FREMONT, Calif., May 03, 2022 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the design and manufacture of next-generation 3D Silicon™ lithium-ion batteries, today announced Today has passed a key technology validation milestone and subsequently received an initial order for its high energy density smartwatch battery from one of the world’s leading consumer electronics companies. This order marks the beginning of the next step in the customer’s product development process.
“We are thrilled to have reached an important milestone with one of the largest consumer electronics companies in the world,” said Harrold Rust, co-founder, president and CEO of Enovix. “After more than a year of collaboration and testing with this important customer, we have completed the initial technology qualification process and are moving to the next stage of their commercial procurement process. While we’re excited about this order, we believe it could ultimately lead to opportunities across multiple categories within their extensive product portfolio.
Enovix battery performance has been validated in customer test labs for a range of commercial requirements including energy density, cycle life, charge/discharge rate and temperature performance. This initial order marks the start of the next step in the customer’s formal product development cycle, which is expected to result in the integration of Enovix’s batteries into several of the customer’s next-generation smartwatch prototype platforms, testing on the field in pre-production watches and ultimately high-volume production for global consumer markets. The batteries will be produced by Enovix’s automated production lines at its factory, Fab-1, in Fremont, California.
“While many battery companies’ technologies are still under development in the lab, we are proud to have achieved this milestone, which demonstrates our product and manufacturing readiness,” said Cam Dales, Managing Director and Chief Commercial Officer. from Enovix. “We are thrilled to be working with one of the world’s best-known consumer brands as we take another step towards our vision of positively impacting people’s lives through innovation in storage. energy.”
Enovix is the leader in the development and production of advanced silicon anode lithium-ion batteries. The company’s proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon anode lithium-ion battery production facility in the United States for volume production. The company’s initial goal is to provide designers of leading-in-class mobile devices with a high-energy battery so they can create more innovative and efficient wearable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to enable widespread use of renewable energy. For more information, visit www.enovix.com.
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, which 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 form of these terms or similar expressions. press release include, but are not limited to, our ability to take the next step in our customers’ commercial sourcing process, opportunities in multiple categories within our customers’ extensive product portfolio, and the integration Enovix batteries in many of our customers’ upcoming products. generation smartwatch prototype platforms, field trials in pre-production watches and eventually high-volume production for global consumer markets, and battery production on Enovix’s automated production lines at its factory in Fremont, California. Actual results could differ materially from these forward-looking statistics resulting from certain risks and uncertainties, including, without limitation, those risks set forth under “Risk Factors” in the Form 10-K filed by us. with the Securities and Exchange Commission (the “SEC”) on March 25, 2022 and other documents we have filed or will file with the SEC. Any forward-looking statements made by us in this press release speak only as of the date they are made and subsequent events may cause these expectations to change. We disclaim any obligation to update or change these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
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