium-IonLithium-metalcannotbeGraphiteAnodeBatteries200usedwithoutasolid-stateseparator1000CathodeMaterialSource:Andreetal,JMaterChemA,(2015)6709ModeledCellEnergyDensity(Wh/kg)LiFeBO3LiVPO4FLiMnPO4LiNi0.5Mn1.5O4HE-NMCLi2MnSiO4(2Li)NMC811NCAFeF2CoF2NiF2FeF3Lithium-MetalAnodeisRequiredforHighEnergyDensityAndLithiummetalanoderequiresasolid-stateseparator600Lithium-MetalLithium-MetalAnodeRequiredKeyTakeawaysAnode500Lithium-MetalBatteriesLithium-metalanode400necessarytoachievehighenergydensityGraphite/Silicon300ConventionalAnodeLithium-IonLithium-metalcannotbeGraphiteAnodeBatteries200usedwithoutasolid-stateseparator1000CathodeMaterialSource:Andreetal,JMaterChemA,(2015)6709ModeledCellEnergyDensity(Wh/kg)LiFeBO3LiVPO4FLiMnPO4LiNi0.5Mn1.5O4HE-NMCLi2MnSiO4(2Li)NMC811NCAFeF2CoF2NiF2FeF3

QuantumScapeZeroLiAnode-freeArchitectureImprovedcost,energydensity,safetyConventionalLiquidBatteryQuantumScapeSolid-StateBatteryAnodeCurrentCollectorGraphite/SiliconAnodeDischargedCharged(asmanufactured)AnodeCurrentCollectorLiquidElectrolyte3LithiumMetalAnodeLithium-Metal1PorousSeparator2Solid-StateSeparatorCathodeActiveCathodeActiveCatholyteLiquidElectrolyteCathodeCurrentCathodeCurrentCollectorCollector312Lithium-MetalAnodeSolid-StateSeparatorAnode-freeManufacturingHigh-ratecyclingofalithium-CeramicelectrolytewithhighAnode-freecelldesignwithmetalanodedendriteresistancelithiumplatedduringchargecyclesQuantumScapeZeroLiAnode-freeArchitectureImprovedcost,energydensity,safetyConventionalLiquidBatteryQuantumScapeSolid-StateBatteryAnodeCurrentCollectorGraphite/SiliconAnodeDischargedCharged(asmanufactured)AnodeCurrentCollectorLiquidElectrolyte3LithiumMetalAnodeLithium-Metal1PorousSeparator2Solid-StateSeparatorCathodeActiveCathodeActiveCatholyteLiquidElectrolyteCathodeCurrentCathodeCurrentCollectorCollector312Lithium-MetalAnodeSolid-StateSeparatorAnode-freeManufacturingHigh-ratecyclingofalithium-CeramicelectrolytewithhighAnode-freecelldesignwithmetalanodedendriteresistancelithiumplatedduringchargecycles

QuantumScapeEnergyDensityEnergy-optimizedCellDesignsNCAorNi-richNMC+Silicon/CarbonAnode3NCA2NMC1LFPSource:ArgonneNationalLaboratory;Managementestimates123Lithium,iron,andphosphateNickel,manganese,andcobaltNickel,cobalt,andaluminumQuantumScapeEnergyDensityEnergy-optimizedCellDesignsNCAorNi-richNMC+Silicon/CarbonAnode3NCA2NMC1LFPSource:ArgonneNationalLaboratory;Managementestimates123Lithium,iron,andphosphateNickel,manganese,andcobaltNickel,cobalt,andaluminum

SignificantlyincreasesvolumetricandEnergygravimetricenergydensitybyeliminatinggraphite/siliconanodehostmaterial.Enables<15-minutefastcharge(0to80%)byeliminatinglithiumdiffusionbottleneckinFastChargeanodehostmaterial.LithiummetalIncreasedlifebyeliminatingcapacitylossLifeatanodeinterface.architectureaddressesEliminatesorganicseparator.Solid-statemultipleseparatorisnonflammableandSafetyrequirementsnoncombustible.simultaneouslyLowercostbyeliminatinganodehostCostmaterialandmanufacturingcosts.SignificantlyincreasesvolumetricandEnergygravimetricenergydensitybyeliminatinggraphite/siliconanodehostmaterial.Enables<15-minutefastcharge(0to80%)byeliminatinglithiumdiffusionbottleneckinFastChargeanodehostmaterial.LithiummetalIncreasedlifebyeliminatingcapacitylossLifeatanodeinterface.architectureaddressesEliminatesorganicseparator.Solid-statemultipleseparatorisnonflammableandSafetyrequirementsnoncombustible.simultaneouslyLowercostbyeliminatinganodehostCostmaterialandmanufacturingcosts.

