Enovix Signs MOU with One of the World’s Largest Consumer Electronics Companies - Yahoo Finance

FREMONT, Calif., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the person successful the plan and manufacture of adjacent procreation 3D Silicon™ Lithium-ion batteries, contiguous announced it has signed a non-binding Memorandum of Understanding (MOU) with 1 of the largest user electronics companies successful the world. The statement provides a model for a semipermanent concern narration betwixt the 2 companies and enables continued valuation and prototyping of Enovix batteries targeted for user electronics.

“We judge the next-gen tech contention relies connected artillery innovation and this collaboration could pb to first-of-its-kind wearable and mobile physics solutions,” said Cam Dales, GM and Chief Commercial Officer astatine Enovix. “Over the past 2 decades, the Li-ion artillery has not precocious astatine the aforesaid gait arsenic the user electronics industry. We judge mobile devices are astatine a tipping point, and those that incorporated batteries similar ours with the vigor density needed to powerfulness the technologies of the aboriginal volition triumph out.”

The MOU builds connected an archetypal exertion qualification programme and acquisition of cells from Fab-1 by the institution for a user smartwatch program, and subsequently sets up the basal understandings and agreements successful enactment of the dialog of 1 oregon much definitive agreements. Contingent connected continued occurrence successful some method and concern negotiations, the companies mean to collaborate successful the incorporation and improvement of Enovix 3D cells into aggregate user applications, the valuation of proprietary artillery materials for usage successful Enovix cells and the enlargement of Enovix’s manufacturing footprint to conscionable expected measurement requirements.

“This is an breathtaking accidental to collaborate with a planetary marketplace leader,” added Dales. “While we person respective milestones to execute until we scope a merchandise launch, this MOU demonstrates a meaningful measurement guardant connected some sides,” added Dales.

About Enovix
Enovix is the person successful precocious silicon-anode lithium-ion artillery improvement and production. The company's proprietary 3D compartment architecture increases vigor density and maintains precocious rhythm life. Enovix is gathering an precocious silicon-anode lithium-ion artillery accumulation installation successful the U.S. for measurement production. The company's archetypal extremity is to supply designers of category-leading mobile devices with a high-energy artillery truthful they tin make much innovative and effectual portable products. Enovix is besides processing its 3D compartment exertion and accumulation process for the electrical conveyance and vigor retention markets to assistance alteration wide utilization of renewable energy. For much information, spell to www.enovix.com.

Forward Looking Statements
This property merchandise contains forward-looking statements wrong the meaning of Section 27A of the Securities Act of 1933, arsenic amended, and Section 21E of the Securities Exchange Act of 1934, arsenic amended, astir america and our manufacture that impact important risks and uncertainties. Forward-looking statements mostly subordinate to aboriginal events oregon our aboriginal fiscal oregon operating performance. In immoderate cases, you tin place forward-looking statements due to the fact that they incorporate words specified arsenic “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “expect”, “predict”, “could”, “potentially", “target”, “project”, oregon the antagonistic of these presumption oregon akin expressions. Forward-looking statements successful this property merchandise include, but are not constricted to, providing a model for a semipermanent concern narration betwixt the 2 companies, reliance upon first-of-its-kind wearable and mobile physics solutions, incorporating batteries similar ours with the vigor density needed to powerfulness the technologies of the future, negotiating 1 oregon much definitive agreements, collaboration successful the incorporation and improvement of Enovix 3D cells into aggregate user applications, the valuation of proprietary artillery materials for usage successful Enovix cells and the enlargement of Enovix’ manufacturing footprint to conscionable expected measurement requirements. Actual results could disagree materially from these forward-looking statements arsenic a effect of definite risks and uncertainties. For further accusation connected these risks and uncertainties and different imaginable factors that could impact our concern and fiscal results oregon origin existent results to disagree from the results predicted, delight notation to our filings with the Securities and Exchange Commission (the “SEC”), including successful the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our astir precocious filed yearly periodic reports connected Form 10-K and quarterly study connected Form 10-Q and different documents that we person filed, oregon that we volition file, with the SEC. Any forward-looking statements made by america successful this property merchandise talk lone arsenic of the day connected which they are made and consequent events whitethorn origin these expectations to change. We disclaim immoderate obligations to update oregon change these forward-looking statements successful the future, whether arsenic a effect of caller information, aboriginal events oregon otherwise, but arsenic required by law.

For capitalist inquiries, delight contact:

Enovix Corporation
Charles Anderson
Phone: +1 (612) 229-9729
Email: canderson@enovix.com

The Blueshirt Group
Gary Dvorchak, CFA
Phone: (323) 240-5796
Email: gary@blueshirtgroup.com

For media inquiries, delight contact:

Enovix Corporation
Kristin Atkins
Phone: +1 (650) 815-6934
Email: katkins@enovix.com