Enovix Signs Manufacturing Agreement with YBS International Berhad for Fab2 in Malaysia
July 26 2023 - 4:01PM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon
battery company, announced today it has entered into a Master
Service Agreement (“MSA”) with YBS International Berhad (“YBS”)
(MESDAQ: YBS:KLS), a Malaysia-based investment holding company with
segments including electronic manufacturing and assembly,
high-precision engineering, and precision machining and stamping,
among others. The agreement secures $70 million of non-dilutive
funding to support Enovix’s Fab2 site in Penang, Malaysia, and its
first Gen2 high-volume manufacturing line.
“We’re thrilled to announce this significant milestone in our
journey to scale,” said Dr. Raj Talluri, President and CEO of
Enovix. “Finalizing the agreement in a short amount of time is a
great achievement and I’m very proud of the team. We’re all focused
on establishing Fab2 and moving to high-volume manufacturing so we
can provide a superior product for our customers and enable a
better user experience for consumers.”
“We’re pleased to finalize our manufacturing agreement, opening
up tremendous opportunities for growth and success globally,” said
Dato’ Dr. Mohd Sofi Bin Osman, a YBS board member. “We look forward
to a long-term collaboration with Enovix and bringing their leading
battery technology to market.”
As part of the MSA, YBS, under the direction of Enovix, will
provide the building and capital for equipment and labor for Fab2
and the Gen2 Autoline 1. Enovix announced earlier this year that it
established Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”). In
addition, Enovix has hired more than 30 people in Malaysia
including the two leaders announced in March. Enovix Malaysia’s
Fab2 site is located in Penang Science Park.
“The Enovix Malaysia team is already making tremendous
progress,” said Ajay Marathe, COO of Enovix. “They recently
completed training at Fab1 in Fremont and the next step is Factory
Acceptance Testing in South Korea, followed by Site Acceptance
Testing in Malaysia. I am extremely pleased we finalized our
agreement with YBS and are on track to produce first samples from
the Gen2 Autoline 1 in April 2024.”
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 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 its ability to effectively manufacture
products in Malaysia, the success of its partnership with YBS,
access to Malaysia’s deep pool of technical talent, Malaysia’s
business-friendly environment, and support of the company’s growth
and scale up. 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 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
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