Enovix ( (ENVX) ) has issued an announcement.
On April 3, 2025, Enovix Corporation announced the acquisition of battery cell manufacturing assets from SolarEdge in South Korea. This acquisition, which includes a 330,000 square foot facility adjacent to Enovix’s existing site in Nonsan City, aims to expand the company’s manufacturing capacity and meet the growing demand in the defense industry. The transaction is expected to close in April 2025, and Enovix plans to hire key personnel from SolarEdge Korea to enhance its manufacturing, quality, R&D, and process engineering capabilities. This strategic move is anticipated to simplify the supply chain, accelerate innovation, and improve gross margins, with a projected increase in battery sales for defense and industrial applications in 2025 and 2026.
More about Enovix
Enovix is a global high-performance battery company headquartered in Silicon Valley, with facilities in India, Korea, and Malaysia. The company focuses on delivering innovative, high-performing batteries for a range of technology products, including IoT, mobile, computing devices, vehicles, and headsets, through a materials-agnostic approach that prioritizes safety.
YTD Price Performance: -36.99%
Average Trading Volume: 6,172,005
Technical Sentiment Signal: Strong Buy
Current Market Cap: $1.42B
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