Enovix Corporation (NASDAQ:ENVX) gained almost 7% in pre-open trading Tuesday after the company announced progress in its partnership with the U.S. Army. They have committed to producing commercial cells for the Conformal Wearable Battery (CWB), which is the central power source used by U.S. Army soldiers.
This agreement marks an important step towards full-scale production. The CWB, developed by Inventus Power, powers essential communication equipment and other devices. Enovix cells will be used to build pre-production CWB packs.
Currently, soldiers carry over 60 pounds of gear, including batteries, to power critical equipment. The Enovix cell has the potential to significantly improve the energy density of the existing CWB cells, almost doubling their capacity. This advancement could offer substantial benefits such as longer-lasting and lighter battery packs. Another advantage for the Army is Enovix's BrakeFlow™ technology, which enhances safety within the cell. In the event of an internal short circuit, the battery is designed to discharge energy gradually and safely, preventing sudden and potentially hazardous energy releases.
“Our cells provide a significant energy density advantage compared to other cells on the market today, and I’m proud that our team has successfully designed and produced BrakeFlow™-enabled custom cells for Inventus Power and the U.S. Army,” said Dr. Raj Talluri, President & CEO of Enovix. “This achievement is yet another proof point on our journey to scale.”
Before today's move, shares of EVNX were up 5.5% year-to-date.