EVE Energy building new US$422m manufacturing facility in Kedah - MIDA | Malaysian Investment Development Authority
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EVE Energy building new US$422m manufacturing facility in Kedah

EVE Energy building new US$422m manufacturing facility in Kedah

07 Aug 2023

Global lithium battery manufacturer EVE Energy Co Ltd on Monday (Aug 7) announced the groundbreaking ceremony for its new manufacturing facility with an initial investment of US$422 million (RM1.924 billion) in Kulim, Kedah.

Malaysian Investment Development Authority (Mida) said in a joint statement that the new factory, which will be EVE’s 53rd, will focus on the production of cylindrical lithium ion batteries to support power tools and electric two-wheelers manufacturing in the country and across Southeast Asia.

EVE Energy Malaysia Sdn Bhd director Joe Chen said the initial project will be constructed in phases and the construction period will not exceed three years.

“This is an important milestone for EVE to expand our global businesses, enhance our comprehensive competitiveness and to further grow our global market share.

“Relying on EVE’s domestic advantages and operational experience, we will build a cylindrical battery production base in Malaysia to support the electric two-wheelers and power tools in Malaysia,” he said.

Meanwhile, Mida deputy chief executive officer (investment development) Lim Bee Vian said the project aligns perfectly with the nation’s 12th Malaysia Plan (12MP) and the National Automotive Policy 2020 (NAP) towards achieving net-zero greenhouse gas emissions by 2050.

“By establishing this cylindrical battery manufacturing plant in Malaysia, we demonstrate our commitment to competitiveness in the international market.

“Today’s celebration marks a crucial milestone that not only benefits EVE but also paves the way for more companies to invest in Malaysia in the electric vehicle (EV) industry and its ecosystems,” she added.

Source: Bernama