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Enovix Signs Collaboration Agreement with Fortune 200 Company
FREMONT, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it
About this update from Enovix Corporation
[{"type":"text","content":"FREMONT, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it has signed a collaboration agreement with a Fortune 200 company to provide silicon batteries for a fast-growing IoT product category that already has tens of millions of users globally. Under the terms of the agreement, Enovix will receive milestone payments associated with building and testing prototype batteries for this IoT device along a path toward mass production. “We’re excited to collaborate with the clear market leader in a rapidly growing segment of the IoT market,” said Samira Naraghi, Senior Vice President, Product, Enovix. “Our groundbreaking silicon battery allows product designers enhanced flexibility to create elegant form factors without sacrificing battery capacity.” Enovix high-performance batteries utilize a proprietary architecture and manufacturing process to replace graphite with a 100% active silicon anode to deliver leading energy density. By replacing graphite with 100% active silicon, Enovix intends to offer this customer a path toward a smaller form factor while also delivering energy and recharge needs. “Our breakthrough battery continues to attract the interest of market leading companies who are looking to usher in new classes of product not previously possible without battery innovation,” said Dr. Raj Talluri, President and CEO of Enovix. About Enovix Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation. Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn. Forward Looking Statements This press release contains 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, about us and our industry that involve...