Enovix Receives Purchase Order to Produce Battery Cells for U.S. Army
June 27 2023 - 7:30AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon
battery company, today announced the progression of its U.S. Army
program, with a commitment to producing commercial cells for use
within U.S. Army soldier’s central power source, called the
Conformal Wearable Battery (CWB). This agreement progresses this
program to the next critical step towards full volume production.
Created by Inventus Power, the CWB powers vital communications
equipment and other devices.
“Our cells provide a significant energy density advantage
compared to other cells on the market today, and I’m proud that our
team has successfully designed and produced BrakeFlow™-enabled
custom cells for Inventus Power and the U.S. Army,” said Dr. Raj
Talluri, President & CEO of Enovix. “This achievement is yet
another proof point on our journey to scale.”
Enovix cells will be used to build pre-production CWB packs.
Today, U.S. soldiers carry more than 60 pounds of gear, including
batteries, to power critical equipment.
The Enovix cell has the potential to nearly double the energy
density of the current CWB cells, which could result in substantial
operational advantages including longer lasting and lighter battery
packs. Another key advantage for the Army is Enovix
BrakeFlow™ technology, a breakthrough safety system that
provides an extra layer of protection inside the cell. If an
internal short does occur, with BrakeFlow incorporated, instead of
a sudden catastrophic release of energy the battery is designed to
discharge slowly and safely.
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 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f333ff5-4502-4e55-9800-7d520e132963
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