Shares of lithium-ion batteries maker Enovix Corporation (ENVX) are rising more than 12% Wednesday morning after the company announced manufacturing partnership with YBS International Berhad, a Malaysia-based investment holding company.
As per the Letter of Intent signed between the companies, Enovix will locate Fab-2, its high-volume manufacturing facility, in an existing YBS building located in Penang, Malaysia. Further, YBS is expected to take a significant financial stake in the first manufacturing line at Fab-2.
"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 Raj Talluri, President and CEO of Enovix.
ENVX is at $12.62. It has traded in the range of $6.50-$26.30 in the last 52 weeks.
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