Enovix Acquires SolarEdge Facility in South Korea

Enovix Corporation has announced its acquisition of a 330,000 square-foot battery cell manufacturing facility from SolarEdge in South Korea, aimed at bolstering its production capabilities to meet increasing demand, particularly in the defense sector. The transaction, expected to close in April 2025, includes development and manufacturing equipment and plans to integrate select SolarEdge employees into its workforce. Following this acquisition, Enovix anticipates a significant increase in battery sales from the facility in 2025 and 2026, which is expected to enhance gross margins and expedite production. Analysts have projected a substantial upside potential for Enovix, with an average target price of $27.08, indicating potential growth from its current stock price of $7.63. CEO Dr. Raj Talluri emphasized the strategic importance of this expansion in improving supply chain efficiency and innovation. Overall, the acquisition aligns with Enovix's commitment to advancing battery technology for critical industries.