Investor Presentation

August 2023
 Forward-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. QuantumScape 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. QuantumScape 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: ir@quantumscape.com

2
4 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 ºC 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

3
 12 Years of R&D Investment

800+ Employees
World-class next-gen battery development team

QuantumScape
300+ Patents and Patent Applications
by the Numbers Materials, use and process

6 Commercial Agreements with

Automotive OEMs

Deep Partnership with Volkswagen Group

Strategic investor, JV partner and board representation

4
 Setting Ambitious Goals & Achieving Milestones

Recent Milestones Achieved 2023 Goals

Product Development
Product Development
Increase cathode capacity
Designated First Commercial Product: QSE-5
24-layer cell with a planned capacity of ~5 amp-hours Improve cell packaging efficiency

Customer Engagement
Shipped Unit Cells With Higher-Loading Cathodes
Manufacturing Scale Up
Recently shipped high cathode-loading unit cells to automotive OEM Improve production quality and consistency
partners
Deploy fast separator production: Raptor
QSE-5, Our First Commercial Product
Working closely with a prospective launch customer in the automotive sector
for the QSE-5 Future Goals
Technical Development Product Development
A0 Successfully Passed Safety Tests Produce B Samples
A0 prototype passed safety tests based on specifications of a prospective Low-volume B samples in 2024 and higher-volume B samples in 2025
leading automotive customer

Manufacturing Scale Up Manufacturing Scale Up

QS-0 Fast Separator Production: Cobra
Completed Installation of Raptor Develop manufacturing tools, equipment and processes to scale
Equipment installed as part of Stage 1 of fast separator process production and produce higher-volume B samples

5
 EVs Currently ~10% of Global Light Vehicle Market*
Customer Requirements for
Mass-Market Adoption

Energy / Capacity
>300-mile range

Fast Charging
10-80% charge @ 45 ºC in
~15 min

Safety
Solid, non-oxidizable separator

Battery Cycle Life

>12 years, >150,000 miles

Cost
*Source: Wall Street Journal, 2023 < $30,000, 300-mile EVs

6
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
 Lithium-Metal Anode Enables High Energy Density
And we believe lithium-metal anode requires a solid-state separator

600
Lithium-Metal
Lithium-Metal Anode Required Key Takeaways
Modeled Cell Energy Density (Wh/kg)

Anode
500
Lithium-Metal
Batteries Lithium-metal anode
400 enables high energy
density
300 Graphite / Silicon
Anode Conventional
Lithium-Ion We believe lithium metal
Graphite Anode
200 Batteries cannot be used without a
solid-state separator
100

0
Li2MnSiO4(2Li)

CoF2
LiVPO4F

FeF2

FeF3
LiMnPO4

LiNi0.5Mn1.5O4

NiF2
LiFeBO3

NCA
HE-NMC

NMC811

Cathode Materials Source: Andre et al, J Mater Chem A. (2015) 6709

Note: Modeled cell specific energy is based on traditional cell designs and architectures

8
 QuantumScape Anode-free Architecture
Improved energy density, fast charging and safety
Conventional Li-ion Battery QuantumScape Solid-State Battery

Discharged Charged
Anode Current Collector (as manufactured)

Graphite / Silicon Anode

Liquid Electrolyte

Porous Separator

Cathode Active Material

Liquid Electrolyte

Cathode Current Collector

Anode-free Solid-State Cathode Agnostic Lithium-Metal Anode

Manufacturing Separator Compatible with High-rate cycling of a
Anode-free cell design Ceramic electrolyte conventional and lithium-metal anode
with lithium plated with high dendrite advanced cathode
during charge cycles resistance materials

9
 Significantly increases volumetric and
Energy gravimetric energy density by eliminating
graphite/silicon anode host material

Enables ~15-minute fast charge (10-80% at

Lithium-metal Fast Charge 45 ºC) by eliminating lithium diffusion
bottleneck in anode host material
architecture can
address multiple
Eliminates organic separator. Solid-state
requirements Safety separator is nonflammable and
noncombustible

