EVE Energy Malaysia 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 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.
