Exhibit 99.1
Advanced Silicon Battery Company Enovix Corporation and Rodgers Silicon Valley Acquisition Corp. Announce Closing of Business Combination; Enovix to trade on Nasdaq under ticker “ENVX” on July 15
Deal marks beginning of race to bring next-generation high-density batteries into commercial-scale production
July 14, 2021 08:58 ET | Source: Enovix Corporation
FREMONT, Calif. and WOODSIDE, Calif., July 14, 2021 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”), the leader in the design and manufacture of 3D Silicon™ Lithium-ion batteries, announced today that it has completed its previously announced business combination with Rodgers Silicon Valley Acquisition Corp. (Nasdaq: RSVA, RSVAU, RSVAW) (“RSVAC”), a publicly traded special purpose acquisition company or SPAC. RSVAC’s shareholders approved the combination at a special meeting held on July 12, 2021.
The combined company will retain the name Enovix Corporation and is expected to begin trading on the Nasdaq Global Select Market (“Nasdaq”) on July 15, under the new ticker symbol “ENVX” for Enovix common stock and “ENVXW” for Enovix warrants. Trading of securities will be remain under the RSVA, RSVAU and RSVAW ticker symbols until the opening of trading of ENVX on July 15.
The transaction resulted in approximately $405 million of gross cash proceeds, before deducting placement agent commissions and other offering related expenses. This will allow Enovix to build out its first two production facilities to support demand from blue chip customers in the global mobile computing market while continuing to develop cells for Electric Vehicles (EVs).
Since its founding in 2007, Enovix has been working on the dual challenges of designing and manufacturing better batteries. It has made twin breakthroughs: first, an elegant 100% active silicon anode that marks a breakthrough in energy density and uses one of Earth’s most abundant materials. Second, a new architecture that encases Enovix batteries in precision stainless steel, built by a sophisticated automated assembly line engineered by the semiconductor industry veterans at Enovix.
Harrold Rust, President and Chief Executive Officer of Enovix, commented, “Enovix’s public company debut marks a significant milestone in our effort to design and manufacture next generation 3D Silicon™ Lithium-ion batteries with energy densities that are five years ahead of current battery technologies. We are focused on producing the first advanced silicon-anode lithium-ion battery for mass-market applications from our U.S. manufacturing facility. Simply put, the world needs a better battery and we look forward to powering the industries of the future.”
T.J. Rodgers, former Chairman and Chief Executive Officer of RSVAC and a member of the board of directors of Enovix, added, “Enovix has succeeded where others have failed. Every major trend in technology is bottlenecked by energy density –– from 5G phones to artificial intelligence to electric vehicles. Developing and manufacturing a 100% active silicon anode has long been a goal of the battery industry because it dramatically increases performance. We believe that Enovix will be the first to deliver at scale due to its proprietary 3D cell architecture, world-class team and automated manufacturing. With five design wins with major technology leaders, Enovix is years ahead of other battery companies. Even better, it has a plan to maintain that lead.”