Enovix Corporation, a US-based advanced battery developer that counts semiconductor technology producers Intel, Cypress Semiconductor and Qualcomm as investors, agreed a reverse merger on Monday.
The company is joining forces with special purpose acquisition company Rodgers Silicon Valley Acquisition Corp and will take the spot on the Nasdaq Capital Market secured by Rodgers in a $200m initial public offering in December 2020.
The transaction will give the merged business a $1.13bn implied pro forma enterprise valuation and be boosted by a $175m public investment in private equity financing.
Founded in 2007, Enovix has developed lithium-ion batteries with greater energy density than traditional batteries. The capital will support the expansion of its manufacturing facilities to supply customers in the mobile computing markets.
The deal comes after more than $200m in funding, the most recent of which was a $35m round in March 2020 that was led by an undisclosed technology company and backed by existing investors including York Capital and TJ Rodgers.
Enovix’s earlier investors include Cypress, corporate venturing units Intel Capital and Qualcomm Ventures, DCM Ventures, Rockport Capital, Sofinnova Ventures and Trinity Ventures.
Harrold Rust, Enovix’s co-founder and chief executive, said: “In 2007, the co-founders of Enovix set out to build a better battery by changing the cell architecture.
“Today, we stand at the threshold of producing the first advanced silicon-anode lithium-ion battery for mass-market applications from our US manufacturing facility. Credit goes to the engineers and scientists of Enovix who designed and developed our advanced battery and our high-volume production operation.”
Image courtesy of Enovix Corporation.
