11 Small Cap EV Stocks to Invest In

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6. Enovix Corporation (NASDAQ:ENVX)

Market Capitalization: $1.51 Billion

Number of Hedge Fund Holders: 14

Enovix Corporation (NASDAQ:ENVX) is an innovative American company that specializes in designing and manufacturing lithium-ion batteries with advanced silicon anodes. These batteries cater to a wide range of applications, including wearables, smartphones, laptops, industrial devices, and electric vehicles (EVs).

In July 2024, Enovix Corporation (NASDAQ:ENVX) signed a non-binding Memorandum of Understanding (MOU) with a global automotive OEM to scale its battery technology for the EV market. This partnership focuses on optimizing cell design and performance, which highlights the potential of Enovix Corporation’s (NASDAQ:ENVX) unique battery architecture. The innovative cell structure allows for faster charging and improved thermal management, making it suitable for high-performance applications.

In Q4 2024, the company expects to achieve a significant milestone with one of the major automakers in the EV sector. Enovix Corporation’s (NASDAQ:ENVX) strategy involves developing customized products in collaboration with leading automotive manufacturers, which positions it well for future growth in the expanding EV market. Enovix Corporation (NASDAQ:ENVX) plans to grow and strengthen its partnerships in 2025 by using a capital-efficient licensing model in the electric vehicle market that supports the long-term growth of its technology. The company’s innovative battery technology and strategic business approach position it well for future growth in a rapidly expanding market.

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