Enovix Corporation shares got a boost on Tuesday after the active silicon battery company announced progress in its partnership with the US Army.
Enovix has committed to producing commercial cells for the Conformal Wearable Battery (CWB), which serves as the central power source for US Army soldiers.
The existing burden placed on soldiers, who currently carry over 60 pounds of gear including batteries, may be alleviated by the potential of Enovix's cell.
The CWB, developed by Inventus Power, powers essential communication equipment and other devices relied upon by soldiers. Enovix cells will be utilized to construct pre-production CWB packs.
Enovix’s cell has the capacity to almost double the current CWB cell's capability, offering longer-lasting and lighter battery packs.
Additionally, Enovix's BrakeFlow technology enhances safety within the cell. In the event of an internal short circuit, the battery gradually and safely discharges energy, averting sudden and potentially hazardous energy releases.
The collaboration between Enovix and the US Army is a big step towards full-scale production.
Shares of Fremont, California-based Enovix were up nearly 24.7% on Tuesday afternoon at $16.36.
Contact Angela at angela@proactiveinvestors.com
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