India, April 3 -- Enovix Corporation (ENVX), Thursday announced the acquisition of battery cell manufacturing assets from SolarEdge, located in South Korea.
Enovix said that the acquisition will expand its manufacturing footprint and help position it to meet growing demand in the defense industry.
The transaction is expected to close in April 2025, subject to the satisfaction of customary closing conditions.
Enovix will be acquiring a battery cell manufacturing facility from SolarEdge that is approximately 330,000 square feet, as well as battery cell development and manufacturing equipment. The SolarEdge facility has been operating for over 20 years. The facility to be acquired is directly adjacent to the company's existing facility in N...