Eclipse Ventures Invests in Enovix Corporation

FREMONT, Calif., Dec. 1, 2020 /PRNewswire/ -- Eclipse Ventures has made a significant investment in Enovix Corporation, and Eclipse Partner Greg Reichow has joined the Enovix board of directors. Eclipse is a technology-focused investment firm specializing in complex operations and full-stack solutions. Founded in 2015, the Palo Alto-based firm is managed by a team of former operators who are passionate about modernizing massive, physical industries like manufacturing, logistics and transportation.

Harrold Rust, Enovix CEO, said, "Enovix is very pleased to have Eclipse as a major shareholder and to have Greg as a member of our board. Our relationship with Greg began when he was with SunPower and has extended for nearly a decade. Most recently, he served on our technical advisory board. His insight and experience scaling global production operations has been invaluable to Enovix, and I look forward to his continued counsel as a board member."

Greg Reichow has spent his career building and leading teams to help scale multifaceted products from initial concept to high-volume production. Prior to joining Eclipse, he was Tesla's executive leader of global manufacturing, factory/automation engineering, supply chain, and product excellence. While at Tesla, he led growth from low-volume Roadster production to the fully integrated manufacturing of the Model S and X and a revenue run rate exceeding $8 billion. In addition, he led the planning, construction and production ramp of the Tesla Gigafactory, the world's largest lithium-ion production facility. Prior to Tesla, Greg was the Senior Vice President of Operations at SunPower and led the growth of manufacturing operations from pilot scale to more than $2 billion in annual revenue. 

"Enovix has not only developed, but has delivered, breakthroughs in cell architecture and manufacturing processes that will enable the next generation of battery-powered products," Reichow said. "I am incredibly excited to partner with Harrold and his amazing team as we ramp up these game-changing solutions into volume production."

Enovix Corporation has developed an advanced lithium-ion battery that incorporates a 100% active silicon anode using its patented 3D cell architecture to significantly increase energy density and maintain high cycle life. The company has applied an equally innovative approach to develop proprietary roll-to-stack production tools that 'drop-in' to existing lithium-ion battery manufacturing lines and increase megawatt hour (MWh) capacity by 30%. Enovix has completed construction and is installing equipment at its first production facility to begin commercial delivery of its advanced lithium-ion battery in 2021. To date, the company has raised over $225 million in venture, strategic and private funding. It has been awarded over 90 patents and has over 50 more applications pending to create sustainable enterprise value and provide a competitive barrier for years to come. For more information, go to www.enovix.com.

SOURCE Enovix Corporation