Can improve cycle life by reducing

Cycle Life capacity loss at anode interface

Eliminates anode host material and related

Cost manufacturing costs

10
 Previous Attempts Have Been Unsuccessful
Lithium-Metal Anode

Organics Inorganics

Separator / Electrolyte
Requirements Liquids Gels Polymers Sulfides Oxides

1
Conductivity
Fast charge
✓ ✓ X ✓ ✓

✓
Separator-Anode ASR
2
Power, temperature
X X X X

Low and high-voltage

3 stability X X X X ✓
Power, temperature, cycle life

Dendrite resistance
4
Power, temperature, cycle life
X X X X X

Separator also must be thin and continuously processed at low cost over large area

11
 Other Separators May Compromise Test Conditions to Perform

Compromise Impact

Revert to Hosted Reversion to Carbon / Silicon Anode

Anode Low Energy
or Excess Lithium

Low Current Density while Charging

Slow Charge
• <3 mA/cm2 or <1C-rate

Low Cycle Life

Shorter Battery Life
Compromised Test • <800 cycles
Conditions or
Performance Limited Temperature Range
Cost Complexity
• >30 °C

High Pressure
Energy Density Cost
• >5 atm

12
 Multilayer Progress Multilayer Stack
(24 layers = 12 unit cells)

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 Unit Cell
dendritic resistance (bi-layer stack)

Unit Stack
(single-layer cell)
Anode Current Collector
1 Manufactured Anode-free
2 Solid-State Separator

Cathode Active Material

Catholyte
Cathode Current Collector

13
 QuantumScape Material & Cell
CERAMIC SOLID-STATE SEPARATOR SINGLE-LAYER CELL MULTILAYER CELL PROTOTYPE

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
 4-,10-,16-, 24-Layer Capacity Retention Mirrors
Single-Layer Cycling Performance
Cycle Energy Retention vs Cycle Count
The Gold 100
Standard Test*
80

Discharge energy [%]

Captures key requirements
simultaneously under what we 60
believe are uncompromised Charge/Discharge Rate 1C-1C avg
Cathode Loading 3.1-3.5 mAh/cm2
test conditions Current Density 3.1-3.5 mAh/cm2
40 Temperature 25-30 °C
Anode Anode-free Li metal
1-layer
Depth of Discharge 100%
4-layer
Area† Commercially relevant 10-layer
20 Pressure ≤ ~3.4 atm 16-layer
Layers 1, 4, 10, 16 or 24 24-layer
†Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm depending on cell format
3rd-party; 1-layer

0
0 100 200 300 400 500 600 700 800
Cycle number

*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
 Summary of Published Results with Lithium-Metal Anodes

Compromised Test Conditions

SUPERCHARGER
1
One or more of:
Charge C-rate [1/hr]

Low Charging Current Density

Slower than supercharger

Excess Lithium
0.5 2022 2020
Low energy density
2023

2021 2015

Low Cycle Life

2023 2023 2021
<800 cycles
2020
2020
0 Limited Temperature Range
0 500 1000 Elevated only
Cycles
Excess Anode Elevated T Room T Room T
1 atm
High Pressure
anode free and/or P 2 < P < 5 atm
(absolute)
>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 16
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.
 Fast Charging Results

Fast Charging
10-80% charge at 45 ºC
in ~15 minutes Charge† Rate 4C
Cathode Loading 5.3 mAh/cm2
Charge Current Density† 21.1 mA/cm2
Temperature 45 °C
Anode Anode-free Li metal
Depth of Discharge 100%
Area‡ Commercially relevant
Pressure <3.4 atm
Layers 2

The fast-charge performance of QuantumScape unit cells with energy-dense cathodes compared to a top-selling long-range EV
17
 Repeated Fast Charging
100
Repeated
Fast Charging 80
Commercial target for fast charge

Discharge energy [%]

>80% energy retained after
>400 consecutive fast
60
charging cycles Panasonic 2170*: ~25 °C
QS: 25 °C Charge† Rate 4C-1C

