Forward-looking statements include, without limitation, our expectations regarding, and the timing of, the acquisition of battery cell manufacturing assets from SolarEdge; our expectations about, and our ability to respond to, market and customer demand; our customers’ releases of products using our batteries; our financial and business performance; projected improvements in our manufacturing, commercialization and R&D activities; our expectations regarding, and our ability to realize, the benefits of the acquisition, including our ability to expand our manufacturing footprint, the transaction’s ability to position us to meet growing demand in the defense industry, our expectation that the acquisition will expand our manufacturing capacity and expedite scaled production; our ability to simplify our supply chain, accelerate the pace of innovation and address the growing list of use cases for defense, industrial and consumer electronics customers, the projected increase in battery sales in 2025 and 2026 facilitated in part by the acquisition, gross margin improvements expected from the transaction, and our revised forecasts of higher sales mix from this facility going to defense and industrial applications; our ability to realize synergies from the acquisition, including the ability to accelerate product development and deliver products to a wider range of customers more efficiently.
"By expanding our battery production facility in Korea we believe we will be able to simplify our supply chain, accelerate the pace of innovation and address the growing list of use cases for defense, industrial and consumer electronics customers.” Enovix’s sales from batteries manufactured in its Korea facility are projected to increase in 2025 and 2026 facilitated in part by this acquisition which is expected to improve gross margins going forward.
Acquisition will support company’s efforts to meet growing demand in the defense industryFREMONT, Calif., April 03, 2025 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX), a global high-performance battery company, today announced the acquisition of battery cell manufacturing assets from SolarEdge, located in South Korea.
The story "Enovix To Acquire Korean Battery Cell Facility to Bolster Manufacturing" has 942 words across 24 sentences, which will take approximately 4 - 8 minutes for the average person to read.
Which news outlet covered this story?
The story "Enovix To Acquire Korean Battery Cell Facility to Bolster Manufacturing" was covered 1 days ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 32 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
