KUALA LUMPUR: Mi Technovation Bhd's wholly owned subsidiary, Mi Semiconductor Pte Ltd (MiSE Singapore), has entered into a US$30 million (RM142 million) investment agreement with Xiaoshan Economic and Technological Development Zone Administration Committee.
The investment involves research and development (R&D) and manufacturing facilities for power modules and devices in Xiaoshan, Hangzhou City, the company said in a Bursa Malaysia filing today.
According to the agreement terms, MiSE Singapore will invest the proposed sum in its subsidiary Mi Semiconductor (Hangzhou) Co. Ltd, which has a core R&D team consisting of graduates from renowned universities, and its key management team are experienced members from leading multinational companies in Europe, the United States and Taiwan.
"The proposed investment represents a strategic business collaboration between MiSE Singapore and Xi'an and Hangzhou cities' remarkable and influential intellectual groups.
"This will enable the semiconductor solution business unit to be involved in the China domestic ecosystem, namely the semiconductor wide bandgap in the renewal energy segment," the filing said.
The board foresees that the global wide bandgap semiconductor market is expected to witness
unprecedented growth for the next 10 years as industries look for energy-efficient and high-performance electronics.
The proposed investment sum will be funded through internally generated funds and the first production line is expected to commence operation by the end-2024. - Bernama