Enovix signs Memorandum of Understanding with Elentec

Enovix Corporation announced it has signed a Memorandum of Understanding, MOU, with Elentec Co. The agreement provides a framework for a long-term business relationship between the two companies and enables Enovix to lock in a globally trusted battery pack manufacturing partner to support its growth with target customers worldwide. The MOU allows Enovix to fast track and utilize Elentec’s battery pack design and high-volume manufacturing capability, while setting up the framework for definitive long-term supply and/or joint manufacturing agreements leveraging Elentec’s footprint. Contingent on continued success in both technical and business negotiations, the companies intend to enter a strategic partnership, and collaborate in the incorporation and custom development of Enovix battery cells into multiple battery packs for consumer, industrial, and military applications to support both Enovix and Elentec’s key customers.