Image: EVE Energy
On June 27, EVE Energy, a leading Chinese lithium battery manufacturer, announced that its wholly-owned subsidiary, EVE Energy Storage Malaysia Sdn. Bhd., will invest up to RMB 8.654 billion (approx. USD 1.2 billion) in a new energy storage battery project in Kedah, Malaysia. The investment aims to expand EVE’s overseas production capacity as part of its global strategy, in response to rising global demand for energy storage and changes in the international trade environment.
According to the announcement, the investment vehicle, EVE Energy Storage Malaysia, is registered in Kulim, Kedah, and is 100% owned by EVE Energy through its wholly-owned subsidiary, EVE Asia Co., Ltd. The project, titled the “Malaysia High-Safety, High-Reliability, Long-Life Energy Storage Project,” involves expanding a local energy storage manufacturing base, covering approximately 484,000 square meters of land, with a construction period of no more than 2.5 years.
The project will be funded through a combination of internal funds, capital raised from stock issuance, and self-raised funds (including bank loans). The company’s board has authorized management to proceed with follow-up matters and sign related documents.
In recent years, Southeast Asia has witnessed rapid development in the new energy sector. As a key ASEAN economy, Malaysia offers both policy support and geographical advantages in battery manufacturing.