PreviousAttemptsHaveBeenUnsuccessfulLithiumMetalAnodeX=challengeOrganicsInorganicsAdditives/ProtectedPhosphates&LiPON,SeparatorRequirementsIonicliquidsLayerGelPolymerSulfidesPerovskitesGarnetsborohydrides1XConductivityXX2Separator-AnodeASRXXXXX3XXXLithiummetalstability4XXXXXXXXDendriteresistanceAlsomustbethinandcontinuouslyprocessedatlowcostoverlargeareaPreviousAttemptsHaveBeenUnsuccessfulLithiumMetalAnodeX=challengeOrganicsInorganicsAdditives/ProtectedPhosphates&LiPON,SeparatorRequirementsIonicliquidsLayerGelPolymerSulfidesPerovskitesGarnetsborohydrides1XConductivityXX2Separator-AnodeASRXXXXX3XXXLithiummetalstability4XXXXXXXXDendriteresistanceAlsomustbethinandcontinuouslyprocessedatlowcostoverlargearea

VideoVideo

LowCurrentDensitywhileChargingSlowCharge•LowCathodeLoadingorLowC-rateLowCycleLifeLife•<800cyclesExistingseparatorsonlyLimitedTemperatureRangeCostworkunder•ElevatedonlyComplexityseverelycompromisedconditionsRequiresExcessLithiumLowEnergyLowCurrentDensitywhileChargingSlowCharge•LowCathodeLoadingorLowC-rateLowCycleLifeLife•<800cyclesExistingseparatorsonlyLimitedTemperatureRangeCostworkunder•ElevatedonlyComplexityseverelycompromisedconditionsRequiresExcessLithiumLowEnergy

QuantumScapeMaterial&CellCERAMICSOLID-STATESEPARATORSINGLELAYERPOUCHCELLQuantumScapeMaterial&CellCERAMICSOLID-STATESEPARATORSINGLELAYERPOUCHCELL

FastChargingFast100<15min80%ChargeChargingQS90CommercialtargetFastchargecapability80exceedscommercialtargets70withcommercialareasinglelayerprototype60~40min80%ChargeC/Sianode,Li-Ion5080%Chargein15minutes.LithiumIonbatteriescurrently40onlygetto<50%in15minutes3020Commercialarea(70x85mm)prototype210ZeroExcessLi,3.2mAh/cm,SingleLayer30°C00102030405060Time[min]LithiumIonQuantumScapeC/SianodeSingleLayerCellStateofcharge[%]FastChargingFast100<15min80%ChargeChargingQS90CommercialtargetFastchargecapability80exceedscommercialtargets70withcommercialareasinglelayerprototype60~40min80%ChargeC/Sianode,Li-Ion5080%Chargein15minutes.LithiumIonbatteriescurrently40onlygetto<50%in15minutes3020Commercialarea(70x85mm)prototype210ZeroExcessLi,3.2mAh/cm,SingleLayer30°C00102030405060Time[min]LithiumIonQuantumScapeC/SianodeSingleLayerCellStateofcharge[%]

2Currentdensity[mA/cm]MaterialPerformance:ExtremehighratelithiumplatingDendriteResistanceMaterialentitlementexistsforLi/Lisymmetriccell2-minchargeSingleLayerfullchargein<5min25Crate45°C2>100mA/cmSolid-stateseparatorresistsdendritesevenatveryhighcurrentdensity15-minutecharge4CRateBasedonsolid-state216mA/cmseparatormaterialtestingPrevioussolid-stateCumulativecharge01234562[mAh/cm]Lithiumplated202530051015[μm]Voltage[V]2Currentdensity[mA/cm]MaterialPerformance:ExtremehighratelithiumplatingDendriteResistanceMaterialentitlementexistsforLi/Lisymmetriccell2-minchargeSingleLayerfullchargein<5min25Crate45°C2>100mA/cmSolid-stateseparatorresistsdendritesevenatveryhighcurrentdensity15-minutecharge4CRateBasedonsolid-state216mA/cmseparatormaterialtestingPrevioussolid-stateCumulativecharge01234562[mAh/cm]Lithiumplated202530051015[μm]Voltage[V]

