Enovix Announces Fab2 Manufacturing Milestones
April 16 2024 - 7:30AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, today announced it has completed
Factory Acceptance Testing (“FAT”) for its Gen2 Agility Line and is
on track to produce first silicon battery samples from Fab2 in the
second quarter of 2024.
“I’m proud to announce the team has completed our rigorous FAT
process for all machines that make up our Agility Line,” said Ajay
Marathe, Chief Operating Officer at Enovix. “SAT is also well
underway. Both FAT and SAT processes ensure that we only place
machines into service that meet our specifications for throughput,
yield and machine uptime. I’m extremely pleased with the
results so far. We’re on track to produce our first EX-1M samples
for mobile and IoT customers in Q2.”
Enovix patented manufacturing process uses dozens of machines to
produce battery cells with a unique architecture that enables the
use of a 100% active silicon anode for higher energy density.
“I’m incredibly proud of the hard work from the entire
operations team to get us to this major milestone on our Journey to
Scale,” said Dr. Raj Talluri, President and CEO of Enovix. “In just
100 days, the team built a worldclass factory, putting us on the
path to produce first samples of our silicon batteries from Fab2
this quarter.”
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.
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 “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 high-volume manufacturing facility
(“Fab-2”) in Penang, Malaysia, FAT, SAT, production of samples,
access to Malaysia’s deep pool of technical talent,
business-friendly environment, and close proximity to our
customers’ manufacturing facilities, and our equipment and
materials vendors, support of the company’s growth and scale up,
and beginning production in 2024. 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
The Blueshirt GroupGary Dvorchak, CFAPhone: (323) 240-5796Email:
gary@blueshirtgroup.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b0f5aff-ae39-4731-9d26-506e399da1b3
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