"This agreement is a major step in our long-term global scale-up strategy to bring QuantumScape's solid-state lithium-metal battery technology to market," said Dr. Siva Sivaram, CEO and president of QuantumScape. "Combining our cutting-edge technology with PowerCo's expertise in manufacturing and industrialization, this deal establishes a blueprint for a capital-light business approach and positions us at the forefront of energy storage innovation. Working closely with PowerCo as our first customer will help us accelerate commercialization and adoption of these game-changing batteries together."