Enovix Delivers Custom Cells to Inventus Power and U.S. Army
January 05 2023 - 4:11PM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the
design and manufacture of next generation 3D Silicon™ Lithium-ion
batteries, today announced it has designed, developed and delivered
custom sample cells for use within U.S. Army soldiers’ central
power source, called the Conformal Wearable Battery (CWB). Created
by Inventus Power, the CWB integrates into a soldier’s vest and
powers vital communications and navigation equipment.
“We’re proud to achieve the next milestone in our work with
Inventus Power on the U.S. Army program,” said Ralph Schmitt,
Senior Vice President, Sales and Business Development of Enovix.
“This achievement is a proof point that our team has the processes
and procedures in place to execute custom cells and I’m very proud
we were able to deliver to our customers ahead of our goal.”
The goal of this project is to evaluate the performance and
safety of Enovix 3D Silicon Li-ion cell technology and assess its
alignment to the CWB. This effort is awarded under General
Technical Services, LLC’s prime contract W56KGU-18-C-0025 and
follows the initial demonstration phases for the U.S. Army’s C5ISR
Center’s DOTC-17-01-INIT1218 Advanced Power Systems Technologies
with the Department of Defense, which was announced last year. It
was awarded in conjunction with Inventus Power, a leading provider
of advanced battery and power systems that specializes in the
design and manufacture of lithium-ion battery packs for both
military and commercial applications.
The Enovix cell has the potential to nearly double the energy of
the current CWB, which could result in substantial operational
advantages including a much longer lasting battery. Another key
advantage for the Army is BrakeFlow™ technology, a
breakthrough in battery safety, made possible due to the company’s
unique battery architecture.
About EnovixEnovix is the leader in advanced
silicon-anode lithium-ion battery development and production. The
company's proprietary 3D cell architecture increases energy density
and maintains high cycle life. Enovix is building an advanced
silicon-anode lithium-ion battery production facility in the U.S.
for volume production. The company's initial goal is to provide
designers of category-leading mobile devices with a high-energy
battery so they can create more innovative and effective portable
products. Enovix is also developing its 3D cell technology and
production process for the electric vehicle and energy storage
markets to help enable widespread utilization of renewable energy.
For more information, go to www.enovix.com.
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 substantial risks and uncertainties.
Forward-looking statements generally relate to future events or our
future financial or operating performance. In some cases, you can
identify forward-looking statements because they contain words such
as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,”
“focus,” “look forward,” “opportunity,” “believe,” “estimate,”
“continue,” “anticipate,” and “pursue” “believe”, “will”, “may”,
“estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”,
“expect”, “predict”, “could”, “potentially", “target”, “project”,
“evaluate,” “emerge,” “focus,” “goal” or the negative of these
terms or similar expressions. Forward-looking statements in this
press release include, but are not limited to, statements regarding
our plans to deliver custom cells for use within the Conformal
Wearable Battery packs pursuant to our contract for the U.S. Army,
including integration of our BrakeFlow technology into our
batteries, the potential of the Enovix cell to nearly double the
energy density of the current CWB and result in substantial
operational advantages including a longer lasting battery. Actual
results could differ materially from these forward-looking
statements as a result of certain risks and uncertainties. For
additional information on these risks and uncertainties and other
potential factors that could affect our business and financial
results or cause actual results to differ from the results
predicted, please refer to our filings with the Securities and
Exchange Commission (the “SEC”), including in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of our most recently filed
annual periodic reports on Form 10-K and quarterly report on Form
10-Q and other documents that we have filed, or that we will file,
with the SEC. Any forward-looking statements made by us in this
press release speak only as of the date on which they are made and
subsequent events may cause these expectations to change. We
disclaim any obligations to update or alter these forward-looking
statements in the future, whether as a result of new information,
future events or otherwise, except as required by law.
For investor inquiries, please contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
The Blueshirt GroupGary Dvorchak, CFAPhone: (323) 240-5796Email:
gary@blueshirtgroup.com
For media inquiries, please contact:
Enovix CorporationKristin AtkinsPhone: +1 (650) 815-6934Email:
katkins@enovix.com
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