China's EVE Energy to build US$422.3mil cylindrical battery plant in Malaysia

PETALING JAYA: China-based EVE Energy Co Ltd, via its subsidiary EVE Energy Malaysia Sdn Bhd, will be investing US$422.3mil (RM1.86bil) to set up a cylindrical battery production base in Malaysia.

In a statement yesterday, the lithium battery production company said the production facility will support the electric two-wheelers and power tools manufacturing enterprises in the country and across South-East Asia.

“The project will be constructed in phases with a construction period of no more than three years,” the group said.

Currently, EVE Energy is evaluating several sites to set up its manufacturing facility in Malaysia, including a few potential locations in the state of Perak.

InvestPerak chief executive officer Izran Abdullah said Perak has a huge potential to become a new focus investment destination.

He noted that the state is equipped with good infrastructure, abundant natural resources, sufficient high-skill talents, matured industrial ecosystem, and competitive cost of doing business.

“Strategically located between Penang and Selangor, the two economic powerhouses in Malaysia, Perak gains the advantages from the economic spill over from both states and is always ready to support industrial expansion and supply chain,” he said in the same statement.

Meanwhile, Malaysian Investment Development Authority (Mida) chief executive officer Datuk Arham Abdul Rahman said the full-fledged cylindrical lithium battery ecosystem resonates well with the National Investment Aspirations and National Automotive Policy 2020 in stimulating and synergising the country’s electric vehicle (EV) ecosystem, specifically for EV battery production.

“The transition to EV will be one of the most significant shifts in our automotive sector in generations.

“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.

Meanwhile, EVE Energy Malaysia’s representative director Joe Chan said the company has a long history in the field of green energy, adding that the goal is to provide customers with high quality batteries.

“The establishment of EVE Energy’s cylindrical battery production base in Malaysia will help to supply high quality batteries to companies in the country and South-East Asia,” he said.

EVE Energy’s products are widely used in the areas of internet of things and the energy Internet and its lithium-ion batteries are supplied to global first-tier brands.

The company has also become one of the top 10 companies in the world in terms of power battery installed capacity, working along with international automakers such as BMW, Daimler, Hyundai and Jaguar Land Rover.

Its global sales foundation footprint has expanded to the US, Germany, Malaysia as well as other regions.

To date, Mida has approved 25 projects totalling RM10.69bil in the EV and its related ecosystems from 2020 to June 2022.

The approved investments include the activity of EV assembly, manufacturing of EV parts and components and its charging components.

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