Enovix Issues Purchase Orders for Agility Line and Completes Gen2 Autoline Equipment Orders
April 10 2023 - 7:30AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon
battery company, today announced that it has issued purchase orders
for its Agility Line, the company’s advanced, high-speed R&D
line, which is designed to increase the speed of its battery
customization and customer qualification processes. Enovix also
announced it completed its Gen2 Autoline equipment orders.
“Our team continues to deliver on the commitments we laid out
when we announced our journey to scale,” said Dr. Raj Talluri,
President and CEO of Enovix. “Our Agility Line is designed to
increase the speed of our customer qualification process and
accelerate time-to-market for new, custom cells. This line is an
important component of our revenue in 2024 and beyond.”
The Agility Line, which is the company’s next generation R&D
line, will be located in Fab-1 in Fremont, Calif. It enables quick
changeover to accommodate various battery cell sizes and is
designed to facilitate the building, testing and qualification of
new and custom cells before they are introduced into high-volume
manufacturing.
In order to finalize the purchase orders for both the Agility
Line and the Gen2 Autoline, the team completed its rigorous,
internal Equipment Purchase Review – Process Change Review
(EPR-PCR), which identifies process gaps and provides solutions.
The solutions were verified through multiple proof-of-concept
implementations. The Agility Line equipment and process steps are a
replica of the Gen2 Autoline.
“In addition to our progress on the Agility Line equipment
order, we also are pleased to announce we completed the order for
our high-volume Gen2 Autoline equipment,” said Ajay Marathe, COO of
Enovix. “The next major milestone for both the Gen2 Autoline and
the Agility Line is factory acceptance testing, during which a team
of our engineers will verify full Autoline functionality at our
vendor’s factory prior to the delivery of the equipment to
Enovix.”
The Gen2 Autoline, which will be located at the company’s Fab-2
location in Penang, Malaysia, is anticipated to increase battery
manufacturing throughput by over 10x compared to the Gen1 line. The
principal enhancements in the Gen2 Autoline involve increased
levels of automation, parallelism and in-line metrology.
Follow the company’s progress here:
https://www.enovix.com/scale/
About Enovix Enovix is on a mission to power
the technologies of the future. Everything from IoT, mobile and
computing devices, to the vehicle you drive, needs a better
battery. The company’s disruptive architecture enables a battery
with high energy density and capacity without compromising safety.
Enovix is scaling its silicon-anode, lithium-ion battery
manufacturing capabilities to meet customer demand. For more
information visit www.enovix.com and follow us on LinkedIn.
Forward Looking StatementsThis 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 “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”,
“intend”, “should”, “plan”, “expect”, “predict”, “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,
statements regarding the location and anticipated benefits of the
Agility Line, the over 10x anticipated increase to battery
manufacturing throughput from the Gen2 Autoline as compared to the
current throughput of the Gen1 line, the Gen2 Autoline’s
improvements, expectations regarding our next major milestones,
including factory acceptance testing of the Gen2 Autoline and the
Agility Line and delivery of the equipment to us. 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 media inquiries, please contact:
Enovix CorporationKristin AtkinsPhone: +1 (650) 815-6934Email:
katkins@enovix.com
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
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