Enovix to build battery plant in Malaysia with 1.2-bln-USD investment -Xinhua

Enovix to build battery plant in Malaysia with 1.2-bln-USD investment

Source: Xinhua

Editor: huaxia

2023-11-16 21:36:15

KUALA LUMPUR, Nov. 16 (Xinhua) -- Enovix Corporation, a U.S. silicon battery company, will invest 5.8 billion ringgit (1.2 billion U.S. dollars) to establish its first high-volume manufacturing facility in Malaysia.

Enovix and the Malaysian Investment Development Authority (MIDA) said in a joint statement on Thursday that the firm will make the investment in Malaysia over a period of 15 years, which includes the first manufacturing line amounting to 315 million ringgit, which will co-partner with YBS International.

MIDA Chief Executive Officer Wira Arham Abdul Rahman said Enovix's presence in Malaysia will act as a catalyst for nurturing mutually advantageous partnerships with local stakeholders, especially in the battery technology industry.

"As Enovix lays down its foundations in Malaysia, we foresee its transformation into a key industry collaborator and contributor to our economic progress and development," he added.

Enovix Chief Operating Officer Ajay Marathe said Malaysia's deep pool of technical talent, business-friendly environment and close proximity to their vendors and customers' manufacturing facilities, makes the country an ideal location for them to help develop the battery supply chain ecosystem and manufacture and scale their next-generation batteries.

Enovix Malaysia Sdn. Bhd is in the process of machinery installation and is projected to initiate full operations in 2024.