QuantumScape Battery, Inc., a wholly owned subsidiary of QuantumScape Corporation, has entered into a Lease Termination Agreement with MLC V SC - Automation, LLC to conclude its lease for a property in San Jose, California. The lease, originally set to expire in September 2032, will terminate early effective August 1, 2025. This decision aligns with QuantumScape's shift towards a technology licensing focus, reducing its operational footprint. The termination involves a lease termination fee of $1.1 million and a brokerage fee of $1.2 million, but it relieves the company of approximately $18.7 million in future rent obligations. QuantumScape Battery, Inc. will continue to lease other properties from an affiliate of the landlord.
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