Enovix Signs MOU with Global High-Performance Automotive OEM
31 Julio 2024 - 3:01PM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, today announced it has signed a
non-binding Memorandum of Understanding (“MOU”) with a
high-performance, global automotive OEM aimed at scaling the Enovix
cell architecture for the EV market. The agreement is focused on
cell design and performance validation and optimization at the
cell, pack, and vehicle level to take advantage of the unique
Enovix cell design to improve performance and customer experience.
The Enovix cell’s mechanical structure is completely different
than traditional cells, pushing the boundaries of battery
performance and efficiency. Enovix cells have many small electrodes
stacked orthogonal to the largest face of the battery, compared to
traditional cells that have large electrodes that run parallel to
the face of the battery. This change in structure allows for:
- Fast charge – Enables an order of
magnitude improvement in cell thermal distribution leading to
faster charging, improved lifetime, and simplified pack assemblies,
due to a smaller cooling system required.
- Swell management – Limits swelling
during charge/discharge with its volumetrically-efficient
constraint system inside the cell, thereby reducing the mechanical
design requirements at the pack level.
- Material agnostic advantage – High
performing materials can be used in the Enovix architecture and
potentially extend and accelerate OEM roadmaps.
“Our goal is to transform the battery industry and we’re
thrilled to formalize our second agreement with an automotive OEM,
further validating the potential advantages of our unique battery
design,” said Dr. Raj Talluri, President and CEO of Enovix. “While
our immediate focus is on advancing battery technology for consumer
electronics, our vision extends to the EV market where our unique
architecture is well-suited to enable next generation materials to
drive performance improvements.”
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 operating in the automotive market, Enovix’s
ability to gain traction in the EV sector, whether the Enovix
products can be a good fit for the EV market, suitability of Enovix
cell mechanical structures for EVs, whether Enovix cells will push
the boundaries of battery performance, whether Enovix’s cell can
improve battery efficiency, whether cell structure is better for
swelling, fast charge or cycle life, and also our ability to
satisfy the deliverables under the MOU and secure further contracts
from the related automotive OEM. 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 and investor inquiries, please
contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
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