Enovix Corporation has secured an additional $45 million to produce and commercialize its 3D Silicon Lithium-ion Battery. Enovix CEO Harrold Rust said, “Anchoring the round is a $25-million strategic investment from a leading California technology company. Present investors have added $10 million, and customers have contracted $10 million to develop batteries for specific products and to reserve production capacity.”
Enovix will use the bulk of the funds to complete its Fremont, California high-volume battery production facility, where about 75% of the equipment and processes are identical to those used in standard pouch battery manufacturing. Enovix has developed proprietary electrode laser patterning and high-speed stacking tools that replace the standard electrode winding process to increase production line MWh capacity by 30%. “We initially attracted customers when we sampled cells about a year ago with energy density over 900 Wh/l and full-depth of discharge cycle life over 500,” said Rust. “As customers and investors visited our production site and saw our proprietary electrode laser patterning and high-speed stacking tools in action, their confidence in our production capability was sufficient to generate revenue and secure additional funding.” The facility is expected to produce batteries for delivery in late 2020 and to reach a run rate of 8 million units per year as it ramps in 2021 and 2022.
Enovix has also signed new agreements with two additional portable electronics companies. The company now has agreements with four customers to develop and produce silicon-anode lithium-ion batteries for portable electronic devices, worth an anticipated $250 million in annual revenue once fully ramped. Enovix is now working with international automobile manufacturers to develop its patented battery technology for the EV market, where the company expects to supply batteries within five years.