Enovix Bags Gen2 Autoline Approval; Picks Malaysia For First High-Volume Production Facility - Enovix (NASDAQ:ENVX)

Silicon battery maker Enovix Corp ENVX said its Board of Directors approved the design of its next-generation manufacturing line, Gen2 Autoline.
The Gen2 Autoline is anticipated to increase battery manufacturing throughput by over 10x compared to the current throughput of the Gen1 line.
Gen2 Autoline involves increased levels of automation, parallelism, and in-line metrology.
“Enovix has developed a breakthrough battery that has significant performance advantages over the current Lithium-ion batteries in commercial devices today,” said CEO Raj Talluri.
The company also announced its first high-volume manufacturing facility (Fab-2) will be located in Penang, Malaysia.
Fab-2 is expected to support the company’s growth and scale up. Enovix expects to begin production in 2024.
Price Action: ENVX shares are trading higher by 7.25% at $10.21 in premarket trading on Friday.
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