Enovix Corporation (NASDAQ: ENVX) is engaged within the development and production of advanced silicon-anode lithium-ion batteries for mobile and portable devices. Shares of the advanced battery manufacturer are rallying 23% through early trading on Tuesday, May 3, 2022. Over the past three months, Enovix has seen average daily volume of 1.08 million shares. However, volume of 6.74 million or dollar volume of around $73.13 million, has already exchanged hands through early trading.
Shares of Enovix Corporation are gaining after the company announced that it has received an initial order for its smartwatch batteries from a global leader in the consumer electronics space. The order represents the beginning of the next stage of the consumer electronics company’s product development.
The order comes after Enovix received validation of its battery performance at the customer’s testing labs. The tests featured a range of commercial requirements, such as energy density, cycle life, charge/discharge rate, and temperature performance.
As a result of the validation and placement of the initial order, Enovix’s batteries are expected to be integrated into several of the customer’s next-gen smartwatch platforms. The Enovix batteries are manufactured at its factory in Fremont, CA.
“We’re pleased to reach a major milestone with one of the largest consumer electronics companies in the world,” said Harrold Rust, Co-Founder, President and Chief Executive Officer of Enovix. “After more than a year of collaboration and testing with this important customer, we’ve completed the initial technology qualification process and are advancing to the next stage of their commercial procurement process. While we’re excited about this order, we believe it may ultimately lead to opportunities across multiple categories within their vast portfolio of products.”
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