Enovix to invest RM5.8 billion in Malaysia over next 15 years
Published on: Friday, November 17, 2023
By: Bernama
The company’s investment plan was disclosed to Prime Minister Datuk Seri Anwar Ibrahim during a one-on-one meeting held at the sidelines of the Apec Leaders’ Week 2023 here Wednesday.
Kuala Lumpur: Nasdaq-listed Enovix Corporation, which is an advanced silicon battery company, will invest a total of US$1.2 billion (RM5.8 billion) in Malaysia over a period of 15 years, which includes an RM315 million manufacturing line announced in August.
“With more than three decades of personally working closely with the Malaysian government authorities and having successfully built and run several large factories, choosing Malaysia for our first high-volume manufacturing facility was an easy decision,” its chief operating officer Ajay Marathe said.
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He said Malaysia’s deep pool of technical talent, business-friendly environment and close proximity to our vendors and our customers’ manufacturing facilities, makes it an ideal location for us to help develop the battery supply chain ecosystem and manufacture and scale our next-generation batteries.
The manufacturing line co-partnered with YBS International Bhd will be in Penang
Enovix Malaysia Sdn Bhd is currently in the process of installing its machinery and is projected to be fully operational in 2024, it said in a statement here.
The company’s investment plan was disclosed to Prime Minister Datuk Seri Anwar Ibrahim during a one-on-one meeting held at the sidelines of the Apec Leaders’ Week 2023 here Wednesday.
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“We welcome Enovix’s strategic decision to establish its first high-volume manufacturing facility in Malaysia, which signifies our appeal as a preferred investment destination in Southeast Asia for advanced technology companies,” Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said.
He said Enovix’s establishment of its hi-tech battery technology facility in Malaysia is in perfect alignment with the missions of our New Industrial Master Plan 2030 and promises significant local spillover impact, notably the creation of substantial high-quality job opportunities for Malaysians, and the enhancement of our nation’s industrial landscape.
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“As Enovix lays down its foundations in Malaysia, we foresee its transformation into a key industry collaborator and contributor to our economic progress and development,” Malaysian Investment Development Authority’s (Mida) chief executive officer Datuk Wira Arham Abdul Rahman said.
“Its investment in Malaysia is a testament to the company’s trust in the country’s capabilities and workforce, and fortifies Malaysia’s research and development ecosystem.
“Mida looks forward to a strengthened partnership with Enovix in the years ahead.”
Enovix is headquartered in the United States with locations in India, South Korea and Malaysia. Enovix’s battery technology application extends to IoT, mobile, computing devices and vehicles.
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