Enovix (NASDAQ: ENVX) Signs Agreement to Deliver High-Performance Batteries for Mixed Reality Headset

FREMONT, Calif., June 25, 2024  — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it has signed an agreement with a leading California-based technology company to provide silicon batteries and packs for a mixed reality headset.

Under the terms of the agreement, Enovix will receive an immediate one-time payment for tooling to support battery pack dimensions followed by payments for the delivery of both sample and production quantities.

“We are thrilled to sign this agreement with a clear leader in the mixed reality market,” said Samira Naraghi, Senior Vice President, Product, Enovix. “Devices in this market need to be light, fashionable, and safe while also supporting ‘always-on’ immersive experiences that leverage AI. Our high energy density batteries are uniquely suited to this task.”

Unlike a smartphone that can go idle for long periods, a mixed reality headset must have the power budget to support the uninterrupted use of display, processor, memory, and connectivity technologies. This requires significantly better battery technology.

Global shipments of virtual reality and augmented reality headsets are forecast to grow from just under 10 million units in 2024 to just over 35 million units in 2028, according to IDC.

Enovix high-performance batteries utilize a proprietary architecture and manufacturing process to replace graphite with a 100% active silicon anode to deliver leading energy density. In May, Enovix sent out first samples of its EX-1M silicon batteries from its Fremont facility. In June, Enovix began production of EX-1M battery samples from Fab2 in Malaysia.

“This agreement with a leading customer underscores the need for a better battery in the exciting mixed reality market and validates our strategy of focusing on stringent smartphone product requirements,” said Dr. Raj Talluri, President and CEO of Enovix. “Our vertically integrated pack manufacturing, enhanced by the acquisition of Routejade, positions us to succeed in adjacent markets like IoT.”

For more information see our blog post “Mixed Reality Won’t Become a Reality Without a Better Battery.”

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.

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