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Enovix Announces Manufacturing Partner and Location for Fab-2 in MalaysiaFREMONT, Calif., March 29, 2023 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, today announced it has signed a non-binding Letter of Intent (“LOI”) with YBS International Berhad (“YBS”) (MESDAQ: YBS:KLS), a Malaysia-based investment holding company with segments including electronic manufacturing and assembly, high-precision engineering, precision machining and stamping, among others. 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.” Enovix also announced it has established Enovix Malaysia Sdn. Bhd. (“Enovix Malaysia”). Two leaders have signed employment agreements with Enovix Malaysia and will start in Q2. “Establishing Enovix Malaysia, building the team and collaborating with YBS helps lay the groundwork that will enable us to bring our advanced silicon batteries to market and meet our strong customer demand,” said Dr. Raj Talluri, President and CEO of Enovix. The Gen2 Autoline represents a step-change improvement in manufacturing of Enovix cells, with up to 10x faster throughput relative to the Gen1 production line. When fully ramped, Gen2 Line 1 will have the capacity to produce more than nine million batteries annually. Datuk Wira Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority (“MIDA”) expressed his enthusiasm that international companies like Enovix have chosen Malaysia to house their innovative battery technology and manufacturing facility. “Enovix’s decision affirms Malaysia’s status as a leading investment hub in the region. We are honoured to be part of Enovix’s growth journey and the country is on the right trajectory in positioning itself as the preferred destination for international corporations like Enovix to access future-ready talents, whilst creating more high-skilled employment opportunities in the country, aligned with the Malaysian Government’s aspiration under the Twelfth Malaysia Plan and the New Investment Policy.” “In addition to working with YBS, we look forward to collaborating with MIDA, the Northern Corridor Economic Region and InvestPenang to secure 15-year Pioneer Status, which will support our long-term goals in Malysia,” said Ajay Marathe, COO of Enovix. “Malaysia, and especially the Penang region, is rich with semiconductor-trained engineers who have a manufacturing-excellence mindset. We’re pleased to advance our presence in the region to support our rapid growth.” 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. He brings more than 22 years of operations and leadership experience, notably at high revenue growth companies. Most recently he was Vice President of Operations at Lumileds Malaysia Sdn. Bhd. Wan Ilham joins as Enovix Malaysia Human Resources Director, reporting to Iryna Romaniv, Global Vice President of Human Resources (HR). Ilham will oversee all HR functions in Malaysia. She brings more than 25 years of experience in HR at manufacturing and service organizations with experience building and retaining teams. Most recently she was Country Human Resource Director at Lumileds Malaysia Sdn. Bhd. About Enovix Forward Looking Statements For media inquiries, please contact: Enovix Corporation For investor inquiries, please contact: Enovix Corporation The Blueshirt Group A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e16f230-2167-4c60-9193-6e978100c29c |