OEMTrackCyclePowerPassedsimulatedOEM-specifiedtrackcyclewithcommercialareaprototypeQSsolidstatecellscan10203040506070deliveraggressiveTime(s)automotivepowerprofiles10080Li-ionC/Sianode6040Commercialarea(70x85mm)prototype2ZeroExcessLi,3.2mAh/cm,SingleLayer15minfastchargeto80%SOCat45°C20(~280miin15minfor350-milerangeBEV)Highpowertrackprofiledischarge0020040060080010001200CumulativeTrackCycles(Laps)DischargeEnergy[%]2Currentdensity(mA/cm)OEMTrackCyclePowerPassedsimulatedOEM-specifiedtrackcyclewithcommercialareaprototypeQSsolidstatecellscan10203040506070deliveraggressiveTime(s)automotivepowerprofiles10080Li-ionC/Sianode6040Commercialarea(70x85mm)prototype2ZeroExcessLi,3.2mAh/cm,SingleLayer15minfastchargeto80%SOCat45°C20(~280miin15minfor350-milerangeBEV)Highpowertrackprofiledischarge0020040060080010001200CumulativeTrackCycles(Laps)DischargeEnergy[%]2Currentdensity(mA/cm)

CycleLifeBatteryLife100Meetscommercialtargetwithcommercialareasinglelayerprototype80Commercialtarget:800cycles,80%fadeCyclingwith>80%energyEVBatteryWarranties1Today(240,000miles)60retentionin800+cycles(stillontest)40Chartbasedonacceleratedtesting(3xautomotiverates)Commercialarea(70x85mm)prototype202ZeroExcessLi,3.2mAh/cm,SingleLayer1Cchargeanddischarge30°C0Cumulative0100200300400500600700800CycleIndexMilesdriven30k90k060k120k210k240k150k180k100kWhBEV1)Source:MyEV.comandTesla.comDischargeenergy[%]CycleLifeBatteryLife100Meetscommercialtargetwithcommercialareasinglelayerprototype80Commercialtarget:800cycles,80%fadeCyclingwith>80%energyEVBatteryWarranties1Today(240,000miles)60retentionin800+cycles(stillontest)40Chartbasedonacceleratedtesting(3xautomotiverates)Commercialarea(70x85mm)prototype202ZeroExcessLi,3.2mAh/cm,SingleLayer1Cchargeanddischarge30°C0Cumulative0100200300400500600700800CycleIndexMilesdriven30k90k060k120k210k240k150k180k100kWhBEV1)Source:MyEV.comandTesla.comDischargeenergy[%]

MaterialPerformance:ExtremelowtemperatureoperationLowTempOperabilityshownatlower4.5endofautomotive4temperaturerangewithsingle3.5layerprototype(30x30mm)3Significantcapacityis2.5-30°C-20°C-10°C0°CaccessibleevenatC/Sianode2Li-ion-30°Celsius-25°C1.5130x30mm,SingleLayerCharge:C/3at30°C0.5Discharge:C/3atlowtemp0020406080100120140160ActiveSpecificCapacity[mAh/g]Voltage[V]MaterialPerformance:ExtremelowtemperatureoperationLowTempOperabilityshownatlower4.5endofautomotive4temperaturerangewithsingle3.5layerprototype(30x30mm)3Significantcapacityis2.5-30°C-20°C-10°C0°CaccessibleevenatC/Sianode2Li-ion-30°Celsius-25°C1.5130x30mm,SingleLayerCharge:C/3at30°C0.5Discharge:C/3atlowtemp0020406080100120140160ActiveSpecificCapacity[mAh/g]Voltage[V]

CellPerformance:LowtemperaturelifeLowTempCyclingwithcommercialareasinglelayerprototypeatlowtemperature(-10°Celsius)Note:cellsstillontestCommercialarea(70x85mm)prototype2Li-free,3.2mAh/cm,SingleLayerC/5chargeandC/3discharge-10°CCellPerformance:LowtemperaturelifeLowTempCyclingwithcommercialareasinglelayerprototypeatlowtemperature(-10°Celsius)Note:cellsstillontestCommercialarea(70x85mm)prototype2Li-free,3.2mAh/cm,SingleLayerC/5chargeandC/3discharge-10°C

MaterialPerformance:InherentstabilitywithmetalliclithiumThermalStabilitySolidstateseparatorisnotcombustibleandhashighthermalstabilityLithiumanodeischemicallystablewithseparatorandfoil,evenwhenmoltenBasedonsolid-stateseparatormaterialtestingUnlikealiquidelectrolyte,QSsolid-stateseparatorhasnoappreciablereactionwithmoltenlithiummetal2mW/mgMaterialPerformance:InherentstabilitywithmetalliclithiumThermalStabilitySolidstateseparatorisnotcombustibleandhashighthermalstabilityLithiumanodeischemicallystablewithseparatorandfoil,evenwhenmoltenBasedonsolid-stateseparatormaterialtestingUnlikealiquidelectrolyte,QSsolid-stateseparatorhasnoappreciablereactionwithmoltenlithiummetal2mW/mg

