Enovix Signs Agreement to Deliver High-Performance Batteries for Mixed Reality Headset
June 25 2024 - 7:30AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, today announced it has signed an
agreement with a leading California-based technology company to
provide silicon batteries and packs for a mixed reality headset.
Under the terms of the agreement, Enovix will receive an
immediate one-time payment for tooling to support battery pack
dimensions followed by payments for the delivery of both sample and
production quantities.
“We are thrilled to sign this agreement with a clear leader in
the mixed reality market,” said Samira Naraghi, Senior Vice
President, Product, Enovix. “Devices in this market need to be
light, fashionable, and safe while also supporting ‘always-on’
immersive experiences that leverage AI. Our high energy density
batteries are uniquely suited to this task.”
Unlike a smartphone that can go idle for long periods, a mixed
reality headset must have the power budget to support the
uninterrupted use of display, processor, memory, and connectivity
technologies. This requires significantly better battery
technology.
Global shipments of virtual reality and augmented reality
headsets are forecast to grow from just under 10 million units in
2024 to just over 35 million units in 2028, according to IDC.
Enovix high-performance batteries utilize a proprietary
architecture and manufacturing process to replace graphite with a
100% active silicon anode to deliver leading energy density. In
May, Enovix sent out first samples of its EX-1M silicon batteries
from its Fremont facility. In June, Enovix began production of
EX-1M battery samples from Fab2 in Malaysia.
“This agreement with a leading customer underscores the need for
a better battery in the exciting mixed reality market and validates
our strategy of focusing on stringent smartphone product
requirements,” said Dr. Raj Talluri, President and CEO of Enovix.
“Our vertically integrated pack manufacturing, enhanced by the
acquisition of Routejade, positions us to succeed in adjacent
markets like IoT.”
For more information see our blog post “Mixed Reality Won’t
Become a Reality Without a Better Battery.”
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 Enovix’s design win, growth in the reality
head set market potential, safety of the Enovix devices, and
ability of Enovix to sell Enovix products or battery packs. 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 investor and media inquiries, please
contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
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