Enovix Awarded 15-Year Pioneer Status from Malaysian Investment Development Authority for its High-Volume Manufacturing Facility

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[{"type":"text","content":"FREMONT, Calif., March 27, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it has been granted 15-year Pioneer Status from the Malaysian Investment Development Authority (MIDA) for manufacturing its batteries in Malaysia. Enovix’s high-volume manufacturing facility, Fab2, is located in the Penang Science Park in Penang, Malaysia. Enovix previously announced the establishment of Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”) in March 2023. Enovix’s Pioneer Status application was approved by the Government of Malaysia for the manufacture of lithium-ion batteries within the country for 15 years. The primary benefit of receiving Pioneer Status is an exemption from the payment of income tax, subject to meeting certain conditions such as incurring minimum capital and operational expenses, employing local workers, implementing a local vendor development program, providing training programs for students, and collaborating with higher education institutions. “Being awarded Pioneer Status is a monumental milestone for Enovix as we become further established in Malaysia and begin to ramp up manufacturing in our Fab2 facility,” said Ajay Marathe, Chief Operating Officer of Enovix Corporation. “This status will improve our net profitability in the long-term as we scale the business and we are thrilled that MIDA has granted us Pioneer Status to support our efforts. We hope our presence will benefit Malaysia, particularly as we continue to grow and offer employment opportunities across R&D and manufacturing.” In July 2023, Enovix and YBS International Berhad (“YBS”) (MESDAQ: YBS:KLS), a Malaysia-based investment holding company signed a Master Service Agreement to support Enovix’s Fab2 site. Since then, Enovix has made significant progress, establishing Fab2, hiring nearly 100 team members and building out approximately 250,000 square feet of factory space in 100 days including sections that meet the Class 10,000 Cleanroom standard. Enovix is on track to complete SAT and produce the first samples of its silicon batteries off its Agility Line in Q2 2024. “I am delighted to collaborate with MIDA once again,” added Marathe. “We have worked together over the last three decades while I led the successful growth of several large factories for companies such as AMD and L...

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