China-based lithium battery maker EVE Energy Co is set to build a cylindrical battery production facility in Malaysia through its subsidiary EVE Energy Malaysia. This, it said, will provide it with the basis to support electric two-wheeler and power tool manufacturing enterprises in the country as well as across the region.
In a statement, the company said that it plans to invest US$422.3 million (RM1.85 billion) into the business here. It said the project will be developed in phases, with the construction period expected to take no more than three years. At present, the company is evaluating several sites for the proposed manufacturing plant, including a few potential locations in the state of Perak.
Malaysian Investment Development Authority (MIDA) CEO Datuk Arham Abdul Rahman said EVE Energy’s plans to set up manufacturing operations here resonates well with the objectives outlined by the National Investment Aspirations (NIA) and National Automotive Policy (NAP 2020) to grow the country’s electric vehicle (EV) ecosystem, specifically in the area of EV battery production.
“Equipped with highly-skilled talents and proficient technology experts, Malaysia is certainly a conducive and an ideal location for the success of EVE Energy’s investment,” he said.
EVE Energy Malaysia’s representative director Joe Chan said that the company’s expansion into Malaysia will enhance its global market presence in the two-wheeled EV and power tool batteries segments. “The establishment of EVE Energy’s cylindrical battery production base in Malaysia will help supply high quality batteries to companies in the country and South-East Asia,” he said.
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