Enovix Corporation · NASDAQ:ENVX

Enovix — Investor Day (December 2021)

27 slides from Enovix's investor day presentation, Dec 7, 2021

1. Slide 1: Enovix Overview

   Exhibit 99.2 Enovix Overview Ashok Lahiri CTO and Co-Founder December 7, 2021 ©2021 ENOVIX

2. Slide 2: Disclaimer

   Disclaimer This presentation (this “Presentation”) is provided solely for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity or debt. The information contained herein does not purport to be all-inclusive.

3. Slide 3: The Enovix Advantage

   The Enovix Advantage Step-Change Increase in Validation from Category-Leading Patented Battery Architecture and 100% Active Silicon Anode Energy Density Process Technology Customers Scaling Up Production with Focused on Premium Markets Attractive Financial Profile Commercial Production in Q1 2022 Mu

4. Slide 4: Step-Change Increase in Energy Density

   1 Step-Change Increase in Energy Density 9 Years EX-3 = 1255 Wh/I EX-2 = 1030 Wh/I EX-1 = 900Wh/I 5 Years 4.36% Average Annual Increase in Li-ion Battery Energy Density 1991 - 2020 1 Actual and projected (continued 4.36% improvement) energy density metrics for a median cell-phone-size battery and En

5. Slide 5: Conventional Cell Architecture

   Conventional Cell Architecture Conventional Wound Lithium-ion Cell Illustrated Cross-Section ©2021 ENOVIX 5

6. Slide 6: ©2021 ENOVIX

   ©2021 ENOVIX 6

7. Slide 7: ©2021 ENOVIX

   ©2021 ENOVIX 7

8. Slide 8: ©2021 ENOVIX

   ©2021 ENOVIX 8

9. Slide 9: Enovix 3D Silicon Cell Architecture

   Enovix 3D Silicon™ Cell Architecture 1 Enovix 3D Silicon Lithium-ion Cell Photomicrograph Cross-Section Silicon Anode Material Capacity 2 1800 mAh/cc Conventional Wound Lithium-ion Cell Illustrated Cross-Section Graphite Anode Material Capacity 3 800 mAh/cc 2 ¹Source: Enovix Corporation. De-rated fr

10. Slide 10: Higher Energy Density: Silicon Anode

    Separator Separator Higher Energy Density: Silicon Anode LiC 6 Graphite Anode LiCoO 2 2 90μ at 28% Li Cobalt Oxide Cathode Cu Al Graphite: Graphite Cathode 190μ total Anode thickness 5μ 90μ 12μ 75μ 8μ 190μ Li Si = 1.36x 15 4 140μ Silicon Anode 1,2 40μ at 63% Li = 36% more capacity Cu Al Silicon: 3 S

11. Slide 11: Four Killer Problems Faced Silicon Anodes

    Four Killer Problems Faced Silicon Anodes 1 Conventional Graphite Anode Conventional Silicon Anode Problems LOW HIGH 1. First charge Anode material only expands ~10% Silicon anodes expand by over 2x when charged expansion HIGH (90-95%) LOW (50-60%) 2. First charge Low loss of Li trapped in anode Abo

12. Slide 12: Silicon Anode Approaches Today

    Silicon Anode Approaches Today STRUCTURALLY MINIMAL 100% ACTIVE ENGINEERED 2 SILICON SILICON SILICON Multiple Companies Silicon 1 LOW (3–7%) MEDIUM-HIGH HIGH Content Today Energy Density 3 LOW LOW -MEDIUM HIGH Improvement Commercially 4 TODAY VARIED 2022 Available Designed for YES NO YES Low-Cost Si

13. Slide 13: Enovix Solved the Four Problems: First Charge Expansion

    Enovix Solved the Four Problems of Silicon Anodes 1. First Charge Expansion Enovix Solution: Provide a constraint and space for Si expansion. Reorient the electrodes to face the small side to decrease required constraining force. Enovix 3D Cell Conventional Cell 50mm 50mm 30mm 30mm 1,500psi = 1.7 to

14. Slide 14: Enovix Solved the Four Problems: First Charge Efficiency

    Enovix Solved the Four Problems of Silicon Anodes 2. First Charge Efficiency Enovix Solution: “Pre-lithiation” process during manufacturing to insert additional lithium source to top off lithium trapped at formation into vertically short electrodes. 50mm Li source Vertical electrodes only 3mm high a

