Enovix Names Patrick Donnelly as Vice President, Strategic Business Development, Focused on Electric Vehicles

Rhea-AI Summary

Enovix Corporation (Nasdaq: ENVX) has appointed Patrick Donnelly as Vice President of Strategic Business Development to drive commercialization in the Electric Vehicle (EV) sector. Donnelly, who previously led successful commercial initiatives at Samsung SDI, brings nearly 30 years of industry experience. The company is focused on scaling its proprietary 3D Silicon Lithium-ion batteries, which aim to enhance energy density and performance. Donnelly's expertise is expected to significantly bolster Enovix's growth strategy in the rapidly evolving EV market.

Positive

• Appointment of Patrick Donnelly enhances strategic business development in the EV sector.
• Donnelly's experience includes securing multibillion-dollar contracts at Samsung SDI.

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• None.

FREMONT, Calif., March 03, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, today announced the appointment of Patrick Donnelly as Vice President, Strategic Business Development, focused on Electric Vehicles (EVs). In his role, Donnelly will lead commercialization and partnership efforts for Enovix in the dynamic EV market.

Donnelly joins Enovix with extensive experience leading commercial teams at tier one automotive and lithium-ion battery suppliers. He joins Enovix from Samsung SDI, where he led a commercial team that secured several multibillion-dollar contracts with customers such as Stellantis, Ford and Rivian as vice president of sales and marketing for North America.

“We are thrilled to bring Patrick on board to lead growth strategy and commercial execution for our rapidly developing EV program,” said Cam Dales, GM and Chief Commercial Officer at Enovix. “Patrick has first-hand knowledge and a proven track record working with both pure play EV companies and the established automotive giants and understands their battery needs and challenges intimately. He’s a great addition to our team.”

Donnelly brings nearly three decades of experience in the automotive industry. Prior to joining Samsung SDI in 2016, he led high voltage electronic sales and strategic planning at Lear Corporation. He began his career in product engineering at Chrysler Corporation and also served in sales, operations, engineering and strategic planning roles at TRW Automotive for more than a decade. He earned his Master of Science degree in Mechanical Engineering from Oakland University in Auburn Hills, Michigan, and his Bachelor of Science degree in Mechanical Engineering from Michigan State University in East Lansing, Michigan. Donnelly will be based in Michigan.

“I’m honored to join the Enovix team,” said Donnelly. “I believe designing a completely novel battery architecture is exactly what’s needed to disrupt the industry and support the future electrification of automobiles and other industries. I was drawn to Enovix not only because of their innovation in battery material and design, but also they are scaling up their first factory in the U.S., which I believe is critically important for domestic competitiveness in the renewable energy market. I am very confident that Enovix is poised to be a major force in the advanced Li-ion battery industry and I’m thrilled to join the company at this early stage.”

About Enovix

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company's proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company's initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy. For more information, go to www.enovix.com.

Forward Looking Statements

This 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 design and performance of our lithium ion battery solutions. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in the Form 10-Q that we filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2021, and additional information that will be set forth on our Annual Report on Form 10-K for the year ended January 2, 2022 and other documents 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 investor and media inquiries, please contact:

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

or

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

For media inquiries, please contact:

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

FAQ

Who is the new Vice President of Strategic Business Development at ENVX?

Patrick Donnelly has been appointed as the new Vice President of Strategic Business Development at Enovix Corporation.

What is the focus of Patrick Donnelly's role at Enovix?

Donnelly's role focuses on commercialization and partnership efforts in the Electric Vehicle market.

What experience does Patrick Donnelly bring to Enovix?

Donnelly brings nearly 30 years of experience in the automotive industry, including a successful tenure at Samsung SDI.

What technology is Enovix developing?

Enovix is developing next-generation 3D Silicon Lithium-ion batteries aimed at enhancing energy density for various applications, including Electric Vehicles.