Enovix Awarded 15-Year Pioneer Status from Malaysian Investment Development Authority for its High-Volume Manufacturing Facility
March 27 2024 - 7:30AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, today announced it has been
granted 15-year Pioneer Status from the Malaysian Investment
Development Authority (MIDA) for manufacturing its batteries in
Malaysia. Enovix’s high-volume manufacturing facility, Fab2, is
located in the Penang Science Park in Penang, Malaysia. Enovix
previously announced the establishment of Enovix Malaysia Sdn. Bhd.
(“Enovix Malaysia”) in March 2023.
Enovix’s Pioneer Status application was approved by the
Government of Malaysia for the manufacture of lithium-ion batteries
within the country for 15 years. The primary benefit of receiving
Pioneer Status is an exemption from the payment of income tax,
subject to meeting certain conditions such as incurring minimum
capital and operational expenses, employing local workers,
implementing a local vendor development program, providing training
programs for students, and collaborating with higher education
institutions.
“Being awarded Pioneer Status is a monumental milestone for
Enovix as we become further established in Malaysia and begin to
ramp up manufacturing in our Fab2 facility,” said Ajay Marathe,
Chief Operating Officer of Enovix Corporation. “This status will
improve our net profitability in the long-term as we scale the
business and we are thrilled that MIDA has granted us Pioneer
Status to support our efforts. We hope our presence will benefit
Malaysia, particularly as we continue to grow and offer employment
opportunities across R&D and manufacturing.”
In July 2023, Enovix and YBS International Berhad (“YBS”)
(MESDAQ: YBS:KLS), a Malaysia-based investment holding company
signed a Master Service Agreement to support Enovix’s Fab2 site.
Since then, Enovix has made significant progress, establishing
Fab2, hiring nearly 100 team members and building out approximately
250,000 square feet of factory space in 100 days including sections
that meet the Class 10,000 Cleanroom standard. Enovix is on track
to complete SAT and produce the first samples of its silicon
batteries off its Agility Line in Q2 2024.
“I am delighted to collaborate with MIDA once again,” added
Marathe. “We have worked together over the last three decades while
I led the successful growth of several large factories for
companies such as AMD and Lumileds in Malaysia. It is the ideal
location for Enovix given its skilled workforce, business friendly
environment, strategic location and thriving technology sector.
With MIDA’s support, I am confident we will scale a sustainable
high-volume manufacturing business.”
For more information on Enovix and its battery technology,
please visit enovix.com.
About Enovix Enovix is on a mission to deliver
high-performance batteries that unlock the full potential of
technology products. Everything from IoT, mobile, and computing
devices, to the vehicle you drive, needs a better battery. Enovix
partners with OEMs worldwide to usher in a new era of user
experiences. Our innovative, materials-agnostic approach to
building a higher performing battery without compromising safety
keeps us flexible and on the cutting-edge of battery technology
innovation.
Enovix is headquartered in Silicon Valley with facilities in
India, Korea and Malaysia. For more information visit
www.enovix.com and follow us on LinkedIn.
For investor and media inquiries, please
contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
For media inquiries, please contact:
Enovix CorporationKristin AtkinsPhone: +1 (650) 815-6934Email:
katkins@enovix.com
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