Enovix (NASDAQ:ENVX) stock is getting a boost on Tuesday after the active silicon battery company announced an order from the United States Army.
According to a press release from Enovix, this has the Army ordering commercial cells for its Conformal Wearable Battery (CWB). This is the central power source of a soldier’s equipment, providing energy to radio equipment and other essential gear.
Enovix notes that its power cells offer several advantages for soldiers in the field. That includes better energy density, which results in longer battery life alongside lighter batteries. They also feature BrakeFlow technology, which causes a failed battery to disperse energy slowly instead of in a “catastrophic release” in the case of a short.
Dr. Raj Talluri, president & CEO of Enovix, said the following about the deal:
“Our cells provide a significant energy density advantage compared to other cells on the market today, and I’m proud that our team has successfully designed and produced BrakeFlow™-enabled custom cells for Inventus Power and the U.S. Army. This achievement is yet another proof point on our journey to scale.”
ENVX Stock Movement on Tuesday
With this newest deal, shares of ENVX stock are seeing a decent amount of trading as investors buy shares. This has more than 4.6 million units on the move as of this writing. That’s not too bad compared to the company’s daily average trading volume of about 6.2 million shares.
ENVX stock is up 13.3% as of Tuesday morning and is up 22.5% since the start of the year.
Investors on the lookout for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market news that traders need to know about on Tuesday! A few examples include why shares of Lordstown Motors (NASDAQ:RIDE), Nvidia (NASDAQ:NVDA), and Nvidia (NASDAQ:NVDA) stock are in the news today. You can catch up on all of that news at the following links!
More Stock Market News for Tuesday
- RIDE Stock Alert: Lordstown Motors Files for Bankruptcy
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- PLUG Stock Alert: Plug Power Wins $21.8 Million Grant
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
