Battery developer Enovix Corporation has secured $45 million in new funds to further commercialise its 3D silicon lithium-ion technology.
The US firm will use the funds to complete its high-volume battery production facility in Fremont, California, which will produce the company’s 3D silicon lithium-ion battery, which it says reaches 900 Wh/l with full depth of discharge cycle life over 500.
The 90MWh facility is expected to produce batteries for delivery late this year, and to reach a run-rate of eight-million units per year as it ramps up production in 2021 and 2022.
Enovix works with OEMs to develop its technology for the electric vehicle market. The company says initial R&D indicates its cells can reach 340Wh/kg at a cost equivalent to, or below, present industry forecasts. The company expects to supply the EV market within five years.
Anchoring the round was a $25 million strategic investment from an unnamed California technology company. Other sources were from previous investors (including T. J. Rodgers and York Capital), and non-dilutive funding from market leading customers.
Customers have contracted $10 million to develop batteries for specific products and to reserve production capacity.
Enovix has developed proprietary electrode laser patterning and high-speed stacking tools that replace the standard electrode winding process to increase production line MWh capacity by 30%. Three quarters of the firm’s other equipment and processes are identical to standard pouch lithium-ion battery manufacturing.
Harrold Rust, Enovix co-founder and CEO, said: “The composition of this round is a testament to the performance we’ve achieved and progress we’ve demonstrated towards production and commercialisation of our silicon-based lithium-ion battery.
“As customers and investors visited our production site and saw our proprietary electrode laser patterning and high-speed stacking tools in action, their confidence in our production capability was sufficient to generate revenue and secure additional funding.”
Enovix has also signed new agreements with two additional portable electronics companies to develop and produce its batteries for portable electronic devices.
