FMP
Enovix Shares Surge Over 38% on New Agreement for Mixed Reality Headset Batteries
Jun 25, 2024 5:01 PM - Davit Kirakosyan
Image credit: FMP
Shares of Enovix (NASDAQ:ENVX) soared over 38% intra-day today following the announcement of a new agreement with a prominent California-based technology company to supply silicon batteries and packs for a mixed reality headset.
Enovix's Senior Vice President of Product, Samira Naraghi, expressed excitement about the partnership, highlighting the company's position as a leader in the mixed reality market.
According to the agreement, Enovix will receive an immediate one-time payment to support battery pack dimensions through tooling. Subsequent payments will be made for both sample and production quantities of the batteries.
Naraghi noted that devices in the mixed reality sector require lightweight, fashionable, and safe batteries that also support 'always-on' immersive experiences powered by AI. Enovix's high energy density batteries are well-suited for these demands.
Raj Talluri, President and CEO of Enovix, emphasized that this agreement highlights the necessity for improved batteries in the mixed reality market and supports the company's strategy of targeting stringent smartphone product requirements.
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