QuantumScape Appoints Dr. Siva Sivaram as CEO to Lead Next Phase of Growth
February 14 2024 - 4:15PM
Business Wire
Co-founder Jagdeep Singh to continue as
Chairman of the Board
QuantumScape Corporation (NYSE: QS), a leader in next-generation
solid-state lithium-metal battery technology, today announced the
appointment of current President, Dr. Siva Sivaram, as CEO and as a
member of the board of directors, effective February 15, 2024.
Co-founder and CEO Jagdeep Singh will continue to serve as Chairman
of the Board of Directors.
Dr. Sivaram, a semiconductor and data storage industry veteran,
joined QuantumScape as President in September 2023. He joined from
Western Digital Corp., where he also served as President, leading
corporate strategy and technology. His deep technical acumen and
decades of experience taking complex emerging technologies into
high-volume production, building factories, establishing
partnerships and scaling manufacturing worldwide made him a natural
fit for the role.
Over the last year, the company achieved several important
milestones that set the foundation for future growth.
QuantumScape’s best-performing A0 prototype cell achieved more than
1,000 full cycle equivalents with 95% discharge energy retention in
testing at PowerCo’s labs. The company made key improvements to the
components and processes necessary to transition from prototype to
product, bolstered the balance sheet with a follow-on offering,
strengthened relationships with OEM partners, and announced the
first planned commercial product, QSE-5. Mr. Singh initiated the
succession planning process in consultation with the board early
last year, seeking to recruit a leader with extensive experience in
manufacturing sophisticated technology products, to help lead
QuantumScape’s efforts through the next phase of its growth.
“Founding QuantumScape has been the highlight of my career. I
profoundly believe in the mission and the success of this company
and team, and we are closer than ever to having a real impact on
the automotive industry,” said Mr. Singh. “Siva immediately
impressed the team after coming on as President with his
operational skills, strategic vision and ability to drive results.
Siva is the right leader at the right time to take on the challenge
of bringing the company’s technology into high-volume production. I
look forward to our continued work together to bring QuantumScape’s
solid-state lithium-metal batteries to market.”
“As I step into this new role, I’m energized by the remarkable
opportunity that QuantumScape has to shape an entire industry,”
said Dr. Sivaram, QuantumScape president and CEO. “QuantumScape’s
exceptional technology, large addressable market, customer demand
and brilliant and motivated team have set us up with the potential
to have a tremendous impact on the automotive industry and the
broader world. A lot of work remains to be done and it will not be
without challenges and I’m honored to be entrusted with this
responsibility. I am determined to see us achieve our ambitious
vision.”
“Since joining QuantumScape, Siva has been an excellent
collaborator; his experience with global manufacturing is already
proving instrumental in establishing a strong platform from which
we’ll build future full-scale commercial growth,” said Frank Blome,
CEO of PowerCo and QuantumScape board member. “We thank Jagdeep for
his tremendous leadership from the founding of QuantumScape through
all the industry-leading achievements during his tenure as the CEO.
He has been a great partner for the Volkswagen Group and PowerCo
and I look forward to his continued leadership as Chairman of the
board.”
“Jagdeep has always had a compelling vision for the company and
a passion to tackle the hardest and most important challenges. He
assembled a world-class team and together we have made some
groundbreaking scientific and engineering advancements in lithium
metal batteries,” said Tim Holme, co-founder and CTO of
QuantumScape. “I believe that Siva's experience in scaling and
manufacturing products at high volume with exacting quality
standards will build on our momentum and lead us through the next
phase.”
About QuantumScape Corporation
QuantumScape is on a mission to transform energy storage with
solid-state lithium-metal battery technology. The company’s
next-generation batteries are 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.
About Dr. Siva Sivaram
Dr. Siva Sivaram joined QuantumScape as President in September
2023. Previously, he served as President of Technology and Strategy
at Western Digital, a leader in data storage. Prior to Western
Digital, Dr. Sivaram was Executive Vice President of Memory
Technology at SanDisk. Before that, he founded and headed Twin
Creek Technologies, an American manufacturer specializing in novel
solar cells and equipment, and held several leadership positions
for global technology manufacturers, including Intel and Matrix
Semiconductor – the pioneer in 3D semiconductors. Dr. Sivaram holds
a Ph.D. and M.S. in materials science from Rensselaer Polytechnic
Institute and a B.S. in mechanical engineering from the National
Institute of Technology.
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 the company’s plans and objectives
for future operations and the prospects and timing of the
management change. 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. 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 challenges related to the management transition, the
building out of high volume processes, and the achievement of the
quality, consistency, reliability, safety, cost and throughput
required for commercial production and sale, changes in economic
and financial conditions and due to other factors discussed in the
section titled “Risk Factors” in our 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.
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