Enovix Announces Design Approval of Its Next-Generation Autoline
10 March 2023 - 9:28AM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon
battery company, today announced that its Board of Directors
approved the design of its next-generation manufacturing line
(“Gen2 Autoline”), a key milestone in its journey to scale. The
Gen2 Autoline is anticipated to increase battery manufacturing
throughput by over 10x compared to the current throughput of the
Gen1 line. The principal enhancements in the Gen2 Autoline involve
increased levels of automation, parallelism, and in-line metrology.
T.J. Rodgers, Enovix Executive Chairman, said, “I am pleased to
report that a subcommittee of our board, which includes me and Greg
Reichow, who built and ran Tesla’s auto assembly plant in Fremont,
California, approved the purchase for the Gen2 Autoline design
ahead of our target date of March 15. The approval of the Gen2
equipment purchase was contingent on the successful completion of
proof of concept (“POC”) hardware modules that demonstrated basic
functionality at each step in our process prior to Gen2 Autoline
construction. This approval paves the way for our Gen2 Autoline
equipment vendors to finalize builds in order to hit our next major
milestone of factory acceptance testing (“FAT”), during which a
team of our engineers will verify full autoline functionality at
the vendor’s factory prior to the delivery of the equipment to
Enovix. As I mentioned in previous communications, we intend to
share our progress as milestones are achieved.”
Rodgers continued, “Just as important, the manufacturing
engineering team under our new COO, Ajay Marathe, has completed the
arduous requirements of our Equipment Procurement Review – Process
Change Review (EPR-PCR) process, a spec system which was perfected
at Cypress Semiconductor on four generations of silicon wafer fabs
in the U.S, nine assembly and test autolines in the Philippines,
and 16 autolines at SunPower’s Philippines and Malaysia plants that
produce SunPower’s world-class IBC solar cell. These EPR-PCR specs
require man-years of work to be done properly and were not fully
completed in our Fab-1 Gen1 line, partly due to Covid-mandated
travel restrictions.”
Dr. Raj Talluri, President and CEO of Enovix, said, “Receiving
Gen2 Autoline design approval is a testament to the hard work of
the team and a major step forward in our journey to scale our
production capabilities. In addition, our continuous Gen1 progress
strengthens our confidence in scaling up our Gen2 Autoline, since
many of the process steps are the same. Enovix has developed a
breakthrough battery that has significant performance advantages
over the current Lithium-ion batteries in commercial devices today.
I believe the company’s proprietary technology will transform the
battery industry. The management team is laser-focused on scaling
production to meet customer demand.”
Follow the company’s progress here:
https://www.enovix.com/scale/
About EnovixEnovix is on a mission to power the
technologies of the future. Everything from IoT, mobile and
computing devices, to the vehicle you drive, needs a better
battery. The company’s disruptive architecture enables a battery
with high energy density and capacity without compromising safety.
Enovix is scaling its silicon-anode, lithium-ion battery
manufacturing capabilities to meet customer demand. For more
information visit www.enovix.com and follow us on LinkedIn.
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, about us and our
industry that involve substantial risks and uncertainties.
Forward-looking statements generally relate to future events or our
future financial or operating performance. In some cases, you can
identify forward-looking statements because they contain words such
as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”,
“intend”, “should”, “plan”, “expect”, “predict”, “could”,
“potentially", “target”, “project”, “believe”, “continue” or the
negative of these terms or similar expressions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the anticipated increase of battery
manufacturing throughput by the Gen2 line of over 10x compared to
the current throughput of the Gen1 line, the increased levels of
automation, parallelism, and in-line metrology in the Gen2
Autoline, paving the way for our Gen2 Autoline equipment vendors to
finalize builds, hitting our next major milestone of factory
acceptance testing (“FAT”) of the Gen2 Autoline, delivery of the
equipment to Enovix, and our journey to scale our production
capabilities. For additional information on these risks and
uncertainties and other potential factors that could affect our
business and financial results or cause actual results to differ
from the results predicted, please refer to our filings with the
Securities and Exchange Commission (the “SEC”), including in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed annual periodic reports on Form 10-K and quarterly
report on Form 10-Q and other documents that we have filed, or that
we will file, with the SEC. Any forward-looking statements made by
us in this press release speak only as of the date on which they
are made and subsequent events may cause these expectations to
change. We disclaim any obligations to update or alter these
forward-looking statements in the future, whether as a result of
new information, future events or otherwise, except as required by
law.
For media inquiries, please contact:
Enovix CorporationKristin AtkinsPhone: +1 (650) 815-6934Email:
katkins@enovix.com
For investor inquiries, please contact:
Enovix CorporationCharles AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
The Blueshirt GroupGary Dvorchak, CFAPhone: (323) 240-5796Email:
gary@blueshirtgroup.com
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