Advanced Silicon Battery Company Enovix to Become a Public Company Through Merger with Rodgers Silicon Valley Acquisition Corp.

Enovix Corporation and Rodgers Silicon Valley Acquisition Corp Enter into a Merger Agreement

- Enovix is the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries with energy densities that are five years ahead of current battery technologies

- Funded design wins with several blue chip customers in the high-value mobile computing segments (wearables, mobile communications, PCs and AR/VR) of the Li-ion battery cell market, which is expected to reach a $13 billion addressable market by 2025, of the total expected $75 billion Li-ion battery cell market

- Customer endorsement and investment has led to the construction of Enovix's first battery production facility in Fremont, CA; larger second facility planned for 2023 and strategy for a third facility focused on Electric Vehicle ("EV") batteries

- Transaction values Enovix at an estimated pro forma enterprise value of $1.128 billion upon completion

- The transaction will result in approximately $385 million in net proceeds through the business combination, which includes $230 million of cash held in trust by Rodgers Silicon Valley Acquisition Corp., assuming no redemptions

- Transaction includes an upsized and oversubscribed $175 million PIPE issued at $14 per share, anchored by leading institutional investors

- The combined company will be named Enovix Corporation and will apply for listing on the Nasdaq under the ticker ENVX

- Enovix co-founder and CEO Harrold Rust and existing management team to lead the combined company while gaining new board members Manny Hernandez and Dan McCranie from the Rodgers Silicon Valley Acquisition Corp. team

FREMONT, Calif., Feb. 22, 2021 /PRNewswire/ -- Enovix Corporation ("Enovix" or the "Company"), the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, and Rodgers Silicon Valley Acquisition Corp. (Nasdaq: RSVA, RSVAU, RSVAW) ("Rodgers" or "RSVAC"), a special purpose acquisition company ("SPAC"), today announced that they have entered into a definitive agreement and plan of merger for a business combination that will result in Enovix becoming a publicly listed company. Upon closing of the transaction, which is expected to occur in the second quarter of 2021, the company will be named Enovix Corporation and is expected to remain listed on the Nasdaq Stock Market under the new ticker symbol, "ENVX".  The transaction reflects an estimated pro forma enterprise value for the combined company of approximately $1.128 billion.  

Enovix has designed, developed, and sampled advanced Lithium-ion batteries with energy densities five years ahead of current industry production. The company's first products include batteries with energy densities as high as 900 Wh/L. This breakthrough alters a 30-year trajectory of energy density improvements (