Enovix Secures Landmark Purchase Order for Silicon Batteries

Rhea-AI Summary

Enovix (ENVX) has secured a significant pre-paid purchase order from a leading Silicon Valley-based AI and immersive technology company for custom battery solutions designed for Mixed Reality (MR) wearables. The batteries will power next-generation head-worn devices, including smart glasses and augmented reality products.

Initial shipments are scheduled for mid-2025, with production taking place at the company's Fab2 facility in Penang, Malaysia. The agreement adds substantial contracted backlog to Fab2's production pipeline. Enovix's 3D silicon anode technology was chosen for its high energy density, compact form factor, and performance capabilities essential for MR applications.

The company plans to launch EX-1M this year and EX-2M in 2026, demonstrating its commitment to advancing battery technology for next-generation devices.

Positive

• Secured prepaid purchase order from major tech company
• Adds significant contracted backlog for Fab2 facility
• Validates Enovix's technology in emerging MR market
• Establishes partnership with influential AI/MR company

Negative

• Delivery timeline extends to mid-2025, indicating delayed revenue recognition

FREMONT, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a Silicon Valley high-performance battery manufacturing company, today announced it received a sizable pre-paid purchase order from a Silicon Valley-based global technology leader in Artificial Intelligence (AI) and immersive technologies. The order is for a cutting-edge battery solution tailored for next-generation head-worn Mixed Reality (MR) wearables. These batteries will support the revolution of smart glasses, augmented reality devices, and other pioneering products in the MR space. Under the terms of the agreement, Enovix is scheduled to deliver initial shipments by mid-2025, solidifying its position as a leader in delivering breakthrough battery solutions.

Enovix CEO Dr. Raj Talluri commented, “I’m incredibly excited for Enovix to be selected by another leading OEM in this emerging space. This is a defining moment for Enovix. It not only adds meaningful contracted backlog for Fab2 in Penang, Malaysia, but also firmly establishes Enovix as a trusted partner for custom battery development with one of the largest and most influential companies driving AI and MR innovation. MR headsets are an ideal application for our unique 3D silicon anode technology, which meets the demanding requirements for high energy density, compact form factors, and unparalleled performance. With the launch of EX-1M this year and EX-2M slated for 2026, Enovix is committed to bolstering the MR ecosystem by delivering bespoke battery solutions that empower next-generation devices. This agreement underscores our leadership in advancing battery technology to power the devices of tomorrow.”

About Enovix

Enovix is on a mission to deliver high-performance batteries to unlock the full potential of technology products. Every electronic appliance – for IoT, mobile, and computing – needs a better battery. Enovix is partnering with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic battery architecture creates higher-performing batteries without compromising safety and keeps us on the cutting-edge.

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.

For media and investor inquiries, please contact: Robert Lahey Email: ir@enovix.com

FAQ

When will Enovix (ENVX) begin shipping batteries for MR wearables?

Enovix will begin initial shipments of batteries for MR wearables by mid-2025.

What products will Enovix (ENVX) batteries power in the new agreement?

The batteries will power next-generation head-worn Mixed Reality (MR) wearables, including smart glasses and augmented reality devices.

Where will Enovix (ENVX) manufacture the batteries for this new order?

The batteries will be manufactured at Enovix's Fab2 facility in Penang, Malaysia.

What new products is Enovix (ENVX) launching for the MR market?

Enovix is launching the EX-1M this year and plans to release the EX-2M in 2026.

What technology makes Enovix (ENVX) batteries suitable for MR devices?

Enovix's 3D silicon anode technology provides high energy density, compact form factors, and high performance required for MR devices.