Malaysia’s presence in APEC is turning out to be another investment attraction trip for Prime Minister Datuk Seri Anwar Ibrahim and his team from MITI, the contingent has confirmed that Enovix Corporation an advanced silicon battery company, will establish its first high-volume manufacturing facility in Malaysia.
This marks a significant milestone in the company’s global expansion strategy. Further to the initial announcement in August 2023, Enovix declared today that the company will invest a total of RM5.8 billion (USD1.2 billion) in Malaysia over a period of 15 years, which includes the first manufacturing line amounting to RM315 million (USD70 million), which will co-partner with YBS International Berhad.
The company’s investment plan was disclosed to the Prime Minister during a one-on-one meeting, held at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week 2023, in San Francisco, USA.
Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of MITI, remarked, “Enovix’s establishment of its hi-tech battery technology facility in Malaysia is in perfect alignment with the missions of our New Industrial Master Plan (NIMP) 2030, and promises significant local spillover impact, notably the creation of substantial high-quality job opportunities for Malaysians, and the enhancement of our nation’s industrial landscape.”
Enovix is headquartered in the United States of America with locations in India, Korea and Malaysia. Enovix’s battery technology application extends to IoT, mobile, computing devices and vehicle. Enovix Malaysia Sdn. Bhd is currently in the process of machinery installation and is projected to initiate full operations in 2024.
