Enovix to invest US$100m in new facility in Penang - MIDA | Malaysian Investment Development Authority
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Enovix to invest US$100m in new facility in Penang

Enovix to invest US$100m in new facility in Penang

01 Aug 2023

Enovix Corporation (Enovix), an advanced silicon battery company, plans to invest US$100 million (RM451 million) to open a new manufacturing facility in Penang Science Park.

Enovix chief operating officer Ajay Marathe said the new facility will be a significant milestone for Enovix as it aims to scale up its advanced silicon battery technology.

“Enovix and YBS International Bhd (YBS), a Malaysia-based investment holding company, held an official signing ceremony today to commemorate our new manufacturing facility in Penang Science Park.

“We are thrilled to announce this significant milestone in our journey. In addition to working with YBS, we look forward to collaborating with Mida (Malaysian Investment Development Authority), the Northern Corridor Economic Region, and InvestPenang to include an investment incentive, which will support our long-term goals in Malaysia,” he told a press conference after the official signing ceremony of the Manufacturing Supply Agreement (MSA) between Enovix and YBS.

Also present were Penang Chief Minister Chow Kon Yeow; Mida chief executive officer (CEO), Datuk Arham Abdul Rahman; CEO of YBS Jackie Yong Chan Cheah; special adviser to the chief minister of Penang Datuk Seri Lee Kah Choon; and InvestPenang CEO Datuk Loo Lee Lian.

Ajay said Malaysia, and especially Penang, is rich with semiconductor-trained engineers who have a manufacturing excellence mindset.

He said the proposed collaboration will serve as a platform for the group and its subsidiaries to diversify, expand and further strengthen its businesses.

“The collaboration will also provide another income stream to the group which will contribute to the profitability of the group in the future. We’re pleased to advance our presence in the region to support our rapid growth,” he said.

Meanwhile, Mida chief Arham said the establishment of Enovix’s manufacturing hub in Malaysia marks a momentous step, bringing advanced silicon anode batteries technology to the country.

He said this presents a unique opportunity for local companies like YBS to collaborate and become an integral part of the global supply chain, benefitting from Enovix’s depth of expertise, economies of scale and access to the latest technologies.

“Such alliances create a dynamic synergy, contributing to the robust growth of our nation’s economy, aligning perfectly with our National Investment Aspirations (NIA), and the New Investment Plan (NIP).

“Your partnership strengthens Malaysia’s position as an innovation-driven economy and will allow us to continue creating new and exciting career opportunities for Malaysians,” he said.

Source: Bernama