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QuantumScape | 8-K: Entry into a Cooperation Agreement

SEC announcement ·  Jul 11 06:53
Summary by Moomoo AI
On July 5, 2024, QuantumScape Corporation, through its subsidiary QuantumScape Battery, Inc., entered into a significant Collaboration Agreement with PowerCo SE, a battery cell company owned by the Volkswagen Group. The agreement aims to industrialize solid-state lithium-metal battery technology for use in QuantumScape's first planned product, the QSE-5. The collaboration will involve joint efforts to enable PowerCo to manufacture battery cells with the QSE-5 Technology, co-develop production processes, and share a joint staffed scale-up team. Additionally, the parties will co-own any new intellectual property developed, excluding each party's background IP and QuantumScape's separator technology. QuantumScape will grant PowerCo a non-exclusive, royalty-bearing license to use the QSE-5 Technology, with PowerCo pre-paying an...Show More
On July 5, 2024, QuantumScape Corporation, through its subsidiary QuantumScape Battery, Inc., entered into a significant Collaboration Agreement with PowerCo SE, a battery cell company owned by the Volkswagen Group. The agreement aims to industrialize solid-state lithium-metal battery technology for use in QuantumScape's first planned product, the QSE-5. The collaboration will involve joint efforts to enable PowerCo to manufacture battery cells with the QSE-5 Technology, co-develop production processes, and share a joint staffed scale-up team. Additionally, the parties will co-own any new intellectual property developed, excluding each party's background IP and QuantumScape's separator technology. QuantumScape will grant PowerCo a non-exclusive, royalty-bearing license to use the QSE-5 Technology, with PowerCo pre-paying an initial royalty fee of $130 million. Furthermore, QuantumScape and Volkswagen Group of America Investments, LLC amended their Board Designation Rights agreement, allowing continued VW director appointments to QuantumScape's board. The Collaboration Agreement supersedes a previous joint venture, resulting in the termination of the JV Agreement and the dissolution of the JV Entity. Frank Blome, CEO of PowerCo, resigned from QuantumScape's board to focus on the collaboration, with a successor to be announced. The company also noted the automatic termination of securities transfer restrictions under the Lock-Up Agreements following the JV Termination Agreement.

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