Business Description

Enovix Corporation (the “Company,” “we,” “us,” “our” and “Enovix”) is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Our proprietary silicon-anode battery architecture enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices. Our battery’s mechanical design, or “architecture,” allows us to use high performance chemistries while maintaining safety and reliability, supporting commercialization opportunities across various consumer and industrial markets. Battery performance has become a critical constraint for modern electronic devices as they continue to incorporate slimmer designs with greater functionality, longer runtime, and higher power needs. Smartphones, smart eyewear, and defense and industrial systems, as well as emerging edge-AI applications, increasingly require batteries that can deliver higher energy density to support compact, always-on devices and advanced functionality – all without compromising safety, reliability, or manufacturability. From inception, we have focused on developing a battery architecture that allows the use of 100% active silicon and no graphite in the battery’s anode, which is the negative electrode that stores lithium ions when a battery is charged. The battery industry has long recognized silicon’s potential to significantly increase energy density relative to graphite, the anode material used in most lithium-ion batteries today. Silicon can theoretically store more than twice as much lithium as graphite, but the battery industry has historically struggled to incorporate more than a small amount of silicon in the anode because it can swell and crack in conventional battery architectures, impacting safety, cycle life and overall performance. By contrast, our architecture is designed to accommodate silicon’s swelling and apply pressure that alleviates the cracking problem. Over the last several years, we have continued to refine our go-to-market approach and focused on advancing customer programs and product validation for our next-generation batteries with a select group of customers and targeted applications. Our current AI-1 TM battery platform is architected as a unified silicon-anode platform designed to address the most demanding requirements across high-performance consumer electronics and defense applications. We have initially prioritized smartphones as the lead qualification market because smartphones impose the most stringent battery requirements across energy density, fast charge, safety, and cycle life. We believe that demonstrated performance in smartphones will thereafter serve as a benchmark for the broader applicability of our AI-1 TM battery architecture across other emerging, fast-growing markets, including smart eyewear and other AI-powered applications that require higher energy density in increasingly space-constrained designs. Most recently, we partnered with a top-tier mobile original equipment manufacturer (“OEM”) on the development of our AI-1 TM smartphone battery, which demonstrated high volumetric energy density and fast-charge performance verified by an independent testing laboratory. In the smart eyewear market, we also delivered over 1,000 AI-1 TM battery packs to our lead customer under a supply agreement and samples to nine additional OEMs and original design manufacturers (“ODM”) as customer programs progressed toward production readiness. Our History and Development Enovix was established in 2006 based on the fundamental premise that meaningful advances in battery performance would require a reinvention of the battery’s architecture. This approach formed the technical foundation for our battery platform and has guided subsequent development and manufacturing decisions. We have devoted significant funds, time and resources to develop our proprietary architecture and the unique patterning and stacking assembly process for manufacturing our cells. This development was supported by partnerships and investments from several strategic participants in the solar and semiconductor industries, whose experience in precision manufacturing and scalable production informed our approach.…