Why Enovix Shares Are Moving Higher

Enovix Corp ENVX shares are trading higher Tuesday after the company announced it received a purchase order from the U.S. Army. 

What Happened: Enovix announced a commitment to produce commercial cells for Conformal Wearable Batteries that will act as a U.S. Army soldier's central power source for powering communications equipment and other devices.

The new agreement progresses the company's ongoing program with the U.S. Army toward full volume production. Enovix cells will be used to build pre-production Conformal Wearable Battery packs. 

"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," said Raj Talluri, president and CEO of Enovix.

"This achievement is yet another proof point on our journey to scale."

See Also: Why Lordstown Motors Stock Is Tumbling Tuesday

ENVX Price Action: Enovix shares were up 6.02% at $13.91 at the time of publication, according to Benzinga Pro.

Photo: @USArmy from Flickr.