EVE Energy Co. Ltd., a China-based global lithium battery manufacturer, announced on Aug 7 the groundbreaking ceremony for its new manufacturing facility in Kulim, Kedah, Malaysia, with a $422 million initial investment.

In a joint statement, EVE Energy and Malaysian Investment Development Authority (MIDA) stated that the new factory, EVE's 53rd, will focus on the production of cylindrical lithium-ion batteries to support power tool and electric two-wheeler manufacturing in the country and throughout Southeast Asia.

EVE Energy Malaysia Sdn. Bhd. Director Joe Chen said that relying on EVE’s domestic advantages and operational experience, the firm will build a cylindrical battery production base in Malaysia to support the electric two-wheelers and power tools in Malaysia. According to him, this initial project will be constructed in phases, and the construction period will not exceed three years.

"This is an important milestone for EVE to expand our global businesses, enhance our comprehensive competitiveness, and further grow our global market share," he added. "Most importantly, it allows us to contribute to the development of Malaysia's electrical power ecosystem."

Ms. Lim Bee Vian, MIDA's Deputy Chief Executive Officer (Investment Development), stated that the investment not only benefits EVE but also paves the way for more companies to invest in Malaysia's EV industry and ecosystems.

"By collaborating with industry leaders like EVE, we can foster an environment of innovation and technological advancement," she explained.