KUALA LUMPUR, July 27 (Bernama) -- Enovix Corporation (Enovix), an advanced silicon battery company, announced it has entered into a Master Service Agreement (MSA) with YBS International Berhad (YBS), a Malaysia-based investment holding company.
According to a statement, the agreement secures US$70 million of non-dilutive funding to support Enovix’s Fab2 site at the Penang Science Park, Malaysia, and its first Gen2 high-volume manufacturing line. (US$1=RM4.52)
“We are thrilled to announce this significant milestone in our journey to scale. Finalising the agreement in a short amount of time is a great achievement and I am very proud of the team.
“We are all focused on establishing Fab2 and moving to high-volume manufacturing so we can provide a superior product for our customers and enable a better user experience for consumers,” said Enovix President and Chief Executive Officer, Dr Raj Talluri.
Meanwhile, a YBS board member, Datuk Dr Mohd Sofi Osman said: “We are pleased to finalise our manufacturing agreement, opening up tremendous opportunities for growth and success globally. We look forward to a long-term collaboration with Enovix and bringing their leading battery technology to market.”
As part of the MSA, YBS under the direction of Enovix, will provide the building and capital for equipment and labour for Fab2 and the Gen2 Autoline 1.
Earlier this year, Enovix established Enovix Malaysia Sdn Bhd (Enovix Malaysia) in addition to hiring more than 30 people in Malaysia including the two leaders announced in March.
-- BERNAMA
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