The start-up battery company Enovix began its trading after SPAC merger with special purpose acquisition company Rodgers Silicon Valley Acquisition Corp.
After opening the shares in wall street the company announced its merger with the company.
The company has also announced that it has received a contract from the Department of Defence, which will see Enovix batteries used in soldiers’ equipment.
The Chief Executive Officer and president of Enovix said:
“The realisation that not only do we have an amazing kind of technology, architecture and battery that’s kind of unheralded out there, but we also have a way to make it — I think that’s something that people are going to be really struck by.”
Rust also added “We’re super tangible — we have this entire factory almost put together…while certainly we’ve got our work to do ahead of us, it’s not just some leap of faith. It’s executing on a plan.”
During 2020 SPACs rose to a then record $83.4 billion, momentum continued into the first quarter, and so far this year $113 billion has been raised.
About Enovix
It is one of the largest provider in advanced silicon-anode lithium-ion battery development and production, the company was launched in the year 2007 in U.S.A, Enovix’s 3D cell architecture increases energy density and maintains high cycle life.
Currently the company is building its first advanced silicon-anode lithium-ion battery production facility in the U.S. the primary objective is to provide designers of category-leading mobile devices with a high-energy battery so they can continue creating innovative portable products.
It is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilisation of renewable energy.
