Enovix Corporation (NASDAQ:ENVX) shares jumped on Wednesday after the company disclosed that it began shipping EX-1M battery cell samples from its new Agility Line in Malaysia last week.
This milestone follows the initial shipment of samples from Fab1 in California and the opening of the high-volume Fab2 in Malaysia this summer.
The company has completed internal UN38.3 certification for the shipping cells, which ensures compliance with the United Nations standard for safely transporting lithium-ion batteries, adhering to stringent international safety and abuse tolerance requirements.
Following the shipment of samples in the third quarter of 2024, the company plans to begin high-volume production in 2025.
Ajay Marathe, COO of Enovix, stated, “This success with the Agility line is an encouraging early indicator as we prepare for the high-volume line, which is on track for Site Acceptance Testing (SAT) completion.”
In August, Enovix announced that it signed a collaboration agreement with a Fortune 200 company to provide silicon batteries for the IoT product category.
The company also disclosed in July that it signed a Memorandum of Understanding (MOU) with a high-performance, global automotive OEM aimed at scaling the Enovix cell architecture for the EV market.
Price Action: ENVX shares are up 13.5% at $9.735 at the last check Wednesday.
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This article Why Is Battery Company Enovix Stock Jumping On Wednesday? originally appeared on Benzinga.com
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