FREMONT, Calif., Oct. 29, 2024 (Globe Newswire) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced that it is one of the leading battery companies. announced that it has signed a development agreement with Global smartphone OEM with top 5 market share in China. Under the terms of the agreement and subject to applicable milestones, the companies will develop 100% active silicon anode batteries customized for specific smartphone models, with a target launch date of Q4 2025. The company currently has agreements with two major smartphone OEM companies, and is further building sales momentum in the IoT and EV markets.
Raj Talluri, CEO of Enovix, commented: “We are very pleased to formalize this relationship. This is proof that smartphones require batteries with much higher energy density and capacity to meet the needs of AI-enabled apps. ”Once we achieve the milestones specified in this new agreement, we will enter the smartphone market with mass production at Fab2 in Malaysia in 2025. ”
About Enobix
Enovix is on a mission to provide high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices to the vehicles you drive need great batteries. Enovix partners with OEMs around the world to usher in a new era of user experience. Our innovative, materials-agnostic approach to building higher-performance batteries without compromising safety allows us to remain flexible and at the forefront of battery technology innovation.
Enovix is headquartered in Silicon Valley with facilities in India, South 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 that involve significant risks and uncertainties regarding our company and our industry 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. Contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, words such as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan” , “expect”, “anticipate”, “may”, “potential”, “target”, “plan”, “believe”, “continue” or the negative of these terms or Similar expressions. The press release will include statements regarding applicable OEM agreements, including our ability to successfully develop 100% active silicon anode batteries customized for specific smartphone models and our ability to satisfy applicable agreements. , but not limited to. Actual results may differ materially from these forward-looking statements as a result of certain risks and uncertainties. Please see additional information regarding these risks and uncertainties. For a discussion of other potential factors that could affect our business and financial results or that could cause actual results to differ from anticipated results, see “Risk Factors” and “Recently filed “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Periodic Reports on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed by or to be filed by us; Section SEC. The forward-looking statements made by the Company in this press release speak only as of the date hereof, and subsequent events may cause these expectations to change. We undertake no obligation to update or revise 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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Enobix Co., Ltd.
Robert Lahey
Email: ir@enovix.com
