Enovix Corporation Booking Capacity Reservations for Production and Commercialization of its 3D Silicontm Lithium-ion Battery

FREMONT, Calif., Oct. 30, 2019 /PRNewswire/ -- Enovix Corporation has achieved important milestones towards commercialization of its 3D Silicon Lithium-ion Battery in 2020. The company has signed agreements with two category leading companies to develop and produce silicon-anode lithium-ion batteries for mobile computing and communication devices, worth an anticipated $200 million in annual revenue. The agreements include capacity reservations for the Enovix production facility, Fab 1, presently being equipped at the company's headquarters in Fremont, California. Also, the company has signed a partner agreement with a major Asian lithium-ion battery manufacturer to help accelerate its manufacturing ramp to meet customer demand, including for the electric vehicle market.

Enovix began sampling leading mobile product producers in 2018 with silicon-anode cells that achieved rated energy density over 900 Wh/l with full depth-of-charge cycle life well over 500 cycles, which led to the customer agreements. Enovix also is negotiating with several additional companies to supply its batteries for their flagship mobile products. Concurrently, Enovix, which has raised over $150 million to date, is raising additional funds. The combination of customer payments for product development and production capacity with investor funding will fuel the company's path to commercialization in 2020. "Even as we focus on expanding our operations to supply our initial contracted customers, we continue R&D activities with a goal of achieving over 1,250 Wh/l energy density with over 1,000 cycle life from our 100% silicon-anode battery by 2022." said Enovix co-founder and CEO Harrold Rust. "We expect to achieve full-scale fully automated production of our batteries for commercial applications by late 2020."

While initial commercialization targets are mobile devices, where increased energy density commands a premium price, Enovix plans to supply the electric vehicle market within 3 to 5 years as increased production volume reduces unit cost. To that end, the company recently completed the first phase of a research program with a leading international automobile manufacturer. The results indicate that the Enovix silicon anode can be paired with automotive class NMC cathodes in its patented 3D architecture to achieve gains in gravimetric energy density similar to its advantage in volumetric energy density while maintaining excellent cycle life and reducing cost.

Enovix has developed a lithium-ion battery that incorporates a 100% silicon anode using its patented 3D cell architecture to significantly increase energy density and maintain high cycle life. The company is backed by strategic relationships with Intel, Qualcomm and Cypress and over $150 million in venture, strategic and private funding. It has been awarded over 70 patents and has over 40 more pending to create sustainable enterprise value and provide a competitive barrier for years to come. For more information, go to www.enovix.com.

SOURCE Enovix Corporation