Enovix Overhauls Leadership for Mass Production Push

FREMONT, CA – January 20, 2026 – Enovix Corporation (Nasdaq: ENVX) today announced a significant leadership transition, a strategic overhaul designed to shift the high-performance battery company from its development roots into a high-volume manufacturing powerhouse. The move, which includes the planned retirement of Chief Operating Officer Ajay Marathe, signals a critical pivot as Enovix prepares to commence mass production of its advanced silicon-anode batteries for the demanding smartphone, smart eyewear, and defense sectors.

The restructuring brings in a team of seasoned manufacturing experts and realigns the company's operational command structure, underscoring a sharpened focus on disciplined execution and rapid scaling. The changes come as Enovix enters what its leadership calls a “pivotal year,” with its flagship Fab2 manufacturing plant in Malaysia poised to begin commercial production.

A Strategic Pivot to Scale

For years, Enovix has been at the forefront of battery innovation, developing a novel 3D cell architecture and silicon-anode technology that promises significant gains in energy density and charging speed over traditional lithium-ion batteries. However, the journey from a promising prototype to millions of units rolling off an assembly line is a chasm where many hardware startups falter. Enovix’s leadership transition is a direct and forceful attempt to bridge that gap.

The company is realigning its operations to prioritize what it calls “proven, high-volume battery manufacturing expertise.” Outgoing COO Ajay Marathe, who will retire in February, was praised by the company for his foundational contributions, particularly his instrumental role in establishing the Fab2 facility in Penang, Malaysia. Marathe, who has decades of operational experience in the region, was a key figure in bringing the plant from concept to reality.

“Ajay played a foundational role in building out and scaling Enovix’s Fab2 in Malaysia,” said Dr. Raj Talluri, President and Chief Executive Officer of Enovix. “His leadership has helped position the company for its next phase of growth, and we are grateful for his many contributions.”

The transition appears to be less about a change in direction and more about a change in velocity and specialization. With the Malaysian factory’s core infrastructure in place—highlighted by the successful completion of Site Acceptance Testing (SAT) for its first high-volume manufacturing line in late 2024—the next challenge is optimizing for yield, throughput, and repeatable quality at scale. This requires a different set of skills, focused intently on the granular details of mass production.

Assembling a High-Volume Manufacturing Team

To lead this new phase, Enovix has consolidated its global manufacturing under Senior Vice President Kihong (“KH”) Park. Park, who has overseen the company’s Korean operations since 2023, brings over two decades of experience scaling lithium-ion battery production across Asia, Europe, and North America. His success in integrating acquired assets and driving growth in the Korean division—which contributed significantly to the company’s preliminary 38% overall revenue growth in 2025—is now being leveraged across the entire organization.

In a move that signals the strategic importance of manufacturing engineering, the Advanced Manufacturing Engineering (AME) group will now report directly to CEO Raj Talluri. This group is responsible for the proprietary equipment that is the backbone of Enovix's unique manufacturing process. To lead AME, the company has hired Ed Casey as Vice President, Operations. Casey brings a wealth of experience in high-volume, complex technology manufacturing from leadership roles at industry giants like Seagate, Western Digital, and most recently ams OSRAM, with specific expertise in scaling operations in Southeast Asia.

Further strengthening the AME team is the addition of Sanghyuck Park as Senior Director. With over 30 years of experience at LG Electronics’ Production Technology Center, he is a deep subject matter expert in battery production equipment, global standardization, and process optimization. An inventor with multiple international patents in the field, his expertise is expected to be critical in accelerating the deployment and standardization of production lines as Enovix expands.

“These leadership changes reflect the importance of combining all our battery manufacturing under one experienced leader,” Dr. Talluri stated. “With KH’s track record in Korea, Ed’s world-class manufacturing experience, and a strengthened AME team, we are excited about the momentum we are building and our ability to execute with speed, precision, and operational excellence.”

The Race to Commercialize Silicon-Anode Tech

The leadership shuffle is happening just as Enovix’s manufacturing capabilities are coming online. The Fab2 facility in Malaysia, which passed its ISO 9001:2015 quality audit, is on track to begin mass production for smartphones in the fourth quarter of 2025. This facility is the linchpin of the company's strategy to meet demand from a market hungry for better batteries. Independent testing has validated Enovix's AI-1™ smartphone battery at a volumetric energy density of 935 Wh/L, a significant leap over the 700-800 Wh/L of premium graphite cells in current devices.

The potential market is vast. Enovix is already providing samples to seven of the top eight global smartphone OEMs, a group that collectively ships over a billion phones annually. Beyond phones, the company has development agreements with leading smart eyewear companies and is seeing increased demand from the defense sector for high-rate discharge batteries, a market segment served by its growing Korean operations.

The company’s technology promises not just more power in the same footprint but also dramatic improvements in charging speed, with demonstrations showing a 0-80% charge in about five minutes. Delivering on this promise at scale could fundamentally change user experiences for a new generation of power-hungry devices, from AI-enabled smartphones to augmented reality glasses.

Financial Footing for an Ambitious Ramp

This ambitious manufacturing ramp-up is backed by a strong financial position. Enovix ended 2024 with a healthy cash balance and further fortified its treasury in September 2025 with a convertible note offering and warrant distribution that brought its pro forma cash balance to approximately $674 million. This capital provides a crucial runway to fund the planned $1.2 billion investment in its Malaysian operations over the next 15 years, beginning with the initial $70 million line.

While the company remains pre-profit, its financial trajectory shows positive momentum. Revenue grew approximately 38% in 2025 based on preliminary results, driven by strong performance in its Korean defense and industrial business. The company also achieved its first positive non-GAAP gross margin in early 2024 and is targeting margins of over 50% from a single production line once at scale. With the new leadership team tasked with executing the manufacturing playbook, investors and customers will be watching closely to see if this strategic pivot can successfully turn technological promise into commercial reality.