QuantumScape Convenes Solid-State Battery Leaders in Japan to Shape Future of Energy Storage

KYOTO, Japan--(BUSINESS WIRE)--Nov 20, 2024--

QuantumScape Corporation (NYSE: QS), a leader in next-generation solid-state lithium-metal battery technology, yesterday gathered distinguished representatives, including battery equipment and materials suppliers, government leaders and automotive customers to discuss and strengthen the solid-state battery ecosystem. The Solid-State Batteries Symposium highlighted the critical role this next-generation technology plays in driving future energy storage solutions for the automotive industry.

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The Symposium featured remarks from the Honorable Koji Matsui, Mayor of Kyoto, Satoshi Nohara, Director General of Japan’s Ministry of Economy, Trade and Industry (METI), along with QuantumScape CEO Dr. Siva Sivaram, and other industry experts.

“Kyoto City has been committed to fostering innovation in the environmental and energy sectors by harnessing the wealth of knowledge concentrated in companies, universities, and other institutions, with the goal of achieving a sustainable future,” said the Honorable Koji Matsui, Mayor of Kyoto. “We have high expectations for QuantumScape Corporation, a frontrunner to the research and development of solid-state batteries—an essential technology for next-generation electric vehicles—to pioneer groundbreaking innovations here in Kyoto. Kyoto City will continue its efforts to support startups, foster business development, and attract diverse array of talent and companies from across Japan and the globe, driving innovation at an accelerated pace.”

Satoshi Nohara, Director General of METI, added: “The all-solid-state battery is a game-changing technology that has the potential to significantly surpass the performance of conventional lithium-ion batteries. In the Battery Industry Strategy, Japan has set a target of commercializing all-solid-state batteries by around 2030, and the public and private sectors are working together to achieve this target. It is highly meaningful that various members from both sectors met at the symposium to share and discuss engagement in the practical application of all-solid-state batteries. This reflects Japan’s continued commitment to taking a technological leadership role in deepening global collaboration in this field.”

“Japan has a rich history of battery innovation and QuantumScape is leading efforts to develop and commercialize solid-state batteries,” said Dr. Siva Sivaram. “It was an honor to join so many Japanese leaders to discuss how we can use the country’s excellence in battery science and the supply chain network to accelerate progress toward a cleaner, more efficient future.”

Batteries are at the heart of the transportation revolution, but today’s conventional lithium-ion batteries fall short of meeting the needs of the automotive sector in several key areas, limiting their performance. QuantumScape’s solid-state lithium-metal batteries are designed to charge faster, provide longer range, and operate more safely than their lithium-ion counterparts. QuantumScape opened an office in Kyoto, Japan in 2022 and has collaborated with battery tool manufacturers and materials suppliers across the Asia-Pacific region for many years.

About QuantumScape Corporation

QuantumScape is on a mission to revolutionize energy storage to enable a sustainable future. The company’s next-generation solid-state lithium-metal battery technology is designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future. For more information, visit www.quantumscape.com.

Forward-Looking Statements

Certain information in this press release may be considered “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding QuantumScape’s plans and objectives for future operations and growth, including internationally the performance of its technology and its applications, and the potential impacts of QuantumScape’s technology, among others. These forward-looking statements are based on QuantumScape management’s current expectations, assumptions, hopes, beliefs, intentions and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements, including due to the building out of high volume processes and otherwise to achieve scale, the achievement of the quality, consistency, reliability, safety, cost and throughput required for commercial production and sale, changes in economic and financial conditions, and other factors, including those discussed in the section titled “Risk Factors” in QuantumScape’s Annual Report and Quarterly Reports and other documents filed with the Securities and Exchange Commission from time to time. Except as otherwise required by applicable law, the company disclaims any duty to update any forward-looking statements.

QuantumScape CEO Dr. Siva Sivaram at the Solid-State Batteries Symposium (Photo: Business Wire)

The Honorable Koji Matsui, Mayor of Kyoto, at the Solid-State Batteries Symposium (Photo: Business Wire)

Satoshi Nohara, Director General of Japan’s Ministry of Economy, Trade and Industry, at the Solid-State Batteries Symposium (Photo: Business Wire)

VANCOUVER, British Columbia (AP) — Chrystia Freeland, the former finance minister who is running to replace Justin Trudeau as Canada’s prime minister, said Monday Canada needs to release a “retaliation list” of goods the country would target if U.S. President Donald Trump makes good on his threat to slap 25% tariffs on Canadian goods.

A list of products worth $200 billion Canadian dollars (US$139 billion) would send a message to U.S. exporters about the harm tariffs would cause them, Freeland said in a statement.

“Being smart means retaliating where it hurts,” she said. “Our counterpunch must be dollar-for-dollar — and it must be precisely and painfully targeted: Florida orange growers, Wisconsin dairy farmers, Michigan dishwasher manufacturers, and much more."

“Now is the moment when Canada must make clear to Americans the specific costs that will accompany any tariff measures by the Trump administration.”

Trump has said he will use economic coercion to pressure Canada to become the nation’s 51st state. He continues to erroneously cast the U.S. trade deficit with Canada — a natural resource-rich nation that provides the U.S. with commodities like oil — as a subsidy.

Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day.

John Ries, senior associate dean at the University of British Columbia Sauder School of Business, said Canada should retaliate against any tariffs but warned against publicizing a list in advance, citing the risk of antagonizing Trump — and making it harder for him to back off on his threats.

“He always wants to win,” said Ries. “He doesn’t want to show any weakness.”

Freeland said Monday that if she wins the leadership race and become prime minister she would also prohibit American companies from bidding on Canadian federal procurement (excluding defense).

She also said she would convene an international summit with the leaders of Mexico, Denmark, Panama, and the president of the European Union to “coordinate a joint response to challenges to our sovereignty and our economies.”

Some lawmakers have suggested Canada could stop energy shipments to the United States, a move opposed by Daniele Smith, the premier of Canada’s oil-rich province of Alberta.

Former central banker Mark Carney, who is also running for the Liberal leadership, said over the weekend that cutting off Quebec’s hydro exports to the U.S. should remain an option on the table in a trade fight with Trump.

It was Freeland’s abrupt resignation as finance minister last month that forced Trudeau to say he is resigning as prime minister and party leader.

Trudeau is to remain prime minister until a new Liberal Party leader is chosen on March 9.

The next Liberal leader could be the shortest-tenured prime minister in the country’s history. All three opposition parties have vowed to bring down the Liberals’ minority government in a no-confidence vote after parliament resumes on March 24. An election is expected this spring.

Canada's former Finance Minister Chrystia Freeland speaks at a press conference in Toronto on Sunday Jan. 19, 2025, as she kicks off her campaign to become the next Liberal party leader. (Frank Gunn/The Canadian Press via AP)