The following is from a press release (click to view at PR Newswire).
Enovix Adds Another $20 Million from Investors, Raising its Total 2020 Equity Funding to $55 Million
FREMONT, Calif., September 23, 2020 – Enovix Corporation has added another $20 million from investors. In March 2020, Enovix announced that it had raised $45 million—$35 million from equity investors, and $10 million to complete development and deliver prototype silicon-anode batteries to customers for their advanced mobile devices and to reserve production capacity. The additional $20 million increases its equity funding to $55 million for this round, putting its total funding at over $220 million. T. J. Rodgers, Enovix board member and the company’s largest individual shareholder, increased his total personal stake to $21 million.
The funds are earmarked to build, equip and staff the first U.S. facility to produce an advanced silicon-anode lithium-ion battery for mass-market applications. The facility is under construction in Fremont, California, and the company is actively recruiting and hiring operations and manufacturing personnel. Enovix is presently working under contract with several category leading customers to develop and produce its silicon-anode lithium-ion battery for their next-generation mobile electronic devices. Recently the first of these programs advanced to the next stage with the signing of a commercial supply agreement, and Enovix plans to begin commercial delivery of its 3D Silicon Lithium-ion Battery in 2021.
Enovix has developed a lithium-ion battery that incorporates a 100% active silicon anode using its patented 3D cell architecture to significantly increase energy density and maintain high cycle life. The company has applied the same innovative approach to develop production tools that ‘drop-in’ to existing roll-to-roll lithium-ion battery manufacturing lines and increase megawatt hour (MWh) capacity by 30%. The company is backed by strategic relationships with Intel and Qualcomm. It has been awarded 81 patents and has 49 more applications pending to create sustainable enterprise value and provide a competitive barrier for years to come.