Malaysia set to host EV and BESS batteries hub

Malaysia set to host EV and BESS batteries hub

Malaysia set to host EV and BESS batteries hub 300 201 Energy Storage Journal

June 23, 2022: Hong Seng Consolidated and EoCell unveiled proposals on June 14 to develop a regional battery manufacturing hub in Malaysia to initially supply electric vehicles and then energy storage systems.

The companies have signed a memorandum of understanding that paves the way to select a site for the facility and work with Malaysia’s government to “obtain incentives and necessary authorizations”.

Silicon Valley-based next-generation lithium batteries firm EoCell is set to licence the use of its products and manufacturing technology for the project with Hong Seng, a Malaysian conglomerate.

Hong Seng managing director Dato Teoh Hai Hin said: “The global energy storage market has a bright outlook, with a valuation of $10.37 billion in 2020 and forecast to reach $37.06 billion by 2027.

“This translates into a compound annual growth rate of 19.9% between 2022 and 2027, and the batteries segment is expected to account for the largest share in the energy storage market.”

EoCell holds a number of patents in battery technology in the US and is in a collaboration arrangement with Norwegian cells development company Morrow Batteries.

Michael Loh, EoCell’s CEO, said: “We believe Hong Seng is poised to become one of Southeast Asia’s leading battery producers with a focus on sustainable production facilities powered with clean green energy.

“The Southeast Asian electrification movement is underway and Hong Seng has a great strategy to fulfil this upcoming demand.”