Let’s have a look at the competition this week to see who Enovix might be up against.
THCB:
This is Microvast, another EV battery supplier. Their share price was hurt compared to just a week ago.
QS:
If you recall, this is the company that RSVA initially said they’re competing with. Let’s look at their share price this past week
Another hit.
RSVAU was hit. Everything is down. Not just RSVAU. The fundamentals have not changed. I even told others that a stock price for RSVAU under $20 was “greedy” and I still believe that. I’m buying all I can right now. In fact, I just bought $3000 more of RSVAU just this week (at $18).
In short, I’m holding. I believe the market will bounce back.
Competition:
Something I’ve been trying to do is find competitors to Enovix and looking at who their partners are and where they’re at in the commercialization of their product. An expert on silicon batteries I am not, but I can at least do some research. If anything, doing research on the competition makes me more bullish on Enovix, not less.
Group14:
This one was strange to me. Group14 Technologies (Founded: 2015) is located practically in my backyard! They’re in Woodinville, WA (and I live in Bothell, WA – very close to Woodinville – like, I could walk there). Here’s their website:
Group14 Technology
It would appear that they have a viable solution, but no product and no customers as of yet.
XNRGI:
XNRGI (exponential energy) Battery Technology – XNRGI
It looks like this is another Seattle based company, going by the LinkedIn profile of the CEO.
Chris D’Couto | LinkedIn
This company was formed in 2007. So far, they’ve performed Series A and Series B funding totaling $40M. Looks like they have a manufacturing plant in Grugaon, India that’s producing 250 Mwh of batteries per year. Although they mention their American backers, they have not mentioned shipping any product to American companies. I’m unsure who they are currently selling to. This is one company I would keep my eye on.
Sila Technologies:
This company, located in Alemeda, CA, is perhaps the biggest threat to Enovix that I’ve seen. They offer a drop-in replacement for lithium ion battery production (just like Enovix). Their founder/CEO is also part of the Tesla “mafia” – being the 7th employee of Tesla and was pivotal in the creation of the Roadster. They have technology for a silicon anode battery, and they’re building a plant with 50 Mwh capacity in California and have major partners with Daimler/Benz. It would appear that they’re focusing on the creation of EV batteries first. They have a valuation of over $3B with Series F funding.
So those are the cool things, but what about the bad things? They don’t seem to have a viable, market ready product: Sila Nanotechnologies: Materials that set a new standard for batteries. And with Series F funding and no viable product available for purchase, I’m concerned that it seems like Daimler is investing in some hot air. Where is their product? What’s for sale? I’m not sure.
Conclusion:
Enovix is the only company I’ve found that hits on all cylinders:
– A company that has customers
– With a product ready to sell to mass market
– Located in the United States or intent to expand here soon
– Ability to expand the manufacturing of other companies with licensing deals
– Previous history in battery manufacturing (Greg Reichow – I’m looking at you!)
So far, I haven’t found anyone that’s a true competitor to Enovix. Mayyyybe Sila Technologies at best. But otherwise, I’m at a real loss here.
If you find any companies that tick the boxes that Enovix ticks, I would love to evaluate them. Please send them to me.