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August 1, 2023 — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company and YBS International Berhad (“YBS”) (MESDAQ: YBS:KLS), a Malaysia-based investment holding company with segments including electronic manufacturing and assembly, high-precision engineering, and precision machining and stamping, among others, came together today to mark a momentous occasion – the signing ceremony of the Manufacturing Supply Agreement (MSA). The event signifies the commencement of a strategic partnership between the two industry players and celebrates the establishment of a cutting-edge next-generation battery manufacturing facility in Penang Science Park.

YAB Chow Kon Yeow, Caretaker Chief Minister of Penang stated, “Penang’s commendable performance speaks to the robust local ecosystem the state possesses, comprising of multinationals (MNCs), large local corporations (LLCs) and small-medium enterprises (SMEs). It is worth noting that the MNCs have played a significant role in developing the local capabilities, which translates to an increasing participation of the homegrown companies in the global supply chain. I am confident that the collaboration between YBS and Enovix today will follow similar path.”

Datuk Wira Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA) congratulates both Enovix and YBS on their partnership through the signing of this agreement. “The establishment of Enovix’s manufacturing hub in Malaysia marks a momentous step, bringing advanced silicon anode batteries technology to our shores. This presents a unique opportunity for local companies like YBS to collaborate and become an integral part of the global supply chain, benefitting from Enovix’s depth of expertise, economies of scale, and access to the latest technologies. Such alliances create a dynamic synergy, contributing to the robust growth of our nation’s economy, aligning perfectly with our National Investment Aspirations (NIA) and the New Investment Plan (NIP). Your partnership strengthens Malaysia’s position as an innovation-driven economy, and will allow us to continue creating new and exciting career opportunities for Malaysians.”

Jackie Yong Chan Cheah, CEO of YBS International Berhad, expressed, “Enovix has an exciting battery technology. We believe Enovix will become a market leader and we look forward to supporting the company’s goals and sharing in its growth and success.”

Ajay Marathe, COO of Enovix Corporation, said, “We’re thrilled to announce this significant milestone in our journey to scale. In addition to working with YBS, we look forward to collaborating with MIDA, the Northern Corridor Economic Region (NCER) and InvestPenang to secure investment incentive which will support our long-term goals in Malaysia. Malaysia, and especially the Penang region, is rich with semiconductor-trained engineers who have a manufacturing-excellence mindset. We’re pleased to advance our presence in the region to support our rapid growth.”

As part of the MSA, YBS, under the direction of Enovix, will provide the building and capital for equipment and labour for Fab2 and the Gen2 Autoline 1. Enovix announced earlier this year that it established Enovix Malaysia Sdn. Bhd. In addition, Enovix has hired over 30 people in Malaysia including the two leaders announced in March this year.

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About MIDA
MIDA is the Government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook, LinkedIn, TikTok and YouTube channel.

About InvestPenang
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs) and Penang CAT Center (for talent attraction and retention). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook; LinkedIn.

About Enovix
Enovix is on a mission to power the technologies of the future. Everything from IoT, mobile and computing devices, to the vehicle you drive, needs a better battery. The company’s disruptive architecture enables a battery with high energy density and capacity without compromising safety. Enovix is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand. For more information visit www.enovix.com and follow us on LinkedIn.

About YBS International Berhad
YBS International Berhad (formerly known as LNG Resources Berhad) was incorporated in Malaysia as a public limited company in year 2002 under the Companies Act, 2016 as an investment holding company and was officially listed on the MESDAQ Market of the Bursa Malaysia Securities Berhad in year 2003.

Media Contacts:

MIDA
Ms. Noor Suziyanti Saad
Email: suziyanti@mida.gov.my
Tel.: +603 – 2267 3575

InvestPenang
Elaine Cheah / Michelle Goy
Email: elaine@investpenang.gov.my / michelle@investpenang.gov.my
Tel.: +604 – 646 8833

Enovix
Kristin Atkins
Email: katkins@enovix.com
Phone: +1 (650) 815-6934

YBS
Lim Ewe Huat
Email: ewehuat.lim@ybsinternational.com
Phone: +6013 – 420 0897