Enovix Corporation, an advanced silicon battery company, announced today it has entered into a Master Service Agreement (“MSA”) with YBS International Berhad (“YBS”) (MESDAQ: YBS:KLS), a Malaysia-based investment holding company with segments including electronic manufacturing and assembly, high-precision engineering, and precision machining and stamping, among others. The agreement secures $70 million of non-dilutive funding to support Enovix’s Fab2 site in Penang, Malaysia, and its first Gen2 high-volume manufacturing line.
“We’re thrilled to announce this significant milestone in our journey to scale,” said Dr. Raj Talluri, President and CEO of Enovix. “Finalizing the agreement in a short amount of time is a great achievement and I’m very proud of the team. We’re all focused on establishing Fab2 and moving to high-volume manufacturing so we can provide a superior product for our customers and enable a better user experience for consumers.”
“We’re pleased to finalize our manufacturing agreement, opening up tremendous opportunities for growth and success globally,” said Dato’ Dr. Mohd Sofi Bin Osman, a YBS board member. “We look forward to a long-term collaboration with Enovix and bringing their leading battery technology to market.”
As part of the MSA, YBS, under the direction of Enovix, will provide the building and capital for equipment and labor for Fab2 and the Gen2 Autoline 1. Enovix announced earlier this year that it established Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”). In addition, Enovix has hired more than 30 people in Malaysia including the two leaders announced in March. Enovix Malaysia’s Fab2 site is located in Penang Science Park.
“The Enovix Malaysia team is already making tremendous progress,” said Ajay Marathe, COO of Enovix. “They recently completed training at Fab1 in Fremont and the next step is Factory Acceptance Testing in South Korea, followed by Site Acceptance Testing in Malaysia. I am extremely pleased we finalized our agreement with YBS and are on track to produce first samples from the Gen2 Autoline 1 in April 2024.”
About Enovix
Enovix is on a mission to power the technologies of the future. Everything from IoT, mobile and computing devices, to the vehicle you drive, needs a better battery. The company’s disruptive architecture enables a battery with high energy density and capacity without compromising safety. Enovix is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand.