Batteries' role in daily life is becoming ever more prominent as they power watches to phones, computers, cars and entire homes. The large and growing total addressable market — as well as the many end uses — means companies and researchers around the world are vying to create devices that are more powerful and more efficient, all while keeping costs down.
One company believes its focus on a little-innovated part of the battery sets it apart. Enovix launched in 2007 with a mission to transform the basic architecture of lithium-ion batteries. The company says its 3D stacking structure — as opposed to the winding structure typically seen in batteries — allows it to take advantage of the energy-rich nature of silicon, thereby creating more powerful batteries.
The company took advantage of the rise in special purpose acquisition companies, or SPACs, and earlier this year announced plans to merge with Rodgers Silicon Valley Acquisition Corp. in a deal valued at $1.1 billion. With momentum behind the clean tech space, including from Washington, Enovix CEO Harrold Rust said the timing was right to take the company public.
"I think some of these things are just starting to time out now where now it's time to actually commercialize," he said.