May 19, 2023: Eve Energy is to build a lithium ion batteries plant in Malaysia, the Malaysian Investment Development Authority (MIDA) said on May 12.
The Malaysian arm of the Chinese company has signed a memorandum of understanding for the project in Kedah state with property developer Pemaju Kelang Lama.
Eve will invest the equivalent of around $422 million in the plant, which will focus on production of cylindrical batteries for electric two-wheel vehicles and power tools.
MIDA chief executive Arham Abdul Rahman said Malaysia was committed to attracting outside investors in support of plans to expand the EVs supply chain.
Malaysian investment, trade and industry minister Tengku Zafrul said: “In our pursuit of unlocking the full potential of EVs, it is crucial to acknowledge the significant role assumed by battery manufacturers.
“The establishment of a cutting-edge manufacturing facility dedicated to the production of cylindrical lithium ion batteries exemplifies this commitment.”
Energy Storage Journal reported on May 12 that Eve Power, a subsidiary of Eve Energy, was investing around HUF400 billion ($1.18 billion) to build its first European plant in Hungary.