BUSINESS

INV INAUGURATES RM3.2 BLN PHASE 1 LITHIUM BATTERY SEPARATOR PROJECT IN PENANG 

01/12/2023 07:47 PM

GEORGE TOWN, Dec 1 (Bernama) -- INV New Material Technology (M) Sdn Bhd, a subsidiary of China's Shenzhen Senior Technology Material Co Ltd, has marked a significant milestone with the launch of its inaugural plant in Malaysia with an initial investment of RM3.2 billion for its first phase.

Shenzhen Senior Technology is a promiment company in the global lithium battery separator industry.

In a joint statement, the Malaysian Investment Development Authority (MIDA) and INV said the first-of-its-kind facility in Southeast Asia, located in the Penang Technology Park, will have the annual capacity to produce 1.3 billion square metres of wet-process separators and coated separators.

Penang Chief Minister Chow Kon Yeow said in the statement that the success of INV in Penang is attributed to the collaborative synergy between the government and the private sector.

"The state government is dedicated to providing essential support, with a keen focus on fostering an environment where collaborations between the public and private sectors can flourish. 

"As we look ahead, the state government eagerly anticipates increased foreign investments, affirming our commitment to creating an environment conducive to global businesses seeking growth and success within our borders," he said.

Meanwhile, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said INV's new Penang plant contributes to the realisation of the strategic vision of the New Industrial Master Plan (NIMP) 2030 and the Chemical Industry Roadmap 2030.

He said the entry of another major EV component producer is a big boost to Malaysia's ambition to become a regional EV hub. 

"This investment milestone will not only create up to 4,000 jobs for Malaysians, but also go a long way towards fulfilling our vision for a dynamic, cutting-edge and transformative manufacturing future," he added.

MIDA chief executive officer Datuk Wira Arham Abdul Rahman said the establishment of INV’s manufacturing facility here marks Malaysia as one of the largest lithium-ion battery separators in Southeast Asia. 

He said this could lead to a transformative shift in the plastics sector, redirecting focus from commodities and household items towards the production of specialised engineering plastics tailored for high-end applications. 

INV chairman Chen XiuFeng said the company will intensify efforts in developing the Asean market, laying a solid foundation for global development, bringing intelligent manufacturing beyond borders, and injecting new vitality into the economic development of the Asean region.

He added that Penang, as one of Malaysia's most crucial gateways to the world, is destined to assume a significant role in the country's future development.

-- BERNAMA

 

 


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