15. Slide 15: Enovix Solved the Four Problems: Cycle Swelling

    Enovix Solved the Four Problems of Silicon Anodes 3. Cycle Swelling Enovix Solution: Cycle swelling managed by integrated constraint, limiting to <2% swelling. 3 1st cycle mm 3 1 538 cycles mm 1 100% DOD, 4.35v-2.70v. 1C charge (CCCV)/1C discharge ©2021 ENOVIX 15

16. Slide 16: Enovix Solved the Four Problems: Cycle Life

    Enovix Solved the Four Problems of Silicon Anodes 4. Cycle Life Enovix Solution: Integrated constraint keeps particles under constant stack pressure. Enovix Anode: Conventional Anode: 540 Cycles 1 Cycle 1 100% Charge 50% Charge 30 Particle mm 20 mm 20 mm cracking Li Li Li 1 2 Silicon lithium-ion hal

17. Slide 17: Production

    Production © ©2 202 021 1 E ENO NOV VIX IX 17

18. Slide 18: Standard Li-ion Battery Production Process

    Standard Li-ion Battery Production Process Electrode Fabrication Cell Assembly Package, First Charge & Test Separator Anode (Graphite) Package First Charge Test Standard Wound Cell Assembly Separator Cathode ©2021 ENOVIX 18

19. Slide 19: Enovix 'Drop-In' Battery Production Process

    Enovix ‘Drop-In’ Battery Production Process Electrode Fabrication Cell Assembly Package, First Charge & Test Separator Pre-lithiation Laser Patterning and High-Speed Stacking Anode 1 (Silicon ) Package First Charge Test Separator Roll-to-Stack Cell Assembly Cathode 1 ©2021 ENOVIX 19 100% Active Sili

20. Slide 20: Novel Patterning and Stacking Approach

    Novel Patterning and Stacking Approach Industry Standard Enovix 3D Cell Direct Assembly Industry Standard 1 Electrode Fabrication (40% of Mfg Process) and Pre-lithiation (30%) Cell Packaging (30%) Laser Patterning High Speed Stacking 1 Replaces industry standard electrode winding and flattening proc

21. Slide 21: Fab-1 Fremont 45,044 sq.ft

    Fab-1 Fremont 45,044 sq.ft ZONE Area [SQFT] Comment Zone1 - Electrode Fabrication 5656 Zone2 - Battery Assembly 9242 Zone3 - Battery Packaging + 8667 Partially Dry Room - Mezzanine Mezzanine Zone4 - Formation & Test 12812 Partially Hot Room + Total FAB1 - Production Floor 36377 Incl. Spare for 3rd L

22. Slide 22: From Mobile Electronics to EVs

    From Mobile Electronics to EVs © ©2 202 021 1 E ENO NOV VIX IX 22

23. Slide 23: The Leader in Energy Density

    The Leader in Energy Density 1000 106 Ah 55 Ah 4.5 Ah 900 EX-1 EX-1 4.1 Ah 2 (NMC811 Cathode) (LCO Cathode) 800 4.8 Ah 700 3.5 Ah 600 60 Ah 180 Ah 500 70 Ah 60 Ah 400 105 Ah 94 Ah 300 200 150 200 250 300 350 1 GRAVIMETRIC ENERGY DENSITY (Wh/kg) 1 Sources for competitor data: UBS Global Research, Oct

24. Slide 24: Si-rich Anodes for EV Applications, DOE Grant

    Structurally and Electrochemically Stabilized Si-rich Anodes for EV Applications Awarded up to $3.2M, 3 Year DOE Grant in 2020 INITIAL NMC-622 CELL DATA CURRENT NMC-622 CELL DATA 248 mAh (27 mm x 19 mm x 3.3 mm) 267 mAh (29 mm x 17 mm x 3.4 mm) 514 Wh/l packaged energy density (863 Wh/l core) 541 Wh

25. Slide 25: In Summary

    In Summary Industry Unique 100% Active Leading 3D Cell Silicon Energy Architecture Anode Density 94 Patents Issued 63 Patents Pending 14 Years of R&D $254M of Funding Proprietary 3D Architecture and Manufacturing Processes ©2021 ENOVIX 25

26. Slide 26: Next Steps

    Next Steps Actively investing Building dedicated team Seeking partners info@enovix.com © ©2 202 021 1 E ENO NOV VIX IX 26

27. Slide 27: Thank You

    Thank You ©2021 ENOVIX

Enovix — Investor Day (December 2021) on 6ix