Enovix Corporation Shares Up After Initial Smartwatch Battery Order from Leading Global Consumer Electronics Company
May 3, 2022 By MarketDepth
Enovix Corporation (NASDAQ: ENVX) stock jumped about 30% Tuesday after the Company announced that it has cleared a key technology validation milestone as it has received an initial order for its high energy density smartwatch battery from one of the top consumer electronics companies in the world. This order marks the start of the next stage of the customer’s product development process.
“We’re pleased to reach a major milestone with one of the largest consumer electronics companies in the world. After more than a year of collaboration and testing with this important customer, we’ve completed the initial technology qualification process and are advancing to the next stage of their commercial procurement process. While we’re excited about this order, we believe it may ultimately lead to opportunities across multiple categories within their vast portfolio of products.”Harrold Rust, Co-Founder, President and Chief Executive Officer of Enovix
Enovix battery performance was validated at the customer’s test labs across a range of commercial requirements, including energy density, cycle life, charge/discharge rate and temperature performance. This initial order marks the start of the next stage of the customer’s formal product development cycle, which is expected to result in the integration of Enovix’ batteries into several of the customer’s next generation smartwatch prototype platforms, field trials in pre-production watches and ultimately high-volume production for worldwide consumer markets. The batteries will be produced by Enovix’ automated production lines at its factory, Fab-1, in Fremont, Calif.
“While many battery companies’ technologies are still under development in the lab, we’re proud to reach this milestone, which demonstrates our product and manufacturing readiness. We’re thrilled to be working with one of the world’s best-known consumer brands, as we take another step towards our vision of making a positive impact on people’s lives through innovation in energy storage.”Cam Dales, GM and Chief Commercial Officer at Enovix