Enovix awarded 15-year Pioneer Status from MIDA

Enovix announced it has been granted 15-year Pioneer Status from the Malaysian Investment Development Authority, MIDA, for manufacturing its batteries in Malaysia. Enovix’s high-volume manufacturing facility, Fab2, is located in the Penang Science Park in Penang, Malaysia. Enovix previously announced the establishment of Enovix Malaysia in March 2023. “Being awarded Pioneer Status is a monumental milestone for Enovix as we become further established in Malaysia and begin to ramp up manufacturing in our Fab2 facility,” said Ajay Marathe, Chief Operating Officer of Enovix Corporation. “This status will improve our net profitability in the long-term as we scale the business and we are thrilled that MIDA has granted us Pioneer Status to support our efforts. We hope our presence will benefit Malaysia, particularly as we continue to grow and offer employment opportunities across R&D and manufacturing.”