ENVX - Enovix inks MOUs with major consumer electronics firm and IPG Photonics

• Enovix ( NASDAQ: ENVX ) said Tuesday it signed a non-binding memorandum of understanding ( MOU ) with one of the world's largest consumer electronics firms.
• The deal enables evaluation and prototyping of Enovix ( ENVX ) batteries for consumer electronics.
• The MOU follows an initial technology qualification program and purchase of cells from Fab-1 by the electronics firm for a smartwatch program.
• The companies will collaborate in development of Enovix 3D cells for consumer applications, evaluation of proprietary materials for use in the cells and expansion of Enovix's ( ENVX ) manufacturing footprint.
• Additionally, Enovix ( ENVX ) inked a non-binding MOU with IPG Photonics ( IPGP ) to collaborate on next-generation laser tooling and methods to optimize battery cell manufacturing processes.
• The MOU aims to promote the transition from mechanical cutting to laser processing in the industry at large.

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