8 Best EV Battery Stocks To Buy in Late 2024

5. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 22

Enovix Corporation (NASDAQ:ENVX) is a California-based company specializing in advanced lithium-ion batteries, especially with its innovative 3D Silicon cell design. The design, which uses a fully active silicon anode, improves energy density and battery lifespan, and positions the company as a strong player in industries requiring high-performance batteries, such as EVs, mobile phones, and IoT devices.

In 2023, the company expanded its product offerings by acquiring Routejade, Inc., allowing entry into the conventional lithium-ion battery market for sectors like wearables and medical devices. The company collaborates with OEMs worldwide and generates revenue through battery sales and engineering contracts. It also has research labs in India and Malaysia and is developing next-generation materials.

On July 31, the company signed a non-binding Memorandum of Understanding (MOU) with a global automotive manufacturer to expand its unique cell architecture for EVs. This agreement centers on optimizing the company’s distinctive battery design, which uses a stacked electrode structure to improve performance, charging speed, and thermal management. Unlike traditional batteries, Enovix’s structure enables rapid charging, better thermal distribution, and minimized swelling

Enovix (NASDAQ:ENVX) has made strides in production, with its EX-1M battery cells receiving certification and sample shipments beginning from facilities in California and Malaysia. On October 2, the company announced that it has started shipping EX-1M battery cell samples from its Agility Line in Malaysia, representing a significant step in its scaling efforts.

This follows earlier shipments from its California facility and the opening of the high-volume Fab2 in Malaysia. The company also completed UN38.3 certification, which confirms the batteries meet international safety standards. Enovix (NASDAQ:ENVX) aims to begin high-volume production in 2025.