#1QuantumScape Ⓡ Investor Presentation August 2023#2Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws and information based on management's current expectations as of the date of this presentation. All statements other than statements of historical fact contained in this presentation, including statements regarding QuantumScape's future development of its battery technology, the business strategy, addressable market, anticipated benefits of its technologies, and performance of its batteries, plans and objectives for future operations and products are forward-looking statements. When used in this presentation, the words "may," "will," "estimate," "expect," "plan," "believe," "potential,” “predict," "target," "should," "would," "could," "continue, "can," "project," "intend," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 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. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Many of these factors are outside QuantumScape's control and are difficult to predict. Factors that may cause such differences include, but are not limited to ones listed here. QuantumScape faces significant barriers in its attempts to produce a solid-state battery cell and may not be able to successfully develop its solid-state battery cell. Building high volumes of multilayer cells in commercially relevant area and with higher layer count requires substantial development effort. QuantumScape could encounter significant delays and/or technical challenges in replicating the performance seen in its single-layer and early multilayer cells, in achieving the high quality, consistency and throughput required for commercial production and sale, and in developing a cell architecture that meets all the technical requirements and be produced at low cost. QuantumScape has encountered delays and other obstacles in acquiring, installing and operating new manufacturing equipment for automated and/or continuous-flow processes, including vendor delays and other supply chain disruptions and challenges optimizing complex manufacturing processes. Quantum Scape may encounter delays in hiring the engineers it needs to expand its development and production efforts, delays in building out QS-0, and delays caused by the COVID-19 pandemic. Delays in increasing production of engineering samples have slowed QuantumScape's development efforts. These or other sources of delay could delay our delivery of A- samples and B-samples. Delays or difficulties in meeting technical milestones could cause prospective customers and joint venture partners not to purchase cells from our pre-production line or not to proceed with a manufacturing joint venture. QuantumScape may be unable to adequately control the costs associated with its operations and the components necessary to build its solid-state battery cells at competitive prices. QuantumScape's spending may be higher than currently anticipated. QuantumScape may not be successful in competing in the battery market industry or establishing and maintaining confidence in its long-term business prospects among current and future partners and customers. QuantumScape is at an early stage of testing its battery technology for use in consumer electronics applications and may discover technical or other hurdles that impede its ability to serve that market. QuantumScape cautions that the foregoing list of factors is not exclusive. Quantum Scape cautions readers not to place undue reliance upon any forward- looking statements, which speak only as of the date made. This presentation also contains forward-looking statements with respect to forecasted estimates of cell-level energy and power density, active materials cost, and cost implications of inactive materials. Such forward-looking statements are for illustrative purposes only and should not be relied upon as necessarily being indicative of or predictive of actual future results. The assumptions and estimates underlying such statements are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in such statements. Actual results may differ materially from the results contemplated by the forward-looking statements contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such forward-looking statements will be achieved. Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements. Should underlying assumptions prove incorrect, actual results could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that could materially affect QuantumScape's actual results can be found in QuantumScape's periodic filings with the SEC. QuantumScape's SEC filings are available publicly on the SEC's website at www.sec.gov. Contact QuantumScape investor relations: [email protected] QuantumScapeⓇ 2#34 Original Premises Behind the QuantumScape Opportunity Combustion powertrains are being replaced by battery-electric powertrains BEV share of global light vehicle market grew from ~3% in 2020 to -10% in 2022* Anode-free lithium-metal technology can offer compelling benefits over conventional lithium-ion batteries QuantumScape has shown an architecture with the potential for greater energy density, and published data showing the ability to charge 10-80% at 45 °C in ~15 minutes with a noncombustible separator QuantumScape can scale up layer count while maintaining cycling performance QuantumScape has successfully scaled up single-layer lab cells to multilayer prototype cells without significant degradation to cycling performance (capacity retention) QuantumScape can scale up production to industrial levels Have demonstrated high throughput separator process *Source: Wall Street Journal, 2023 QuantumScapeⓇ 3#4QuantumScape by the Numbers 12 Years of R&D Investment 800+ Employees World-class next-gen battery development team 300+ Patents and Patent Applications Materials, use and process 6 Commercial Agreements with Automotive OEMs Deep Partnership with Volkswagen Group Strategic investor, JV partner and board representation QuantumScape® 4#5QuantumScapeⓇ Setting Ambitious Goals & Achieving Milestones Recent Milestones Achieved Product Development Designated First Commercial Product: QSE-5 24-layer cell with a planned capacity of ~5 amp-hours Customer Engagement Shipped Unit Cells With Higher-Loading Cathodes Recently shipped high cathode-loading unit cells to automotive OEM partners QSE-5, Our First Commercial Product Working closely with a prospective launch customer in the automotive sector for the QSE-5 Technical Development AO Successfully Passed Safety Tests AO prototype passed safety tests based on specifications of a prospective leading automotive customer Manufacturing Scale Up Completed Installation of Raptor Equipment installed as part of Stage 1 of fast separator process 2023 Goals Product Development Increase cathode capacity Improve cell packaging efficiency Manufacturing Scale Up Improve production quality and consistency Deploy fast separator production: Raptor Future Goals Product Development Produce B Samples Low-volume B samples in 2024 and higher-volume B samples in 2025 Manufacturing Scale Up QS-0 Fast Separator Production: Cobra Develop manufacturing tools, equipment and processes to scale production and produce higher-volume B samples 5#6*Source: Wall Street Journal, 2023 QuantumScapeⓇ EVs Currently ~10% of Global Light Vehicle Market* it it 9 [4] ☑ Customer Requirements for Mass-Market Adoption Energy / Capacity >300-mile range Fast Charging 10-80% charge @ 45 °C in ~15 min Safety Solid, non-oxidizable separator Battery Cycle Life >12 years, >150,000 miles Cost < $30,000, 300-mile EVs 6#7QuantumScapeⓇ Conventional Lithium-Ion Battery Architecture Hosted anode: graphite / silicon Anode Current Collector Graphite/Silicon Anode Liquid Electrolyte Porous Separator Cathode Active Material Liquid Electrolyte Cathode Current Collector 7#8QuantumScapeⓇ 300 400 500 Modeled Cell Energy Density (Wh/kg) 0 100 LiFeBO3 200 LIVPO4F LiMnPO4 LiNi0.5Mn1.504 HE-NMC 600 Li2MnSiO4(2Li) Cathode Materials Lithium-Metal Anode Required NMC811 NCA Lithium-Metal Anode Enables High Energy Density And we believe lithium-metal anode requires a solid-state separator FeF2 CoF2 NiF2 FeF3 Lithium-Metal Anode Graphite/Silicon Key Takeaways Lithium-Metal Batteries Lithium-metal anode enables high energy density Anode Graphite Anode Conventional Lithium-Ion Batteries We believe lithium metal cannot be used without a solid-state separator | Source: Andre et al, J Mater Chem A. (2015) 6709 Note: Modeled cell specific energy is based on traditional cell designs and architectures 8#9QuantumScape Anode-free Architecture Improved energy density, fast charging and safety Conventional Li-ion Battery QuantumScape® QuantumScape Solid-State Battery Discharged (as manufactured) Anode Current Collector Graphite/Silicon Anode Liquid Electrolyte Porous Separator Cathode Active Material Liquid Electrolyte Cathode Current Collector Charged Lithium Metal Anode-free Manufacturing Anode-free cell design with lithium plated during charge cycles Solid-State Separator Ceramic electrolyte with high dendrite resistance Cathode Agnostic Compatible with conventional and advanced cathode materials Lithium-Metal Anode High-rate cycling of a lithium-metal anode 6#10Lithium-metal architecture can address multiple requirements QuantumScape® [4] Energy Fast Charge Safety Cycle Life Cost Significantly increases volumetric and gravimetric energy density by eliminating graphite/silicon anode host material Enables ~15-minute fast charge (10-80% at 45 °C) by eliminating lithium diffusion bottleneck in anode host material Eliminates organic separator. Solid-state