China-based EVE Energy to invest 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.

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 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.

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.