What's Going On With Enovix Stock Today?

Shares of silicon battery company Enovix Corp ENVX are trading higher Wednesday. The company announced a new manufacturing partner and selected the location for its next high-volume manufacturing facility.

What To Know: Enovix signed a letter of intent with Malaysia-based YBS International Berhad to locate its Fab-2 facility in an existing YBS building located in Malaysia. As part of the agreement, YBS will take a significant stake in the first manufacturing line at the location.

"YBS intends to take a significant financial stake in Enovix's Gen2 Line 1 capital expenditures, as well as providing the building and labor required to run the line by working with multiple financial institutions, with minimum purchase requirements from Enovix," said Jackie Yong, CEO of YBS. 

The second generation manufacturing line offers up to 10 times faster throughput relative to the company's first generation production line. Enovix expects the new manufacturing line to be able to produce more than 9 million batteries annually at full capacity.

Enovix also announced that it hired Loganathan Muniandy as vice president of Malaysia operations and Wan Ilham as Enovix Malaysia human resources director. 

Enovix is trending across social platforms. It was among the top trending tickers on Stocktwits at the time of writing. The stock is pretty heavily shorted with nearly 20% of the float currently sold short, according to Benzinga Pro.

See Also: Stocks Set For Rebound On Tech Comeback Hopes: Analyst Sees 2 Data Points Shaping Near-Term Rate Outlook

ENVX Price Action: At publication time, Enovix shares were up 7.38% at $12.07.

Photo: Dean Simone from Pixabay.