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FREMONT, Calif. - Battery manufacturer Enovix Corporation (NASDAQ:ENVX), a $2.16 billion market cap company with impressive revenue growth of 60% over the last twelve months, has established an 18,000-square-foot research and development center in Hyderabad, India, focused on accelerating the development of its second-generation battery platform, according to a company press release. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet.
The new facility, located in Hyderabad’s HITEC City, currently employs approximately 40 full-time staff, primarily engineers and scientists with advanced degrees in electrochemistry and materials science. The team will utilize advanced battery modeling and machine learning to expedite prototype development of the company’s AI-2 platform. With a healthy current ratio of 4.37, Enovix demonstrates strong operational liquidity to support its expansion initiatives.
Enovix plans to leverage its global operations across South Korea, Malaysia, and the United States to reduce development time. The Korean team will develop silicon anode materials, while prototype batteries will be manufactured directly on high-volume production lines in Malaysia. Testing will occur in Penang before final characterization by the Fremont R&D team.
"From my experience at building similar high-performance teams at TI, Qualcomm, and Micron – India has always had a tremendous depth of engineering talent," said Enovix CEO Raj Talluri in the statement.
The Hyderabad facility includes a battery lab capable of producing approximately 2,600 coin and small pouch cell prototypes annually for materials evaluation, with testing capacity for up to 750 small cells simultaneously.
T.J. Rodgers, Enovix Chairman, described the center as "a permanent organizational improvement" following delays in making the company’s first-generation technology production-ready. He noted that Hyderabad is "the India center of excellence for electrochemistry."
Enovix Corporation develops high-performance batteries for various applications including IoT, mobile devices, computing, and automotive sectors, with facilities in India, South Korea, and Malaysia in addition to its Silicon Valley headquarters. InvestingPro data reveals strong analyst confidence in the company’s prospects, with multiple analysts revising earnings estimates upward for the upcoming period. For detailed insights and 13 additional ProTips about Enovix, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Enovix Corporation reported its financial results for the second quarter of 2025, surpassing revenue expectations. The company posted a revenue of $7.5 million, significantly higher than the projected $5.57 million. Additionally, Enovix reported a narrower-than-expected loss per share, with an EPS of -$0.13 compared to the anticipated -$0.19. Following these positive results, Canaccord Genuity adjusted its outlook on Enovix, raising the stock price target from $20.00 to $22.00, while maintaining a Buy rating. This revision comes in the wake of Enovix’s second-quarter earnings call, which included a capital raise plan through a warrant dividend and a positive pre-announcement. These developments signal continued investor interest and analyst confidence in the company.
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