China's EVE Energy To Build RM1.86 billion Cylindrical Battery Factory In Malaysia

EVE Energy Co Ltd, a China-based lithium battery production business, plans to develop a cylindrical battery production base in Malaysia to service electric two-wheeler and power tool manufacturing enterprises in the country and throughout Southeast Asia.

The Malaysian Investment Development Authority (MIDA) announced on November 24 that the base will be developed by EVE Energy Malaysia Sdn Bhd with an estimated investment of US$422.3 million (RM1.86 billion).

According to MIDA, the project would be built in phases over the course of three years.

Datuk Wira Arham Abdul Rahman, chief executive officer of MIDA, stated that the transition to electric cars (EVs) will be one of the most momentous transitions in Malaysia's automotive business in decades.

He stated that the full-fledged cylindrical lithium battery ecosystem is in line with the National Investment Aspirations (NIA) and National Automotive Policy 2020 (NAP2020) in terms of promoting and synergizing the country's EV ecosystem, particularly for EV battery production.

"With highly trained talents and proficient technological professionals, Malaysia is without a doubt a suitable and perfect site for the success of EVE's investment," he said.

MIDA stated that EVE is considering many locations in Malaysia for its manufacturing facility, including a handful in the state of Perak.

According to EVE Energy Malaysia representative director Joe Chan, the construction of EVE Energy's cylindrical battery production site in Malaysia will aid in the supply of high-quality batteries to enterprises in Malaysia and Southeast Asia.