US-based Enovix to invest RM5.8b in battery production facility in Malaysia
08 Aug 2024
United States-based Enovix Corporation, which today inaugurated its first high-volume battery manufacturing facility (Fab2) in Malaysia, plans to invest a total of US$1.2 billion (RM5.8 billion) in the country over the next 15 years.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the state-of-the-art facility is a huge step for Malaysia in the global supply chain for advanced battery technologies, highlighting the country’s conducive investment landscape.
“It also fulfils our objective to attract the right high-tech industries to enhance the nation’s economic complexity, as outlined in the New Industrial Master Plan (NIMP) 2030.
“We welcome this new facility, which is a significant milestone for Enovix, and strongly supports our NIMP’s goals by fostering innovation, creating high-value jobs, and driving sustainable growth, while increasingly positioning Malaysia a global hub for cutting-edge technology,” he said in a statement issued jointly by the Malaysian Investment Development Authority (Mida), Invest-in-Penang Bhd and Enovix today.
Penang Deputy Chief Minister II Jagdeep Singh Deo said the state is honoured to be selected to house this facility which will bring positive technological and economic spillovers for not only Penang but the peninsula’s northern region.
“Today’s opening ceremony for the establishment of Enovix’s first high-volume manufacturing facility in Malaysia signifies the beginning of an exciting chapter for the company,” he said.
Mida chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid said that Enovix’s significant investment in Malaysia will create jobs and enhance the workforce’s technological capabilities.
“Mida is proud to support Enovix in its mission to revolutionise battery technology, and we believe that its cutting-edge expertise will have a multiplier effect on our local ecosystem.
“As a partner, we’re committed to providing Enovix with the support and facilitation it needs to succeed, and we’re confident that its presence will have a positive impact on the nation’s economy and rakyat. We’re looking forward to working closely with Enovix to achieve its goals and make a difference in the industry,” he added.
Meanwhile, Enovix chief operating officer Datuk Ajay Marathe said Fab2 showcases the company’s advanced manufacturing process of cutting-edge batteries that it believes will usher in a new era of products for leading customers.
“We have been able to draw upon Malaysia’s deep pool of technical talent and are appreciative of the country’s business-friendly climate and close proximity to our customers and vendors,” he said.
Source: Bernama
