Enovix Corporation, a designer and manufacturer of next generation 3D Silicon Lithium-ion batteries, and Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company, have entered into a merger agreement that will result in Enovix becoming a publicly listed company. Upon closing of the transaction, the company will be named Enovix Corporation and is expected to be listed on the Nasdaq Stock Market under the new ticker symbol, “ENVX.”
Harrold Rust, co-founder and CEO of Enovix, commented, “In 2007, the co-founders of Enovix set out to build a better battery by changing the cell architecture. Today, we stand at the threshold of producing the first advanced silicon-anode lithium-ion battery for mass-market applications from our U.S. manufacturing facility. Credit goes to the engineers and scientists of Enovix who designed and developed our advanced battery and our high-volume production operation. We are excited to partner with the accomplished team at RSVAC,” Rust added, “who understand that the success of any advanced product is the ability to produce it at scale. With their help and the capital provided by this transaction, Enovix will produce the advanced batteries that power our mobile future.”
T.J. Rodgers, Chairman and CEO of Rodgers and a member of the board of directors of Enovix, added, “Enovix has made industry-altering breakthroughs in two areas: battery design and battery manufacturing. Every chemistry professor has a better battery idea in his notebook. But only Enovix is building a world-class fab for actually putting a high-energy density silicon anode battery into the hands of the world’s leading technology companies. The company will have a big impact on products in mobile computing, wearables, and ultimately electric vehicles. Enovix has spent 13 years doing difficult work and refused to compromise on engineering integrity. Its toughness led Enovix to today’s transaction, and billions of consumers stand to benefit.”
As part of the deal, Enovix will retain its management team, led by co-founder and CEO Harrold Rust, while gaining new board members Manny Hernandez and Dan McCranie from the Rodgers team.