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The energy storage battery project is an expansion of Eve Energy's existing facility in Malaysia, which began operations in February this year.
The project will facilitate the company's overseas expansion, and will also help it mitigate the risks posed by escalating international trade friction, Eve Energy said.
Eve Energy plans to build a new battery project in Malaysia to further expand its footprint in Southeast Asia.
The Chinese battery giant plans to build a project in Malaysia for the production of energy storage batteries, with an investment of no more than RMB 8.65 billion ($1.2 billion), according to a stock exchange announcement on June 27.
The project will be executed by its wholly-owned subsidiary in Malaysia, Eve Energy Storage Malaysia Sdn Bhd, located in Kulim City, Kedah State, as an expansion of its existing production facility.
The construction period will not exceed 2.5 years, with a land area of about 484,000 square meters.
The project will further promote the company's overseas business expansion, meeting the growing global demand for energy storage products through expanded production capacity at overseas facilities, Eve Energy said.
This will also help the company mitigate risks associated with escalating international trade friction, the company noted.
The project still requires approval from regulatory authorities in both China and Malaysia.
Eve Energy is one of China's largest battery manufacturers, with an EV battery installation volume of 2.09 GWh in May, accounting for a 3.66 percent market share and ranking sixth, according to data released earlier this month by the China Automotive Battery Innovation Alliance (CABIA).
The company already has a battery manufacturing base in Malaysia, which began construction in August 2023 and saw its first battery cell roll off the production line in February this year.
The factory is Eve Energy's 53rd globally and primarily produces 21700 cylindrical batteries for electric tools and electric two-wheelers.
In January 2024, Eve Energy announced plans to establish an energy storage company in Malaysia and acquire a second plot of land to build an energy storage factory.
In addition to Malaysia, Eve Energy announced in June 2023 its plan to invest over $1 billion in Hungary to build an electric vehicle (EV) battery factory.
The project is located in Debrecen, Hungary, with a construction period of four years, according to a previous announcement by the company.
($1 = RMB 7.1726)
