Enevate Corp., the Irvine-based company developing fast-charging lithium-ion batteries for electric vehicles, will be moving into new headquarters in the Irvine Spectrum area that is about six times of the size of its current quarters at UCI Research Park.
The company recently signed a lease for more than 125,000 square feet at 34 Parker Drive, a building next to a pair of new Rivian Automotive facilities in the city, and down the street from Karma Automotive’s headquarters.
Its current headquarters runs some 20,000 square feet.
The site last served as the headquarters for Jim Jannard’s Red Digital; the camera maker is now in Foothill Ranch.
Enevate’s move provides room for expansion for its electric vehicle battery pre-production line and corporate offices.
The new facility will also serve as a demonstration facility for automakers and battery manufacturers seeking to produce batteries in industrial-scale battery factories.
“It’s not for full-fledged production,” said Yednesh Parnaik, the vice president for sales and marketing. He joined the rapidly growing company last fall.
“Going into production is key for us,” according to Parnaik.
Ramped-Up Hiring
The facility expansion will also accommodate Enevate’s growing staff as the company continues to hire, especially scientists and engineers.
“We continue to hire. We’re ramping up our hiring,” Parnaik told the Business Journal on Feb. 9. The company counted 60 employees as of a year ago and says it’s increased the workforce by 50% since then.
Enevate was advertising for four positions, including quality technician and technical associates, on its website as of Feb. 14.
Enevate declines to specify revenue, but says it is rising.
Fidelity Management and Research Co. led the company’s most recent financing round, totaling $81 million just a year ago, bringing the amount raised to $191 million to date.
An initial public offering and listed trading may be in the future.
“That definitely is the plan,” according to Parnaik. “That is the plan for the future but until we commercialize our technology and have a solid road map, I think that we are working towards that.”
Customer Expansion
The company expects to complete its move into the new facility before the end of this year.
“With Enevate’s expanding customer base, increased number of projects, and more employees we simply ran out of room at our current facility,” said Enevate Chief Executive Robert Rango.
Enevate said in June that batteries using its lithium-ion technology will be produced and marketed by South Korea’s EnerTech International as of this year for electric vehicles and other uses, after the two companies reached a licensing deal.
The South Korean company will produce and sell the batteries, Enevate founder and Chief Technical Officer Ben Park said at that time, while no financial terms were disclosed.
Enevate’s work has resulted in battery technology that features five-minute extreme fast charging with high-energy density, low-temperature operation for cold climates, a low cost, and safety advantages over conventional batteries, it says.
Expanding Hub
The expanded facility adds to Orange County growing presence as an electric vehicle hub, with notable names including Rivian, Karma, and Cypress’ Romeo Power, and both Phoenix Motors and Taylor-Dunn in Anaheim.
The local hub also includes Brea-based Mullen Automotive Inc. (Nasdaq: MULN), an emerging electric vehicle manufacturer, which said earlier this month it had bolstered its balance sheet with $4 million in funding.
Mullen shares were trading at $1.05 apiece as of early last week, giving the company a market capitalization of about $28 million.
