Sept 20 (Reuters) - Enovix (ENVX.O), a Silicon Valley firm developing new battery technology for consumer electronics such as mobile phones, said on Wednesday it has acquired Korean battery maker RouteJade in a cash-and-stock deal.
Enovix said it paid $16.5 million in cash and 6.2 million shares of common stock for RouteJade, which had previously been a supplier to Enovix.
Enovix Chief Executive Raj Talluri told Reuters that the deal will help Fremont, California-based Enovix vertically integrate its battery manufacturing operations as it scales up a factory in Malaysia next year.
With the deal, "we are able to really take advantage of all the new materials coming out and quickly run them through R&D and manufacturing, so we can change our battery composition quickly," Talluri said.
Enovix is developing a technology that can replace part of a battery called an anode, traditionally made out of graphite, with silicon instead.
Persons:
Enovix, Raj Talluri, Talluri, That's, Stephen Nellis, Matthew Lewis
Organizations:
Enovix, Reuters, HK, Lenovo Group, San, Thomson
Locations:
Silicon, Korean, Fremont , California, Malaysia, Malaysian, San Francisco