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Enovix (ENVX) Collaborates With Group14 for Silicon Battery
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Enovix Corporation (ENVX - Free Report) recently partnered with Group14 Technologies to develop a new silicon battery. It will use Group14’s silicon-carbon composite SCC55 for 100% of the anode material within Enovix’s battery architecture.
Significance of the Battery
Enovix’s high-energy, 100% silicon batteries provide an increase in capacity of up to 50% compared to similar devices on the market today. These batteries solve major issues like fast charge efficiency, cycle swelling, cycle life etc.
The lithium-ion battery comes with a wide range of applications. Manufacturing and commercializing of these batteries for a variety of consumer electronics, including smartphones, laptops, wearables and IoT devices, has been the focus. It also has applications in the industrial and medical sectors and electric vehicles.
ENVX’s Prospects in the Battery Market
The rising demand for adopting clean energy and reducing carbon emissions over growing concerns of the environmental impact has led to a transition to renewable energy. A shift of energy generation from conventional sources, like coal to cleaner sources, has been a key driver behind the solid growth observed lately in the global battery market. Per a report by Mordor Intelligence, the global battery market is projected to register a CAGR of 16.64% during 2024-2029.
Further, according to a report by McKinsey & Company, the entire lithium-ion battery chain, from mining through recycling, could grow by more than 30% annually from 2022 to 2030. In light of such projections, we believe that the latest agreement comes as a great opportunity for Enovix to reap the benefits of the expanding battery market.
Enovix has a detailed plan for technological improvements through 2026. On Nov 1, 2023, the company completed the acquisition of Routejade, an established Korean battery manufacturer. With this acquisition, the lithium-ion battery business will be established with two factories in Korea and will enable vertical integration of electrode coating and battery pack manufacturing.
Peer Moves
Some other prominent players in the global battery market are FREYR Battery SA (FREY - Free Report) , Energy Vault Holdings Inc. (NRGV - Free Report) and Fluence Energy Inc. (FLNC - Free Report)
FREYR designs and manufactures high-density and cost-competitive lithium-ion batteries with lower carbon footprint. The company is in agreement with 24M Technologies to use its solid battery platform technology. It has been working on the Giga America Project, which will have one track using the 24M technology.
The Zacks Consensus Estimate for FREY’s 2024 earnings per share (EPS) has moved up 40.2% in the past 60 days. The stock delivered an average earnings surprise of 38.71% in the last four quarters.
Energy Vault provides a wide range of battery products. B-Vault uses proprietary lithium-ion battery energy storage systems for a short duration. During third-quarter 2023, the Stanton Battery Energy Storage System became the company’s first battery project in full service. It has an operational capacity of 68.8 megawatt/275.2 megawatt-hour.
The Zacks Consensus Estimate for NRGV’s 2024 EPS indicates year-over-year growth of 3.1%. The Zacks Consensus Estimate for 2024 sales suggests growth of 159.3% from the year-ago reported number.
Fluence Energy offers multiple battery storage products with high safety and customer optimization. On Dec 20, 2023, Fluence was selected by AGL to deliver 500 MW to the Liddell Battery Project.
The Zacks Consensus Estimate for FLNC’s 2024 sales indicates year-over-year growth of 33.2%. The stock delivered an average earnings surprise of 41.06% in the last four quarters.
Price Performance
In the past year, shares of ENVX have rallied 52.3% against the industry’s 10.3% decline.
Image: Bigstock
Enovix (ENVX) Collaborates With Group14 for Silicon Battery
Enovix Corporation (ENVX - Free Report) recently partnered with Group14 Technologies to develop a new silicon battery. It will use Group14’s silicon-carbon composite SCC55 for 100% of the anode material within Enovix’s battery architecture.
Significance of the Battery
Enovix’s high-energy, 100% silicon batteries provide an increase in capacity of up to 50% compared to similar devices on the market today. These batteries solve major issues like fast charge efficiency, cycle swelling, cycle life etc.
The lithium-ion battery comes with a wide range of applications. Manufacturing and commercializing of these batteries for a variety of consumer electronics, including smartphones, laptops, wearables and IoT devices, has been the focus. It also has applications in the industrial and medical sectors and electric vehicles.
ENVX’s Prospects in the Battery Market
The rising demand for adopting clean energy and reducing carbon emissions over growing concerns of the environmental impact has led to a transition to renewable energy. A shift of energy generation from conventional sources, like coal to cleaner sources, has been a key driver behind the solid growth observed lately in the global battery market. Per a report by Mordor Intelligence, the global battery market is projected to register a CAGR of 16.64% during 2024-2029.
Further, according to a report by McKinsey & Company, the entire lithium-ion battery chain, from mining through recycling, could grow by more than 30% annually from 2022 to 2030. In light of such projections, we believe that the latest agreement comes as a great opportunity for Enovix to reap the benefits of the expanding battery market.
Enovix has a detailed plan for technological improvements through 2026. On Nov 1, 2023, the company completed the acquisition of Routejade, an established Korean battery manufacturer. With this acquisition, the lithium-ion battery business will be established with two factories in Korea and will enable vertical integration of electrode coating and battery pack manufacturing.
Peer Moves
Some other prominent players in the global battery market are FREYR Battery SA (FREY - Free Report) , Energy Vault Holdings Inc. (NRGV - Free Report) and Fluence Energy Inc. (FLNC - Free Report)
FREYR designs and manufactures high-density and cost-competitive lithium-ion batteries with lower carbon footprint. The company is in agreement with 24M Technologies to use its solid battery platform technology. It has been working on the Giga America Project, which will have one track using the 24M technology.
The Zacks Consensus Estimate for FREY’s 2024 earnings per share (EPS) has moved up 40.2% in the past 60 days. The stock delivered an average earnings surprise of 38.71% in the last four quarters.
Energy Vault provides a wide range of battery products. B-Vault uses proprietary lithium-ion battery energy storage systems for a short duration. During third-quarter 2023, the Stanton Battery Energy Storage System became the company’s first battery project in full service. It has an operational capacity of 68.8 megawatt/275.2 megawatt-hour.
The Zacks Consensus Estimate for NRGV’s 2024 EPS indicates year-over-year growth of 3.1%. The Zacks Consensus Estimate for 2024 sales suggests growth of 159.3% from the year-ago reported number.
Fluence Energy offers multiple battery storage products with high safety and customer optimization. On Dec 20, 2023, Fluence was selected by AGL to deliver 500 MW to the Liddell Battery Project.
The Zacks Consensus Estimate for FLNC’s 2024 sales indicates year-over-year growth of 33.2%. The stock delivered an average earnings surprise of 41.06% in the last four quarters.
Price Performance
In the past year, shares of ENVX have rallied 52.3% against the industry’s 10.3% decline.
Image Source: Zacks Investment Research
Zacks Rank
Enovix currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.