QS: 45 °C Cathode Loading 3.3 mAh/cm2

40 Charge Current Density 13.3 mA/cm2
Temperature 25, 45 °C
Anode Anode-free Li metal
Depth of Discharge 100%
Area 70x85 mm
20
Pressure ~3.4 atm
Layers 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)

0
0 50 100 150 200 250 300 350 400
Cycle number
*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
 Cycling Without Externally Applied Pressure
1 atm Cycling
100
• >800 cycles
• >80% energy retained
• Zero externally applied pressure 80

Discharge energy [%]

60
Charge/Discharge Rate 1C-1C avg
Cathode Loading 3.3 mAh/cm 2
Current Density 3.3 mA/cm 2
40 Temperature  25°C
Consumer Electronics Anode Anode-free Li metal
Depth of Discharge 100%
Batteries with low to zero externally Area† Commercially relevant
applied pressure can operate without 20 Pressure 0 externally applied pressure
bulky or heavy pressure-applying Layers 1

components – an advantage for †Commercially relevant dimensions may vary from 60x75 mm to 70x85 mm, depending on cell format

consumer electronics applications that

0
typically prioritize compact and
0 100 200 300 400 500 600 700 800
lightweight battery systems for portable Cycle number
devices.

19
 Shifting the Energy-Power Performance Frontier

0
QuantumScape Anode-free
5
Li Metal Targets †
We believe we can 10
achieve 10-80% charge QS larger format

at 45 ºC in ~15 minutes 15

Charge Time 10-80% [min]

with a cell that exceeds 20 Porsche Taycan 2020
QS 5Ah format

the energy density LG Chem Pouch Tesla Model Y 2020

Panasonic 2170

benchmarks of those in 25
Tesla Model Y 2022 Tesla Model 3 2017
today’s leading EVs 30
4680 Panasonic 2170
QUANTUMSCAPE CONFIDENTIAL

Tesla Model S Plaid 2021

18650
Even faster charge times 35

may be possible in cells 40

Current state-of-the-art Rivian R1T 2022
2170
(conventional chem)
with slightly lower
energy densities. 45 Cell Energy Density [Wh/L]
500 600 700 800 900 1000 1100

† QSprojections 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
 Anode-Free Manufacturing Process
Cathode Binder / Anode Binder /
Solvent Solvent
Material Other Material Other

Mixing Mixing

Our technology Collector Coating / Drying Coating / Drying Collector

eliminates anode Roll Pressing Roll Pressing

materials & related

manufacturing costs
Slitting / Notching Slitting / Notching

Drying Drying

QS makes
proprietary
solid-state Separator Stacking
separator
(other facility)
Cell Container Packing

Formation Reduced

Testing

Cell

21
 Abundant Materials and Established Supply Chains

Separator precursor materials are abundant and Supply chains served by well-established and
widely used in other industries diverse materials and chemicals firms

22
 Customer Relationships
QuantumScape & Volkswagen Group
Contracted with 6 auto OEMs* for cells out of QS-0
Close collaboration and partnership since 2012
Volkswagen Group
Representation on the QS board of directors
2nd Top-10 OEM
Formed 50/50 JV to accelerate commercialization of QS’
3rd Top-10 OEM solid-state batteries, with capacity ramping to 21 GWh/yr

2 established global luxury OEMs VW has tested multiple generations of QS cells and has
publicly validated performance at automotive power levels
Pure-play EV company
Non-exclusive: VW has first priority to cells, but QS
Engaged with leading global consumer electronics
allowed to explore commercial opportunities with other
companies
partners

“[Solid-state] is the end game for

Select Brands 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
 Commercialization Roadmap
2023 2024 2025

Improve Cell Quality, Consistency and

Reliability
Development
Product

Introduce High-Loading Cathodes Low-Volume B Samples Higher-Volume B Samples

Optimize Packaging Efficiency

QS-0 Fast Separator Production Process: Raptor and Cobra

Manufacturing

Raptor Equipment for

Low-Volume B Samples

Prototype Equipment Cobra Equipment for

for Cobra Higher-Volume B Samples

24