Enovix To Buy Battery Cell Manufacturing Assets From SolarEdge

Enovix Corporation

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(RTTNews) - Enovix Corporation (ENVX), Thursday announced the acquisition of battery cell manufacturing assets from SolarEdge, located in South Korea.

Enovix said that the acquisition will expand its manufacturing footprint and help position it to meet growing demand in the defense industry.

The transaction is expected to close in April 2025, subject to the satisfaction of customary closing conditions.

Enovix will be acquiring a battery cell manufacturing facility from SolarEdge that is approximately 330,000 square feet, as well as battery cell development and manufacturing equipment. The SolarEdge facility has been operating for over 20 years. The facility to be acquired is directly adjacent to the company's existing facility in Nonsan City, South Korea.

"Better batteries are in high demand for many of the economy's most critical industries, and Enovix is committed to building longer-lasting and more effective batteries that improve the world we live in," said Dr. Raj Talluri, Enovix CEO and president. "By expanding our battery production facility in Korea we believe we will be able to simplify our supply chain, accelerate the pace of innovation and address the growing list of use cases for defense, industrial and consumer electronics customers."

Enovix's sales from batteries manufactured in its Korea facility are projected to increase in 2025 and 2026 facilitated in part by this acquisition which is expected to improve gross margins going forward.