Investor Presentation (10/28/2024 00:00:00)

Investor Presentation

October 2024

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The QuantumScape Opportunity

4 Key Premises

Achieving Battery Electric Vehicle (BEV) market dominance will require a next generation battery

Anode-freelithium-metal technology offers compelling benefits over conventional lithium-ion batteries

QuantumScape is positioned to transition from prototype to product

QuantumScape technology is on the fastest path to GWh scale

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QuantumScape History

2012

Volkswagen Group (VW) partnership begins

2018

VW joint venture (JV) formed

World-first validation of full cell cycling reliably with lithium-metal at automotive rates

2023

A0 achieves 1,000 cycles with >95% capacity retention

PowerCo collaboration and licensing deal

Begins shipment of QSE-5B-sample prototype in low volumes

World-first demonstration of solid-state separator

Foundedmeeting automotive requirements

2010 2016

Commercial-size single layer prototype demonstration

2020

Begins automotive qualification cycle -

A0 prototype shipped to automotive OEMs

2022

2024

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Conventional Lithium-Ion Batteries: Rate of Improvement Has Plateaued

The fundamental limits of lithium-ion energy density are approaching

Energy Density (Wh/L) of Lithium-ion Batteries Over Time		Consumer Preferences for EV Adoption:

	1000
	900
(Wh/L)	800
					98th Percentile
700
Density	600
Energy	500
400
Volumetric
300
	200
	100
	0
	1990	1995	2000	2005	2010	2015	2020

This chart shows the increases in energy density of the top-performing commercial lithium-ion batteries over time; the trend line represents the 98th percentile (top 2%) of battery performance in volumetric energy density. Source: Energy Environ. Sci., 2021,14, 1635-1651

Energy / Capacity

> 375-mile range

Fast Charging

~15 min fast charge (10-80%)

Safety

Solid, non-oxidizable separator

Battery Cycle Life

> ~12 years, > ~150,000 miles

Cost (at scale)

Parity with ICE vehicles

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QuantumScape Anode-free Architecture

Improved energy density, fast charging and safety

Conventional Li-ion Battery		QuantumScape Solid-State Battery

Anode Current Collector

Graphite / Silicon Anode

Liquid Electrolyte

Porous Separator

Cathode Active Material

Liquid Electrolyte

Cathode Current Collector

Discharged

Charged

(as manufactured)

Manufactured Anode-free	Solid-StateElectrolyte-Separator	Cathode Active Material	Lithium-Metal Anode
Anode-free cell design with	Ceramic solid-state electrolyte-	Compatible with multiple	High-rate cycling of a
lithium plated during charge	separator with high dendrite resistance	cathode materials	lithium-metal anode
cycles - no host material

(graphite/silicon)	Catholyte

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QuantumScape's Anode-Free Approach: Key Advantages

Enables simultaneous improvement on five key performance metrics

Energy Density

Significantly increases volumetric and gravimetric energy density

Safety

Solid-state separator is nonflammable and noncombustible

Cycle Life

Can improve cycle life by reducing capacity loss at anode interface

Lithium-ion

Fast Charge	Cost (at scale)
Enables ~15-minute fast	Eliminates anode host material
charge (10-80% at 45 ºC)	and related manufacturing costs
Represents conventional lithium-ion NMC performance;
Source: BloombergNEF, Status of Battery Performance Metrics in 2022

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Enabling a Shift in the Energy-Power Performance Frontier

QS tech targets step-function improvement on energy density and power vs leading conventional Li-ion

0
5
10
15
[min]
20	80%-10
25
Time
30	Charge
35
40

45

500

QuantumScape Anode-free

Li Metal Targets †

QS Larger Format

QSE-5

QS ~5Ah Format

Porsche Taycan 2020

Tesla Model Y 2020

LG Chem Pouch

Panasonic 2170

Tesla Model Y 2022

Tesla Model 3 2017

4680

Panasonic 2170

QUANTUMSCAPE CONFIDENTIAL

Tesla Model S Plaid 2021

18650

Current state-of-the-art

Rivian R1T 2022

(conventional chem)

2170

Cell Energy Density [Wh/L]

600

700

800

900

1000

1100

• QS projections and targets based on existing estimates and model assumptions

Sources: Li-ion cell energy density from batemo.com database, charge times from ev-database.org and insideevs.com (for Rivian R1T)

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Fast Charge Capability

QSE-5B-Sample fast charge capability from 10-80% SOC in <15 minutes

	QSE-5
12.2 minutes	Commercial
	Target < 15 min

Measured at 45 °C

C/3 (1.87 mA/cm2) charge rate from 0-10% SOC, 4C (22.4 mA/cm2) charge rate from 10% to upper cut-off voltage (4.25V). Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm, depending on cell format.

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QuantumScape A0 Prototype Cycle Life

Tested by Volkswagen Group's PowerCo: >95% energy retention at >1,000 full cycle equivalents

"The final result of this development could be a battery cell that enables long ranges, can be charged super- quickly and practically does not age.

We are convinced of the solid-state cell

and are continuing to work at full

cell

full

energy[%] EnergyDischarge

speed with our partner QuantumScape

towards series production"

- PowerCo CEO	Full Cycle Equivalents
Frank Blome (Jan '24)

Note:	Test data sourced from the Volkswagen Group's PowerCo testing lab in Germany from the top-performing A0 prototype cell. Full cycle equivalent is defined by PowerCo as the overall discharge capacity throughput
	divided by the nominal discharge capacity.	10