Benzinga | Jan 13, 2022 02:10PM EST

QuantumScape Inks Strategic Multi-Year Agreement With Fluence

* QuantumScape Corp (NYSE:QS) has signed a multi-year agreement with Fluence Energy Inc (NASDAQ:FLNC) to introduce solid-state lithium-metal battery technology to stationary energy storage applications. The financial terms were not disclosed.

* Along with the agreement, which reserves batteries produced at QuantumScape's pre-pilot production facility, QS-0, the companies will work together to validate and test QuantumScape solid-state battery cells for use in Fluence's proprietary stationary storage products.

* "Fluence and QuantumScape share the same mission to reduce global greenhouse gas emissions through innovation and adoption of energy storage technologies, so our collaboration is a natural fit," said Jagdeep Singh, co-founder, and CEO of QuantumScape.

* The companies expect to enter into a large-scale supply agreement in the course of the collaboration.

* Price Action: QS shares are trading higher by 2.20% at $21.38 and FLNC lower by 1.67% at $25.39 on the last check Thursday.