The Enovix Corporation Secures $45 Million USD in a Funding Round


(Fremont, CA) Interestingly, a lithium-ion battery is also referred to as, a li-ion battery.  Irregardless of which, the common abbreviation is L.I.B.  Essentially, a lithium-ion battery moves lithium ions, inside the actual battery.  The movement is of negative electrodes, through an electrolyte, into a positive electrode side.  The movement occurs, naturally, during discharge.  When the battery is being charged, the movement naturally reverses, into the negative electrode side.  For the most part, the material for the positive electrode side, is an intercalated lithium compound.  In addition, the material for the negative electrode side, is graphite.  Lithium-ion batteries are commonly used because they have high energy density, no memory effect and low self-discharge.  Recently, the Enovix Corporation announced that, it has further developed the lithium-ion battery.  Specifically, the aforementioned business revealed that, it has secured $45 million USD in a funding round.  The funding round is best characterized as having secured funds from a major new strategic investor, current investors and non-dilutive funding from market leading customers.  Regrettably, more information was not made public. 
            Whilst there was information that was not made public, what was made public is the purpose of the funding round.  Overall; the major new strategic investor, current investors and the non-dilutive funding from market leading customers will be contributing funds.  The funds will be used to manufacture and commercialize, Enovix’s proprietary 3D silicon lithium-ion battery.  The reported manufacturing rate is 8 million units for each year, by the year 2021 or 2022.  However and returning to, a lithium-ion battery, the aforementioned type of battery is commonly used.  In fact; it is very commonly used in portable consumer electronic devices, electric vehicles and aerospace.  Fascinatingly, a lithium-ion battery does have recognized inventors.  John Goodenough, Stanley Whittingham, Rachid Yazami and Akira Yoshino are the credited inventors; who further developed the technology.  This occurred during the 1970s and 1980s.  A team at the Sony Corporation (NYSE:  SNE) is credited with commercializing, the lithium-ion battery.  The team was led by Yoshio Nishi, in the year 1991.  Additionally, the team was a team from the Asahi Kasei Corporation.  The latter, is a Japanese chemical company. 
            Returning to, Enovix’s proprietary 3D silicon lithium-ion battery, the aforementioned is considered to be the next generation.  In fact, as the next generation of the lithium-ion battery, it significantly increases energy density.  Due to the latter, Enovix’s proprietary 3D silicon lithium-ion battery, is capable of maintaining a high cycle life.  The former and the latter, is made possible by a proprietary and patented, 3D cell architecture.  This 3D cell architecture enables a high-capacity silicon anode, which increases energy density by at least 40% to more than 100%.  Cell size, affects the previously said.  In addition, Enovix’s proprietary 3D silicon lithium-ion battery keeps the anode stack under high pressure.  This prevents particle pulverization in the silicon.  The effect is a full depth of charge cycle life, of more than 600.
            To end, the Enovix Corporation did release a press statement.  Harrold Rust is a Co-Founder and the Chief Executive Officer of the Enovix Corporation.  Through a press statement, Mr. Rust said the following.  “The composition of this round is a testament to the performance we’ve achieved and progress we’ve demonstrated towards production and commercialization of our silicon-based lithium-ion battery.  Anchoring the round is a $25 million strategic investment from a leading California technology company.  Present investors have added $10 million, and customers have contracted $10 million to develop batteries for specific products and to reserve production capacity.”  Harrold Rust also said.  “We initially attracted customers when we sampled cells about a year ago with energy density over 900 Wh/l and full-depth of discharge cycle life over 500.  As customers and investors visited our production site and saw our proprietary electrode laser patterning and high-speed stacking tools in action, their confidence in our production capability was sufficient to generate revenue and secure additional funding.”  As previously stated, the Enovix Corporation recently announced that, it has further developed the lithium-ion battery.  Specifically, the aforementioned business revealed that, it has secured $45 million USD in a funding round.  The funding round is best characterized as having secured funds from a major new strategic investor, current investors and non-dilutive funding from market leading customers.  Regrettably, more information was not made public.  Lastly; the funds will be used to manufacture and commercialize, Enovix’s proprietary 3D silicon lithium-ion battery. 

###
Written from Press Release
Registered Writer with
PR Newswire Association, LLC
R-Berumen28
04/03/2020


Post a Comment

Previous Post Next Post