Eve Energy Announces Plan for New Factory in Malaysia

Business by 2FIRSTS.ai

Jul.08.2024

Eve Energy Announces Plan for New Factory in Malaysia

Eve Energy plans to invest in battery manufacturing projects in Malaysia, expanding its global presence and market position.

On the evening of July 5th, Eve Energy (300014) announced that its wholly-owned subsidiary, Eve Energy Malaysia Limited (referred to as "Yiwei Malaysia"), plans to invest in the construction of energy storage battery and consumer battery manufacturing projects in Malaysia. The investment will not exceed 460 million US dollars (approximately 3.277 billion RMB).

According to reports, the project is located in Kulim City, Kedah state, Malaysia, with a land area of approximately 220,000 square meters. The construction period will not exceed 2.5 years.

Eve Energy stated that the aforementioned investment will further facilitate the development of overseas business, help expand the production capacity of square lithium-ion batteries and cylindrical lithium-ion batteries, and strengthen the company's market position in the field of lithium batteries.

Malaysia is a key location for Eve Energy's overseas production layout, with projects already established in the region.

In October 2022, the company announced plans to invest in a cylindrical lithium battery manufacturing project in Malaysia. The project will mainly produce 21700 cylindrical lithium batteries, catering to electric two-wheeler and power tool manufacturing companies in Malaysia and Southeast Asia. The investment amount for the project is expected to be no more than $422 million. On May 12, 2023, Yawei Malaysia signed a memorandum of understanding with PKL to purchase the designated land for the project. The two parties plan to sign the land purchase agreement in June 2023. Currently, the aforementioned project is progressing steadily.

In addition to Malaysia, Eve Energy is also building an overseas production base in Hungary. In June 2023, the company announced plans to select the location of Debrecen, Hungary to construct a 450,000 square meter electric vehicle cylindrical battery production base, with an investment of up to 13.07 billion euros and a construction period of 4 years. The company stated that the aforementioned project is beneficial for quickly responding to the demand for power batteries for new energy vehicles from key local customers in Hungary, while also attracting more orders from customers in surrounding European regions.

References:

[1] 拟不超32.77亿元投建马来西亚储能及消费类电池制造项目亿纬锂能持续加码海外产能

Also Read:

[1] Eve Energy Announces Plan to Reduce Stake in Smoore by No More than 3.5%

[2] Eve Energy's Subsidiary Receives over HK$95 Million Cash Dividend from Smoore International

[3] Eve Lithium Energy: Gel Technology Has Battery Products Applied in E-cigarette Field

[4] Strategic Partnership Agreement Signed between Yiwei Lithium and Yan Yang Technology

#Asia #Market #Malaysia #Lithium-ion batteries

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