ENVX - Enovix Completes Acquisition of Routejade | Benzinga
FREMONT, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix") (NASDAQ:ENVX), an advanced silicon battery company, today announced that it has completed the acquisition of privately-held Routejade, an established Korean battery manufacturer.
The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing, while adding an established lithium-ion battery business with two factories in Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realize significant cost savings while speeding up battery development cycles as modern materials are quickly incorporated to improve energy density. Securing the coating supply chain is also intended to ensure incoming battery materials are the highest quality available, which can positively impact manufacturing yield and throughput.
Routejade brings over 20 years of experience as a manufacturer and supplier of lithium-ion batteries, targeting end markets such as wearables, hearables, medical, industrial, and the South Korean military. Routejade's patented encapsulation technology allows for circular and asymmetric battery form factors, complementing the ability of Enovix to support multiple customer requirements.
Routejade manufactures and sells lithium-ion cells and packs to more than 30 customers globally, and there is significant synergy with most of these customers being able to continue their ongoing business relationships with both Routejade and Enovix products.
"We are thrilled to welcome the Routejade team to Enovix," said Dr. Raj Talluri, President and CEO of Enovix. "Our teams are already working well together incorporating Routejade coating into our manufacturing process and we see great opportunities to enhance our R&D and commercialization efforts ...