Enovix announced the acquisition of privately-held Routejade, an established Korean battery manufacturer for a total consideration of approximately 6.2M shares of Enovix common stock and $16.5M in cash assuming purchase of 100% of Routejade. The transaction is expected to close in the fourth quarter of 2023 and be immediately accretive. Routejade has been qualified as a supplier of coated rolls of electrodes for Enovix batteries with capacity to support the Fab2 scale-up that begins in 2024. By bringing coating capability in-house, Enovix intends to realize cost savings while speeding up battery development cycles. Routejade’s patented encapsulation technology allows for circular and asymmetric battery form factors, complementing the ability of Enovix to support multiple customer requirements.
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