separator is nonflammable and noncombustible Can improve cycle life by reducing capacity loss at anode interface Eliminates anode host material and related manufacturing costs 10 10#11Previous Attempts Have Been Unsuccessful Lithium-Metal Anode Separator / Electrolyte Requirements 1 Conductivity Fast charge Separator-Anode ASR 2 Power, temperature Low and high-voltage 3 stability Power, temperature, cycle life Dendrite resistance 4 Power, temperature, cycle life QuantumScapeⓇ Organics Inorganics Liquids Gels Polymers Sulfides Oxides ✓ X X X X Х X X X X X X X Separator also must be thin and continuously processed at low cost over large area 11#12Other Separators May Compromise Test Conditions to Perform Revert to Hosted Anode Compromised Test Conditions or Performance QuantumScape® ☑ [♥] વન MK Compromise Impact Reversion to Carbon / Silicon Anode or Excess Lithium Low Energy Low Current Density while Charging Slow Charge • <3 mA/cm² or <1C-rate Low Cycle Life • <800 cycles Shorter Battery Life Limited Temperature Range >30 °C High Pressure Cost Complexity Energy Density Cost R • >5 atm 12#131 Multilayer Progress Major Architectural Components 1 Manufactured Anode-free Anode-free cell design with lithium plated during charge cycles 2 Solid-State Separator Ceramic electrolyte with high dendritic resistance Anode Current Collector Unit Stack (single-layer cell) Manufactured Anode-free 2 Solid-State Separator Cathode Active Material Catholyte Cathode Current Collector QuantumScapeⓇ Unit Cell (bi-layer stack) Multilayer Stack (24 layers = 12 unit cells) 13#14CERAMIC SOLID-STATE SEPARATOR QuantumScape® QuantumScape Material & Cell SINGLE-LAYER CELL 回落回 QuantumScape CPI059AA-PS00-01 MULTILAYER CELL PROTOTYPE QS TM Note: The area of a single-layer cell ranges from 60x75 mm to 70x85 mm, roughly the area of a playing card. A multilayer cell prototype is roughly the size of a deck of playing cards. 14#15The Gold Standard Test* Captures key requirements simultaneously under what we believe are uncompromised test conditions 4-,10-,16-, 24-Layer Capacity Retention Mirrors Single-Layer Cycling Performance Cycle Energy Retention vs Cycle Count 100 80 00 Discharge energy [%] 40 40 60 60 20 20 Charge/Discharge Rate Cathode Loading 1C-1C avg 3.1-3.5 mAh/cm² Current Density 3.1-3.5 mAh/cm² Temperature 25-30 °C Anode Depth of Discharge Area+ Pressure Anode-free Li metal 100% Commercially relevant <~3.4 atm Layers 1, 4, 10, 16 or 24 +Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm depending on cell format 1-layer 4-layer 10-layer 16-layer 24-layer 3rd-party; 1-layer 0 0 100 200 300 400 500 600 700 800 Cycle number QuantumScape® *Our gold-standard test conditions include: average charge/discharge rates of 1C or faster, temperatures of 25 °C, 100% depth of discharge, and externally applied pressure of no more than ~3.4 atmospheres, all simultaneously. 15#16Charge C-rate [1/hr] 0.5 Summary of Published Results with Lithium-Metal Anodes 1 SUPERCHARGER SAMSUNG CORNING 2023 one 2021 CUBERG 2022 Compromised Test Conditions QS One or more of: 2020 SAMSUNG 2015 ΓΙ 2023 2023 2021 + SES Hydro Québec Factorial Solid Power 2020 Γ. 0 0 2020 QuantumScapeⓇ Solid Power Excess anode Anode free Factorial 500 1000 Cycles Elevated T and/or P Room T 2<P<5 atm Room T 1 atm (absolute) Low Charging Current Density Slower than supercharger Excess Lithium Low energy density (☑) Low Cycle Life ЯК 0° <800 cycles Limited Temperature Range Elevated only High Pressure >5 atm Temperature & pressure conditions during cycling The data presented above is made as of July 13, 2023, and is based on information that we have been able to obtain, infer or derive from publicly disclosed materials. This information will likely change over time and we do not make any representations as to the accuracy/completeness of the competitive data presented, nor any claims about the actual performance of competitors' cells. We do not undertake any obligation to update this chart to reflect events or circumstances after the date they were made, whether as a result of new information, except as may be required under applicable laws. 16#17Fast Charging 10-80% charge at 45 °C in ~15 minutes State of Charge [%] Fast Charging Results 100 QS energy-dense cathode 45 °C 80 00 Commercial target 60 50 40 20 Top-selling long range EV, pack temp ≥ 45 °C Charge* Rate 4C Cathode Loading 5.3 mAh/cm² Charge Current Density+ 21.1 mA/cm² Temperature 45 °C Anode Depth of Discharge Areaţ Pressure Layers Anode-free Li metal 100% Commercially relevant <3.4 atm 2 05 10 15 20 25 30 35 40 40 45 45 50 55 60 Time [min] +C/3 (1.76 mA/cm2) used from 0-10% SOC, 4C (21.1 mA/cm2) used from 10% to upper cut-off voltage (4.25V) +Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm, depending on cell format QuantumScape® The