Enovix announces manufacturing partner, location for Fab-2 in Malaysia

Enovix announced it has signed a non-binding Letter of Intent, LOI, with YBS International Berhad, a Malaysia-based investment holding company. The LOI contemplates that Enovix will locate Fab-2, its high-volume manufacturing facility, in an existing YBS building located in Penang, Malaysia, at the Penang Science Park. It also contemplates that YBS will take a significant financial stake in the first manufacturing line at Fab-2, called "Gen2, Line 1." YBS is currently in the process of arranging funding through a local bank syndicate and obtaining support from local authorities. "YBS intends to take a significant financial stake in Enovix’s Gen2 Line 1 capital expenditures, as well as providing the building and labor required to run the line by working with multiple financial institutions, with minimum purchase requirements from Enovix," said Mr. Jackie Yong, CEO of YBS. "After performing our due diligence on Enovix including their battery cell technology, manufacturability, and opportunity, we are confident the company has the capability to become a market leader. We look forward to supporting Enovix’s goals and sharing in its growth and success." Two key leaders signed employment agreements with Enovix Malaysia including: Loganathan Muniandy joins Enovix as Vice President, Malaysia Operations, reporting to Ajay Marathe. Loganathan will oversee manufacturing and scale-up for Enovix Malaysia. Wan Ilham joins as Enovix Malaysia Human Resources Director, reporting to Iryna Romaniv, Global Vice President of Human Resources. Ilham will oversee all HR functions in Malaysia.