Enovix Signs MOU with Leading Consumer Electronics Battery Pack Manufacturer
26 Juni 2024 - 1:30PM
Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global
high-performance battery company, today announced it has signed a
Memorandum of Understanding (“MOU”) with Elentec Co., Ltd
(“Elentec”) (Kosdaq: 054210: KQ), a leading consumer electronic
battery pack manufacturing company in Asia serving customers such
as Samsung. The agreement provides a framework for a long-term
business relationship between the two companies and enables Enovix
to lock in a globally trusted battery pack manufacturing partner to
support its growth with target customers worldwide.
The MOU allows Enovix to fast track and utilize
Elentec’s battery pack design and high-volume manufacturing
capability, while setting up the framework for definitive long-term
supply and/or joint manufacturing agreements leveraging Elentec’s
footprint. Contingent on continued success in both technical and
business negotiations, the companies intend to enter a strategic
partnership, and collaborate in the incorporation and custom
development of Enovix battery cells into multiple battery packs for
consumer, industrial, and military applications to support both
Enovix and Elentec’s key customers.
“We're excited to sign this MOU with Elentec,”
said Dr. Raj Talluri, President and CEO of Enovix. “Our teams will
collaborate closely to design battery packs meeting precise
customer specifications. We anticipate significant opportunities to
accelerate R&D and commercialization efforts through this
partnership.”
“This strategic alliance with Enovix, a leading
innovator in high-performance silicon cell technology, empowers
Elentec to elevate its product portfolio for key clients,” said Mr.
Lee Hae Sung, CEO of Elentec. “We're thrilled to support Enovix's
high-volume battery pack manufacturing needs through this
collaboration.”
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.
About ElentecElentec is a trusted and
established manufacturer of custom battery packs for industry
giants. They cater to the world's largest OEMs, supplying battery
packs for smartphones, IoT devices, tablets, laptops, industrial
and medical equipment. Elentec's reputation is built on their
ability to design and manufacture high-quality battery packs at
scale, making them the go-to vendor for leading original equipment
manufacturers.
Headquartered in South Korea, Elentec boasts a
strong manufacturing footprint across multiple locations in Asia.
Their facilities strategically located in South Korea, China,
Malaysia, Vietnam, and India allow them to efficiently serve their
international clientele.
To learn more about Elentec's battery solutions,
visit their website at www.elentec.co.kr.
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 Enovix’s ability to enter into a defintive
agreement with Elentec, sales of Enovix battery packs, ability of
Elentec to manufacture battery packs, and other similar risks.
Actual results could differ materially from these forward-looking
statements as a result of certain risks and uncertainties. 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 obligation 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 and investor inquiries, please
contact:
Enovix CorporationCharlie AndersonPhone: +1 (612) 229-9729Email:
canderson@enovix.com
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