fast-charge performance of Quantum Scape unit cells with energy-dense cathodes compared to a top-selling long-range EV 17#18Repeated Fast Charging >80% energy retained after >400 consecutive fast charging cycles QuantumScape CPI0S8AA-PS00-01 100 Discharge energy [%] 08 80 60 60 40 40 20 20 Repeated Fast Charging Panasonic 2170*: ~25 °C QS: 25 °C QS: 45 °C 0 0 50 100 Commercial target for fast charge Cathode Loading Charge Current Density Charge* Rate 4C-1C 3.3 mAh/cm² 13.3 mA/cm² Temperature 25,45 °C Anode Depth of Discharge Anode-free Li metal 100% Area 70x85 mm Pressure Layers ~3.4 atm 1 +C/3 (1.1 mA/cm²) used from 0-10% SOC, 4C (13.3 mA/cm²) used from 10% to upper cut-off voltage (4.2V) 150 200 250 Cycle number 300 350 QuantumScape® *From QS testing of cylindrical Panasonic 2170 cell; provided for illustrative purposes only and should not be relied upon as necessarily being indicative or representative of actual performance of all lithium-ion energy cells from such third-party's product line or of automotive lithium-ion energy cells in general. 18 400#191 atm Cycling >800 cycles >80% energy retained Zero externally applied pressure Discharge energy [%] Cycling Without Externally Applied Pressure 100 60 80 60 60 40 40 Charge/Discharge Rate Cathode Loading Current Density 1C-1C avg 3.3 mAh/cm 3.3 mA/cm² 25°C Anode Temperature Depth of Discharge 2 Consumer Electronics Batteries with low to zero externally applied pressure can operate without bulky or heavy pressure-applying components - an advantage for 20 20 Area* Pressure Layers 1 Anode-free Li metal 100% Commercially relevant 0 externally applied pressure +Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm, depending on cell format consumer electronics applications that typically prioritize compact and lightweight battery systems for portable devices. 0 100 200 300 400 500 600 700 800 Cycle number QuantumScape® 19#20Shifting the Energy-Power Performance Frontier 0 5 We believe we can achieve 10-80% charge at 45 °C in ~15 minutes with a cell that exceeds the energy density benchmarks of those in today's leading EVs Even faster charge times may be possible in cells with slightly lower energy densities. 10 15 20 20 30 Charge Time 10-80% [min] 25 30 35 35 40 40 Porsche Taycan 2020 LG Chem Pouch Tesla Model Y 2020 Panasonic 2170 Tesla Model Y 2022 4680 Tesla Model S Plaid 2021 18650 Tesla Model 3 2017 Panasonic 2170 Current state-of-the-art (conventional chem) 45 500 600 700 Rivian R1T 2022 2170 Cell Energy Density [Wh/L] 800 QuantumScape Anode-free Li Metal Targets + QS larger format QS 5Ah format 900 1000 1100 QuantumScape® + 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) 20#21Our technology eliminates anode materials & related manufacturing costs QuantumScape® Anode-Free Manufacturing Process Cathode Material Solvent Binder / Other Anode Material Solvent Binder / Other Mixing Collector Coating / Drying QS makes proprietary solid-state separator (other facility) Roll Pressing Slitting / Notching Separator Drying Stacking Cell Container Packing Mixing Coating / Drying Collector Roll Pressing Slitting / Notching Drying Formation Reduced Testing Cell 21 21#22Abundant Materials and Established Supply Chains 224 793C 793C 21 Separator precursor materials are abundant and widely used in other industries Supply chains served by well-established and diverse materials and chemicals firms QuantumScape® 22 222#23Customer Relationships Contracted with 6 auto OEMs* for cells out of QS-0 • Volkswagen Group ⚫ 2nd Top-10 OEM 3rd Top-10 OEM ◆ 2 established global luxury OEMs ◆ Pure-play EV company • Engaged with leading global consumer electronics companies QuantumScape & Volkswagen Group Close collaboration and partnership since 2012 • Representation on the QS board of directors ◆ Formed 50/50 JV to accelerate commercialization of QS' solid-state batteries, with capacity ramping to 21 GWh/yr VW has tested multiple generations of QS cells and has publicly validated performance at automotive power levels Non-exclusive: VW has first priority to cells, but QS allowed to explore commercial opportunities with other partners QuantumScape® Select Brands PORSCHE Audi B BENTLEY MANI ŠKODA "[Solid-state] is the end game for lithium-ion battery cells." - Frank Blome, CEO of VW's PowerCo (VW Battery Day, 2021) *See www.ir.quantumscape.com/sec-filings for further details 23 23#24Product Manufacturing Development QuantumScapeⓇ 2023 Commercialization Roadmap Improve Cell Quality, Consistency and Reliability Introduce High-Loading Cathodes Optimize Packaging Efficiency Prototype Equipment for Cobra 2024 2025 Low-Volume B Samples Higher-Volume B Samples QS-0 Fast Separator Production Process: Raptor and Cobra Raptor Equipment for Low-Volume B Samples Cobra Equipment for Higher-Volume B Samples 24 224#25QS TM