ENVX - Enovix surges on U.S. Army battery cell order

2023-06-27 08:12:04 ET

Enovix ( NASDAQ: ENVX ) +5.6% pre-market Tuesday after saying it received a purchase order to produce battery cells for the U.S. Army , to be used for soldiers' central power source, called the Conformal Wearable Battery; financial terms were not disclosed.

U.S. Army soldiers typically carry more than 60 lbs of gear, including batteries, to power critical equipment.

Enovix ( ENVX ) said its cell has the potential to nearly double the energy density of current CWB cells, which could result in substantial operational advantages including longer lasting and lighter battery packs.

The company said the agreement progresses its program with the U.S. Army to the next step towards full volume production.

More on Evonix:

Financial and valuation comparison to sector peers

• Analysis: Enovix: The Battery Of The Future Is Looking More Promising
• Stock price return: Up 8% YTD, up 27.5% in the past 12 months

For further details see: