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Enovix and Leading Smartphone OEM Execute Development Agreement for Mass Production in 2025

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Enovix (ENVX) has signed a development agreement with a leading Chinese smartphone manufacturer (top 5 market share) to develop a 100% active silicon anode battery for specific smartphone models launching in Q4 2025. This marks Enovix's second agreement with major smartphone OEMs, alongside growing momentum in IoT and EV markets. The batteries will be produced at Fab2 in Malaysia, targeting high-volume production for smartphone market entry in 2025, subject to meeting specified milestones.

Enovix (ENVX) ha firmato un accordo di sviluppo con un importante produttore cinese di smartphone (tra i primi 5 per quota di mercato) per sviluppare una batteia a anodo di silicio attivo al 100% per modelli specifici di smartphone in arrivo nel quarto trimestre del 2025. Questo segna il secondo accordo di Enovix con importanti produttori di smartphone, insieme a un crescente slancio nei mercati IoT ed EV. Le batterie saranno prodotte presso Fab2 in Malesia, puntando a una produzione ad alto volume per l'ingresso nel mercato degli smartphone nel 2025, a condizione di rispettare i traguardi specificati.

Enovix (ENVX) ha firmado un acuerdo de desarrollo con un importante fabricante de smartphones chino (entre los 5 principales en cuota de mercado) para desarrollar una batería con ánodo de silicio activo al 100% para modelos específicos de smartphones que se lanzarán en el cuarto trimestre de 2025. Este es el segundo acuerdo de Enovix con importantes OEMs de smartphones, junto con un creciente impulso en los mercados de IoT y EV. Las baterías se producirán en Fab2 en Malasia, con el objetivo de una producción a gran escala para la entrada en el mercado de smartphones en 2025, sujeta al cumplimiento de hitos específicos.

Enovix (ENVX)는 주요 중국 스마트폰 제조사(시장 점유율 상위 5위)와 100% 활성 실리콘 음극 배터리를 개발하기 위한 개발 계약을 체결했습니다. 이는 2025년 4분기에 출시될 특정 스마트폰 모델을 위한 것이며, 이는 Enovix가 주요 스마트폰 OEM과 체결한 두 번째 계약으로, IoT 및 EV 시장에서의 성장세와 함께 진행됩니다. 배터리는 말레이시아의 Fab2에서 생산되며, 2025년 스마트폰 시장 진입을 위한 대량 생산을 목표로 하며, 지정된 이정표를 충족해야 합니다.

Enovix (ENVX) a signé un accord de développement avec un important fabricant chinois de smartphones (dans le top 5 des parts de marché) pour développer une batterie avec anode en silicium actif à 100% pour des modèles spécifiques de smartphones prévus pour le lancement au quatrième trimestre 2025. Cela représente le deuxième accord d'Enovix avec des fabricants de smartphones majeurs, parallèlement à une dynamique croissante sur les marchés de l'IoT et des VE. Les batteries seront produites à Fab2 en Malaisie, visant une production à grande échelle pour l'entrée sur le marché des smartphones en 2025, sous réserve du respect des étapes spécifiées.

Enovix (ENVX) hat einen Entwicklungsvertrag mit einem führenden chinesischen Smartphone-Hersteller (Top 5 Marktanteil) unterzeichnet, um eine 100% aktive Siliziumanodenbatterie für bestimmte Smartphone-Modelle zu entwickeln, die im vierten Quartal 2025 auf den Markt kommen. Dies ist Enovix' zweite Vereinbarung mit großen Smartphone-OEMs, während gleichzeitig der Schwung in den IoT- und EV-Märkten zunimmt. Die Batterien werden in der Fab2 in Malaysia produziert, mit dem Ziel einer hohen Produktionsmenge für den Markteintritt in den Smartphones im Jahr 2025, vorbehaltlich der Erreichung festgelegter Meilensteine.

Positive
  • Secured development agreement with top 5 Chinese smartphone manufacturer
  • Second major smartphone OEM partnership achieved
  • Expanding market presence in IoT and EV sectors
  • Planned high-volume production capability through Malaysian Fab2 facility
Negative
  • Production contingent on meeting unspecified milestones
  • Revenue impact delayed until Q4 2025

Insights

This development agreement marks a significant milestone in Enovix's commercialization strategy. Securing a top 5 Chinese smartphone OEM validates their silicon anode technology and positions them for high-volume production. The timing aligns perfectly with their Fab2 Malaysia facility coming online, suggesting well-coordinated capacity planning.

The focus on AI-enabled applications is particularly strategic, as power-hungry AI features are becoming standard in smartphones. With two major smartphone OEMs now secured and momentum in IoT and EV markets, Enovix is building a diverse customer base across premium segments. However, execution risks remain as they must meet development milestones and successfully scale manufacturing for 2025 production.

The smartphone market's shift toward AI applications creates a compelling need for higher-capacity batteries, positioning Enovix's technology as a timely solution. Penetrating the Chinese smartphone market, the world's largest, through a top 5 OEM could provide substantial revenue opportunities. The Q4 2025 target launch suggests careful product development and validation cycles.

Having two major smartphone OEMs committed demonstrates growing market acceptance and could lead to additional partnerships. The diversification across smartphones, IoT and EV markets reduces customer concentration risk and expands the total addressable market significantly.

FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today that it executed a development agreement with one of the leading global smartphone OEMs with top 5 market share in China. Under the terms of the agreement and subject to applicable milestones, the companies will develop a 100% active silicon anode battery customized for specific smartphone models targeted for launch in Q4 2025. The company now has agreements with 2 of the leading smartphone OEMs and has further sales momentum building in IoT and EV markets.

Enovix’s CEO Raj Talluri commented, “We are thrilled to formalize this relationship, and we see it as a proof point of smartphones needing batteries with much higher energy density and capacity to satisfy the needs of AI enabled apps. Upon meeting specified milestones in this new agreement, we will enter the smartphone market in 2025 with high-volume production out of Fab2 in Malaysia.”

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 applicable OEM agreement, including, without limitation, with respect to our ability to successfully develop a 100% active silicon anode battery customized for a specific smartphone model, our ability to satisfy applicable contract milestones and other terms, and our ability to achieve high-volume production out of Fab2 in Malaysia in 2025. 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 reports 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 Corporation
Robert Lahey
Email: ir@enovix.com


FAQ

When will Enovix (ENVX) begin mass production for the new smartphone battery agreement?

Enovix plans to begin high-volume production at Fab2 in Malaysia for smartphone market entry in Q4 2025, subject to meeting specified milestones.

What type of battery technology is Enovix (ENVX) developing for the smartphone OEM?

Enovix is developing a 100% active silicon anode battery customized for specific smartphone models.

How many major smartphone OEM agreements does Enovix (ENVX) now have?

Enovix now has agreements with 2 leading smartphone OEMs.

Which markets is Enovix (ENVX) currently expanding into?

Enovix is building sales momentum in smartphones, IoT, and EV markets.

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