US lithium battery manufacturer Enovix announced on Tuesday that it has signed an agreement with a California-based technology company to provide silicon batteries and battery modules for mixed reality (MR) headsets.
According to the financial news app, Enovix (ENVX.US), a US lithium battery manufacturer, announced on Tuesday that it has signed an agreement with a California-based technology company to provide silicon batteries and battery modules for mixed reality (MR) headsets. Boosted by this news, the stock surged about 35% at Tuesday's close.
Under the terms of the agreement, Enovix will immediately receive a one-time payment for tools supporting battery pack sizes, followed by delivery payments for samples and production quantities.
Dr. Raj Talluri, President and CEO of Enovix, said, "This agreement with a leading customer highlights the need for better batteries in the exciting MR market and validates our global strategy of focusing on strict requirements for intelligent smartphone products."