FREMONT, Calif., May 3, 2022 (GLOBE NEWSWIRE) – Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a leader in the design and manufacture of next-generation Silicon ™ 3D lithium-ion batteries, announced today that it has passed a key technology validation milestone and subsequently received an initial order for its energy-dense smartwatch battery from one of the world’s leading consumer electronics companies. This order marks the start of the next stage of the customer’s product development process.
“We are delighted to have reached an important milestone with one of the largest consumer electronics companies in the world,” said Harrold Rust, co-founder, president and CEO of Enovix. “After more than a year of collaborating and testing with this important customer, we have completed the initial technology qualification process and are advancing to the next stage of the commercial procurement process. While we’re excited about this order, we believe it could ultimately lead to opportunities in more categories within their vast product portfolio. “
The performance of the Enovix battery has been validated in the customer’s test labs against a variety of commercial requirements, including energy density, cycle time, charge / discharge rate and temperature performance. This initial order marks the beginning of the next phase of the customer’s formal product development cycle, which should lead to the integration of Enovix’s batteries into several customer next-generation smartwatch prototype platforms, field trials in pre-production watches. manufacturing and, finally, high-volume manufacturing for world consumer markets. The batteries will be manufactured by Enovix’s automated production lines at its facility, Fab-1, in Fremont, California.
“While the technologies of many battery companies are still being developed in the lab, we are proud to have achieved this milestone, which demonstrates our product and production readiness,” said Cam Dales, GM and Chief Commercial Officer. by Enovix. “We are thrilled to be working with one of the world’s most popular consumer brands as we take another step towards our vision of positively impacting people’s lives through innovation in energy storage.”
Enovix is a leader in the development and advanced manufacturing of lithium ion batteries with silicon anode. The company’s proprietary 3D cellular architecture increases energy density and maintains a high life cycle. Enovix is building an advanced silicon anode lithium ion battery manufacturing facility in the United States for mass production. The company’s initial goal is to provide class-leading mobile device designers with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and manufacturing process for the electric vehicle and energy storage markets to enable widespread use of renewable energy. For more information, visit www.enovix.com.
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 involving material risks and uncertainties. Forward-looking statements generally refer to future events or our future financial or operational performance. In some cases, forward-looking statements can be identified because they contain words such as “believe”, “will”, “might”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, ” expect “,” foresee “,” could “,” potentially “,” target “,” project “,” believe “,” continue “or the negative of these terms or similar expressions. Forward-looking statements in this press release include, but are not limited to, our ability to advance to the next stage of our client’s commercial procurement process, opportunities in multiple categories within our client’s extensive product portfolio and the Integration of Enovix batteries into many of the next generation smartwatch prototype platforms, field trials in pre-production watches, and finally, high-volume manufacturing for global consumer markets and battery manufacturing at automated production lines of Enovix at its Fremont, California facility. Actual results could differ materially from these forward-looking statistics as a result of certain risks and uncertainties, including but not limited to the risks set forth under “Risk Factors” on Form 10-K that we have filed with the Securities and Exchange Commission ( the “SEC”) on March 25, 2022 and other documents that we have filed, or will be filing, with the SEC. Any forward-looking statements made by us in this press release are effective only as of the date they were made, and subsequent events may change these expectations. We disclaim any obligation to update or modify these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
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