Leading Chinese cylindrical lithium-ion battery developer Tenpower has agreed to invest RM1.3 billion in Selangor, state executive councillor for investment Ng Sze Han announced today.
The investment will see the firm construct a manufacturing plant in Banting across 48 acres of industrial land.
He said the project is expected to generate over 700 high-quality jobs, including over 300 engineers who will be employed to run the factory’s operations.
Ng described the investment as crucial for the state as it would help enhance the local economy.
“Today, I would like to share some good news with the people of Selangor. Tenpower will be investing RM1.3 billion in the state.
“The Selangor government is committed to facilitate and realise this project, charting further growth to the state economy,” he posted on social media site X.
Ng made the announcement after visiting Tenpower’s headquarters in Jiangsu, China, yesterday.
Tenpower is the largest lithium-ion battery manufacturer in China and the second largest in the world.
Previously in March, former executive councillor for investment Dato’ Teng Chang Khim revealed the state government had attracted RM60 billion in approved investments involving various sectors last year.
This accounts for 22.6 per cent of the total approved investments recorded for all of Malaysia.