AmessagefromVolkswagenDr.FrankBlomeHeadoftheBatteryCenterofExcellenceofVolkswagenAGAmessagefromVolkswagenDr.FrankBlomeHeadoftheBatteryCenterofExcellenceofVolkswagenAG

PreviousLithiumMetalCellsHaveBeenCommerciallyUnsuccessfulLithiumMetalAnodeOrganicsInorganicsSulfidesPerformanceRequirementsLiquidsPolymersIIIOxidesPerformanceImplication1ChargerateXXXX✓4CfastchargeFastcharge2XXX✓>800cyclesCyclelifeVehiclelife&costofownershipXXX✓30°Ccycling30°CoperationColdtemperaturedriving3Energydensity4XXXXX✓Li-freeAnode-free(excesslithiumrequired)PreviousLithiumMetalCellsHaveBeenCommerciallyUnsuccessfulLithiumMetalAnodeOrganicsInorganicsSulfidesPerformanceRequirementsLiquidsPolymersIIIOxidesPerformanceImplication1ChargerateXXXX✓4CfastchargeFastcharge2XXX✓>800cyclesCyclelifeVehiclelife&costofownershipXXX✓30°Ccycling30°CoperationColdtemperaturedriving3Energydensity4XXXXX✓Li-freeAnode-free(excesslithiumrequired)

Today’sPanelDiscussionsModeratorBatterySciencePanelDr.DavidDanielson●ManagingDirector,BreakthroughEnergyVenturesDr.TimHolmeDr.StanleyWhittinghamDr.PaulAlbertusDr.VenkatViswanathan●PrecourtEnergyScholar,Stanford●FounderandChiefTechnology●Co-InventoroftheLithium-IonBattery●Formerhead,USDOEARPA-E●Batteryexpert,formerlithium-●FormerHeadofUSDOEEEREOfficer,QuantumScapeIONCSSolid-StateBatteryprogramairresearcher●2019ChemistryNobelPrizeWinnerProgram●ResearchAssociate,Stanford●AssistantProfessorofChemistry,●AssistantProfessorof●DistinguishedProfessorofChemistry,●Ph.D.&MSMechanicalUniversityofMarylandMechanicalEngineering,BinghamtonUniversity(SUNY)Engineering,StanfordCarnegie-MellonUniversity●MemberQuantumScapeScience●MemberQuantumScapeAdvisoryCommitteeScienceAdvisoryCommitteeCommercialImpactontheEVMarketJBStraubelDr.JürgenLeohold●Co-founderandCEOofRedwoodMaterials●BoardMember,QuantumScape●Co-founderandFormerChiefTechnology●FormerHeadGroupResearch,Officer,TeslaVolkswagen●FormerProfessorVehicleSystemsand●BoardMember,QuantumScapeElectricalEngineering,UniversityofKassel●BoardMember,QuantumScape26Today’sPanelDiscussionsModeratorBatterySciencePanelDr.DavidDanielson●ManagingDirector,BreakthroughEnergyVenturesDr.TimHolmeDr.StanleyWhittinghamDr.PaulAlbertusDr.VenkatViswanathan●PrecourtEnergyScholar,Stanford●FounderandChiefTechnology●Co-InventoroftheLithium-IonBattery●Formerhead,USDOEARPA-E●Batteryexpert,formerlithium-●FormerHeadofUSDOEEEREOfficer,QuantumScapeIONCSSolid-StateBatteryprogramairresearcher●2019ChemistryNobelPrizeWinnerProgram●ResearchAssociate,Stanford●AssistantProfessorofChemistry,●AssistantProfessorof●DistinguishedProfessorofChemistry,●Ph.D.&MSMechanicalUniversityofMarylandMechanicalEngineering,BinghamtonUniversity(SUNY)Engineering,StanfordCarnegie-MellonUniversity●MemberQuantumScapeScience●MemberQuantumScapeAdvisoryCommitteeScienceAdvisoryCommitteeCommercialImpactontheEVMarketJBStraubelDr.JürgenLeohold●Co-founderandCEOofRedwoodMaterials●BoardMember,QuantumScape●Co-founderandFormerChiefTechnology●FormerHeadGroupResearch,Officer,TeslaVolkswagen●FormerProfessorVehicleSystemsand●BoardMember,QuantumScapeElectricalEngineering,UniversityofKassel●BoardMember,QuantumScape26

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