FREMONT, Calif., Dec.  20, 2024  (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (Nasdaq: ENVX), a Silicon Valley high-performance battery manufacturing company, today announced the major milestone of shipping second-generation EX-2M samples to customers manufactured in its Malaysian Fab 2 plant. Consistent with its plan, the samples demonstrated an energy density improvement of approximately 10% over EX-1M products scheduled for mass 2025 production in Malaysia. EX-2M is expected to launch in 2026 and assure Enovix's energy density lead in the smartphone industry.

As a result of recent manufacturing progress, the Company also announced that it had received its first mobile phone customer purchase order this week. The order for custom samples from a customer with an NDA was predicated on a major joint-development agreement milestone achievement. The product is expected to ramp into mass production in late 2025.

Enovix CEO Raj Talluri commented, "I am very pleased with our recent progress on EX-2M technology that keeps us on schedule for achieving significant revenue growth in 2026, and also with our progress on ramping shipments of EX-1M in 2025. We are also on track to complete Site Acceptance Testing (SAT) on the High-Volume Manufacturing Line (HVM) at Fab2 plant in Malaysia this month. In the Q1 2025 report we will provide more detail on our next steps: securing additional EX-1M customer orders, growing our best-in-class graphite battery business with customers who need supply chain diversification, continuously improving HVM yields, and shipping smartphone battery cells in high volume."

Enovix Executive Chairman, T.J. Rodgers commented, "Since 2012, I've been doing whatever job Enovix needed – from funding to chemistry to strategic planning – and now we have a real order from a real customer to be shipped from our new factory."

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.