Enovix Achieves Quarterly Milestone Early, Producing 18,000 Cells
June 15 2023 - 4:01PM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon
battery company, announced today it has already achieved its second
quarter forecast of 18,000 units manufactured out of its Fab1
location in Fremont, and expects to exceed its quarterly guidance
for the number of units produced, with more than two weeks
remaining in the quarter.
“Our team continues to execute against our aggressive goals,”
said Dr. Raj Talluri, President and CEO at Enovix. “The principal
enhancements that the operations team have incorporated including
throughput and machine uptime have paid off and I’m incredibly
proud of our hardworking team.”
For full-year 2023, the company continues to expect to produce
180,000 cells for customers from Fab1 to support broad
qualification activities and customer products. Enovix previously
announced it will begin high-volume manufacturing at its Fab2
location in Penang, Malaysia, next year. When fully ramped, the
Gen2 Autoline 1 in Fab2 will have the capacity to produce more than
nine million batteries annually.
“Our value proposition — performance, safety and quality, is
unmatched and we are poised to disrupt the industry,” said Ajay
Marathe, Chief Operating Officer at Enovix. “With our silicon
mindset and commitment to operational excellence, I’m confident we
will be the leader in advanced next-generation batteries that power
the technologies of the future.”
Enovix released a short video explaining the advancements
in its Gen2 Autoline here. More information on the company’s
journey to scale can be found at enovix.com/scale
About EnovixEnovix 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 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 produce cells for use by customers and the
manufacturing potential of Fab1 for the second quarter of this year
and beyond, and our ability to ramp the Gen2 Autoline. 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2d57d8b-6872-4537-95a9-01cf0cca6b54
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