ENVX - Why Shares of Enovix Are Powering Higher This Week
2023-03-31 09:51:30 ET
Reporting progress on the development of a new manufacturing facility, Enovix (NASDAQ: ENVX) charged up the bulls this week. The lithium battery manufacturer's news comes about a month after it reported strong fourth-quarter 2022 earnings.
Since the end of trading last week, shares of Enovix were up 26.1% after markets closed on Thursday, according to data from S&P Global Market Intelligence .
On Wednesday, Enovix announced that it had signed a letter of intent with an investment holding company, YBS International Berhad, regarding financing and a location in Malaysia for Fab-2, the company's planned high-volume manufacturing facility. The new manufacturing line at Fab-2 is expected to be a significant improvement over that of Fab-1 located in Fremont, California. According to Enovix, the manufacturing line at Fab-2 "represents a step-change improvement in manufacturing of Enovix cells, with up to 10x faster throughput relative to the Gen1 [at Fremont] production line." Once operations ramp up, Enovix projects that the manufacturing line at Fab-2 will have an annual production capacity of 9 million units.
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Why Shares of Enovix Are Powering Higher This Week