Enovix Begins Shipment of Battery Cells to Customers from Malaysia Fab
Rhea-AI Summary
Enovix (Nasdaq: ENVX), a global high-performance battery company, has begun shipping EX-1M battery cell samples from its new Agility Line in Malaysia. This milestone follows the opening of their high-volume Fab2 in Malaysia earlier this summer and marks progress in the company's scaling efforts. Enovix has also completed internal UN38.3 certification for the cells being shipped, ensuring they meet international safety and abuse tolerance standards.
By shipping samples within the third quarter of 2024, Enovix is on track to commence high-volume production in 2025. The company's COO, Ajay Marathe, expressed pride in the Malaysian team's achievement and noted that this success with the Agility line is an encouraging indicator as they prepare for the high-volume line, which is on schedule for Site Acceptance Testing (SAT) completion.
Positive
- Commenced shipping EX-1M battery cell samples from new Agility Line in Malaysia
- Completed internal UN38.3 certification for cells being shipped
- On track to begin high-volume production in 2025
- High-volume line progressing towards Site Acceptance Testing (SAT) completion
Negative
- None.
News Market Reaction – ENVX
On the day this news was published, ENVX gained 20.05%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
FREMONT, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today that it commenced shipping EX-1M battery cell samples from its new Agility Line in Malaysia last week. This is an important milestone on the Company’s journey to scale which follows shipping initial samples from Fab1 in California, and opening high-volume Fab2 in Malaysia just this summer. Enovix also recently completed internal UN38.3 certification for cells now shipping. UN38.3 is the United Nations standard for safe transportation of Lithium-ion batteries and is only granted to products that meet strict international safety and abuse tolerance standards through a series certified test protocol. By shipping samples within the third quarter of 2024, the Company is on track to commence high-volume production in 2025.
"I'm incredibly proud of our team in Malaysia for achieving this major production milestone so soon after the facility's opening," said Ajay Marathe, COO of Enovix Corporation. "This success with the Agility line is an encouraging early indicator as we prepare for the high-volume line, which is on track for Site Acceptance Testing (SAT) completion."
About Enovix
Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.
Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.
For media and investor inquiries, please contact:
Enovix Corporation
Robert Lahey
Email: ir@enovix.com
FAQ
When did Enovix (ENVX) begin shipping battery cells from its Malaysia facility?
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