Enovix Corporation Inaugurates Its USD1.2 Billion High-Volume Manufacturing Facility in Malaysia
Kuala Lumpur, California, 8 August 2024 – Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global leader in high-performance battery technology, is proud to announce the grand opening of its first high-volume manufacturing facility (“Fab2”) in Malaysia. This state-of-the-art facility has already commenced the production of high-energy density batteries and is currently hosting visits from leading global customers. Enovix plans to invest a total of USD1.2 billion (RM5.8 billion) in Malaysia over the next 15 years.
YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade, and Industry (MITI), stated, “Enovix’s Fab2 is a huge step for Malaysia in the global supply chain for advanced battery technologies, highlighting our country’s conducive investment landscape. It also fulfils our objective to attract the right high-tech industries to enhance the nation’s economic complexity, as outlined in the New Industrial Master Plan (NIMP) 2030. We welcome this new facility, which is a significant milestone for Enovix, and strongly supports our NIMP’s goals by fostering innovation, creating high-value jobs, and driving sustainable growth, while increasingly positioning Malaysia a global hub for cutting-edge technology.”
Present at the ceremony today were YB Jagdeep Singh Deo, Penang’s Deputy Chief Minister II as well as senior officials of the Malaysian Investment Development Authority (MIDA), extended a warm welcome to Enovix for selecting Malaysia as the location for its state-of-the-art facility.
YB Jagdeep Singh Deo stated, “Today’s opening ceremony for the establishment Enovix’s first high-volume manufacturing facility in Malaysia signifies the beginning of an exciting chapter for the company. The State is honoured to be selected to house this esteemed facility which will definitely bring positive technological and economic spillovers for not only Penang, but the northern region of Malaysia.”
Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer (CEO) of MIDA, expressed, “Enovix’s significant investment in Malaysia will create jobs and enhance our workforce’s technological capabilities. MIDA is proud to support Enovix in their mission to revolutionise battery technology, and we believe that their cutting-edge expertise will have a multiplier effect on our local ecosystem. As a partner, we’re committed to providing Enovix with the support and facilitation they need to succeed, and we’re confident that their presence will have a positive impact on the nation’s economy and rakyat. We’re looking forward to working closely with Enovix to achieve their goals and make a difference in the industry.”
Dato’ Ajay Marathe, Chief Operating Officer of Enovix, said, “We are thrilled to open our doors at Fab2 and showcase our advanced manufacturing process of a cutting-edge batteries that we believe will usher in a new era of products for leading customers. We have been able to draw upon Malaysia’s deep pool of technical talent and are appreciative of the country’s business-friendly climate and close proximity to our customers and vendors.”
Enovix, headquartered in the United States of America, also operates in India, Korea and Malaysia. Enovix’s innovative battery technology is utilised across a diverse range of application, including internet of things (IoT), mobile phones, computing devices and vehicles.
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About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.
About InvestPenang
InvestPenang is the Penang State Government’s principal agency for the promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centers. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs), Penang CAT Center (for talent attraction and retention), and Global Business Services (GBS) Focus Group (promoting and developing digital economy). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook; LinkedIn; Whatsapp Channel.
About Enovix
Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” and “pursue” or the negative of these terms or similar expressions. Forward-looking statements include, but are not limited to, statements regarding our expectations regarding, and our ability to respond to, market and customer demand, commercialization and R&D activities. Forward looking statements also include the following: Enovix’s investment in Malaysia over the long term, the partnership with YBS, and the ability to realize tax incentives from Malaysia. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, our ability to establish sufficient manufacturing and optimize manufacturing processes to meet demand, sourcing or establishing supply relationships, adequate funds to acquire our next manufacturing facility, market acceptance of our products, changes in consumer preferences or demands, changes in industry standards, the impact of technological development and competition, and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, terrorist activity or other security concerns or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed annual report on Form 10-K and quarterly report on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.
For media enquiries, please contact:
MIDA
Ms. Noor Suziyanti Saad
Electrical and Electronics Division
Email: [email protected]
Tel: +603-2267 3575
InvestPenang
Elaine Cheah / Michelle Goy
Communications & Business Intelligence
Email: [email protected] / [email protected]
Tel: +604- 646 8833
Enovix Corporation
Charles Anderson
Email: [email protected]
Phone: +1 (612) 229-9729
