In February, we distributed a press release with the headline, Enovix Corporation Charts Course to Production and Commercialization of its 3D Silicon Lithium-ion Battery. The release noted that we were sampling cells to leading mobile device producers with rated energy density over 900 Wh/l and cycle life over 500. Enovix CEO, Harrold Rust, stated, ““To our knowledge, no other company has developed a lithium-ion cell with a 100% silicon anode that achieves this combination of high energy density and long, full depth-of-discharge cycle life.”

MILESTONES ESTABLISHED

The press release described milestones we expected to achieve this year on our path to commercialization next year:

“The company is negotiating with several global OEMs to develop and qualify cells for their next-generation mobile products and to reserve Fab 1 production capacity. Enovix expects to secure commercialization partners for its 3D Silicon™ Lithium-ion Rechargeable Batteries for the smartphone, wearables and high-performance notebook computer markets by the end of the year and to begin full-scale production from its Fab 1 to address these markets in 2020.”

MILESTONES ACHIEVED

Last week we distributed a press release with the headline, Enovix Corporation Booking Capacity Reservations for Production and Commercialization of its 3D Silicon Lithium-ion Battery. The release documented important milestones we’ve achieved towards commercialization of our 3D Silicon Lithium-ion Battery in 2020 and beyond.

“The company has signed agreements with two category leading companies to develop and produce silicon-anode lithium-ion batteries for mobile computing and communication devices, worth an anticipated $200 million in annual revenue. The agreements include capacity reservations for the Enovix production facility, Fab 1, presently being equipped at the company’s headquarters in Fremont, California.”

PARTNERSHIP AGREEMENT

In addition to the customer agreements, we announced that we have signed a partner agreement with a major Asian lithium-ion battery manufacturer to help accelerate our manufacturing ramp to meet customer demand, including for the electric vehicle market.

ELECTRIC VEHICLE MARKET

While our initial commercialization targets are mobile devices, where increased energy density commands a premium price, we plan to supply the electric vehicle market within 3 to 5 years as increased production volume reduces unit cost. To that end, we recently completed the first phase of a research program with a leading international automobile manufacturer. The results indicate that an Enovix silicon anode can be paired with automotive class NMC cathodes in our patented 3D architecture to achieve gains in gravimetric energy density similar to our advantage in volumetric energy density while maintaining excellent cycle life and reducing cost.

FUNDING

We also announced that we are raising another round of funding.

“Concurrently, Enovix, which has raised over $150 million to date, is raising additional funds. The combination of customer payments for product development and production capacity with investor funding will fuel the company’s path to commercialization in 2020.”

OUR CONTINUING PATH TO COMMERCIALIZATION

Harrold Rust summarized where we stand as we near the end of 2019 and look towards a promising future:

“Even as we focus on expanding our operations to supply our initial contracted customers, we continue R&D activities with a goal of achieving over 1,250 Wh/l energy density with over 1,000 cycle life from our 100% silicon-anode battery by 2022. We expect to achieve full-scale fully automated production of our batteries for commercial applications by late 2020.”

In 2019, we checked a several boxes on our path to commercialization. In 2020, we expect to check even more: more customer agreements, completion of our full-scale fully automated production facility (Fab 1) and commercial deliveries of our unique 3D Silicon Lithium-ion Battery for mobile devices. Stayed tuned; we’ll keep you posted on our continuing progress.