BUSINESS

EVE Energy set to build cylindrical battery production base in Malaysia

01/12/2022 04:28 PM

KUALA LUMPUR, Dec 1 (Bernama) -- EVE Energy Malaysia Sdn Bhd is set to build a cylindrical battery production base in Malaysia to support electric two-wheelers and power tools manufacturing enterprises in the country and across Southeast Asia.

The subsidiary of EVE Energy Co. Ltd. (EVE), a China-based lithium battery production company, said the company’s significant milestone with a projected investment amounted to US$422.3 million (US$1=RM4.404), will enhance its comprehensive competitiveness in the electric two-wheeled vehicle and power tool market globally. 

The company said the project will be developed in phases with a construction period of no more than three years, it said in a statement.

EVE Energy Malaysia representative director Joe Chan said the expansion is an important milestone for EVE to enhance its global market share in the electric two-wheeled vehicle and power tool batteries market. 

He said the establishment of the cylindrical battery production base in Malaysia will help to supply high-quality batteries to companies in the country and Southeast Asia.

Malaysian Investment Development Authority (MIDA) chief executive officer (CEO) Datuk Arham Abdul Rahman said the transition to electric vehicles (EV) will be one of the most significant shifts in Malaysia’s automotive sector in generations. 

“The full-fledged cylindrical lithium battery ecosystem resonates well with the National Investment Aspirations (NIA) and National Automotive Policy (NAP) 2020 in stimulating and synergising the country’s EV ecosystem specifically for EV battery production. 

“Equipped with highly-skilled talents and proficient technology experts, Malaysia is certainly a conducive and an ideal location for the success of EVE’s investment,” he said. 

MIDA has approved 25 projects totalling RM10.69 billion 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, said Arham. 

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

InvestPerak CEO Izran Abdullah said Perak has a huge potential to become a new focus investment destination as the state is equipped with good infrastructure, abundant natural resources, sufficient high-skill talents, matured industrial ecosystem, and a competitive cost of doing business. 

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

-- BERNAMA 


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