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Enovix Signs Agreement to Supply Batteries for Mixed Reality Headset, Shares Surge 33%

Jun 25, 2024, 02:05 PM

Enovix Corporation has signed an agreement to supply high-performance silicon batteries for a mixed reality headset with a leading California-based technology company. This deal has resulted in a significant boost in Enovix's share price, which climbed by approximately 33% today. The agreement includes payments upon delivery of sample and production volumes, as well as a one-time payment to set up tooling. This partnership is seen as a strong validation of Enovix's technology and its ability to scale. The company's shares reached a 15-month high following the announcement, with shares increasing by 14%, 20.3%, 22%, and 26% at various points in the day.