The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with two factories in Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realize significant cost savings while speeding up battery development cycles.
Routejade brings over experience as a manufacturer and supplier of lithium-ion batteries. The company sells lithium-ion cells and packs to customers globally, and their patented encapsulation technology claims to allow for circular and asymmetric battery form factors, complementing the ability of Enovix to support multiple customer requirements.
“We are thrilled to welcome the Routejade team to Enovix,” said Dr. Raj Talluri, President and CEO of Enovix. “Our teams are already working well together incorporating Routejade coating into our manufacturing process and we see great opportunities to enhance our R&D and commercialization efforts through the combination.”
In September, Gotion High-Tech, a Chinese battery conglomerate, acquired a 25% stake in InoBat, a Slovakian battery company. Inobat specializes in high-performance NMC batteries with its proprietary C2C circular value-chain development platform. The partnership, called Gotion-InoBat-Batteries (GIB), will provide a novel development approach and create localized battery value chains for their customers.
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, In 9M 2023, 11 Energy Storage companies were acquired, compared to 23 in 9M 2022.
Earlier this year, France-based energy firm ENGIE announced the signing of a definitive agreement to acquire 100% of Houston-based battery storage company Broad Reach Power, with a focus on facilitating the growth of its renewable energy portfolio. The acquisition was facilitated in partnership with investment funds EnCap Investments and Apollo.