Enovix Corporation, a Fremont, Calif.-based 3D Silicon Lithium-ion Battery company, secured $45m in funding.
The funding sources include a major new strategic investor, current investors (including T. J. Rodgers and York Capital), and non-dilutive funding from customers.
The company intends to use the funds to to complete its Fremont, California facility, and produce and commercialize its 3D silicon lithium-ion battery.
Led by Harrold Rust, co-founder and CEO, Enovix has developed a lithium-ion battery that incorporates a 100% active silicon anode using its patented 3D cell architecture to increase energy density and maintain high cycle life. The new facility is expected to produce batteries for delivery in late 2020 and to reach a run-rate of 8-million units per year as it ramps in 2021 and 2022.
The company has agreements with four category leading customers to develop and produce silicon-anode lithium-ion batteries for portable electronic devices, worth an anticipated $250 million in annual revenue once fully ramped. Based on deploying 3D Silicon Lithium-ion Battery technology in portable electronic devices, Enovix is now working with leading international automobile manufacturers to develop its patented battery technology for the electric vehicle (EV) market.
The company is backed by strategic relationships with Intel, Qualcomm and Cypress and over $200m in venture, strategic and private funding.