ENVX - Enovix: Fast Approaching Production Of A Unique Silicon Anode Battery At Scale

2024-07-24 22:05:00 ET

Summary

• Enovix is perhaps a bit of an outlier in our portfolio given that it is a battery manufacturer selling into consumer goods markets, but it fits nicely in what we believe to be the Massif Capital analytical sweet spot.
• The investment thesis at 10,000 feet has always been that if the company can produce the unique silicon anode battery it has developed at scale, management will bring to market a battery that, at worst, is an incremental improvement over what is currently available.
• The management team continues to build out its future customer base, which adds credibility to management's claim that they can produce a unique silicon anode battery at scale, which still is an unproven claim but one that is fast approaching a point at which it will be proven.

The following segment was excerpted from this fund letter.

Enovix ( ENVX )

Enovix is perhaps a bit of an outlier in our portfolio given that it is a battery manufacturer selling into consumer goods markets, but it fits nicely in what we believe to be the Massif Capital analytical sweet spot, businesses where science/technology, geopolitics/geoeconomics and energy/materials overlap. While some would argue that Enovix is inappropriate for a liquid real asset portfolio, the traditional definition of real asset businesses is dated....

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