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- Enovix (NASDAQ:ENVX) Tuesday said that it has signed an agreement with a California-based technology company to provide silicon batteries and packs for a mixed reality headset, sending shares up ~14% in early trade.
- Under the terms of the agreement, Enovix (ENVX) will receive an immediate one-time payment for tooling to support battery pack dimensions, followed by payments for the delivery of both sample and production quantities.
- “This agreement with a leading customer underscores the need for a better battery in the exciting mixed reality market and validates our strategy of focusing on stringent smartphone product requirements,” said Dr. Raj Talluri, President and CEO of Enovix (ENVX).
- Source: Press Release