Enovix completes acquisition of Routejade
Enovix Corporation, an advanced silicon battery company, has completed the acquisition of privately held Routejade, a South Korean battery manufacturer.
The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing, while adding an established lithium-ion battery business with two factories in South Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realise significant cost savings while speeding up battery development cycles as modern materials are quickly incorporated to improve energy density.
Routejade brings over 20 years of experience as a manufacturer and supplier of lithium-ion batteries, targeting end markets such as wearables, hearables, medical, industrial, and the South Korean military.
Routejade manufactures and sells lithium-ion cells and packs to more than 30 customers globally, and there is significant synergy with most of these customers being able to continue their ongoing business relationships with both Routejade and Enovix products.
“We are thrilled to welcome the Routejade team to Enovix,” says Dr. Raj Talluri, President and CEO of Enovix, in a press release. “Our teams are already working well together incorporating Routejade coating into our manufacturing process and we see great opportunities to enhance our R&D and commercialization efforts through the combination.”