Eve Energy plans to set up an energy storage company in Malaysia and acquire new land parcels to begin construction of an energy storage plant.
(Image credit: Eve Energy)
Chinese lithium battery maker Eve Energy will build a new affiliate in Malaysia targeting the energy storage market, expanding its presence in the Southeast Asian country.
An affiliate of Eve Energy signed a memorandum of understanding with Malaysia's Invest Kedah on January 15 in Huizhou, Guangdong province, where the battery maker is headquartered, according to a statement by the company today.
Invest Kedah is the investment promotion arm of the Kedah state government. Officials from the state conducted the signing with Eve Energy executives.
Eve Energy plans to set up an energy storage company in Malaysia and acquire a Phase II plot to begin construction of an energy storage plant, according to the statement.
The Malaysian government released its national energy transformation roadmap in 2023, which plans to increase the proportion of installed renewable energy capacity from 25 percent to 70 percent by 2050, the statement noted.
The country is driving the renewable energy market, presenting unprecedented opportunities, Eve Energy said.
Since the groundbreaking of Eve Energy's Malaysian plant last year, the company has mature manufacturing capabilities and technology reserves in Malaysia, it said.
Based on past cooperation and the development of the Malaysian energy market, Eve Energy and Invest Kedah have agreed on a new partnership in energy storage, according to the company.
This is Eve Energy's latest effort in Malaysia after its battery plant.
Eve Energy announced in October 2022 that it planned to invest up to $422.3 million to build a cylindrical lithium battery manufacturing project in Malaysia.
The battery project, which began construction in August 2023, is located in Kulim district, Kedah state, and would focus on the production of power tools and 21700 cylindrical batteries for electric two-wheelers.
Eve Energy is actively expanding into overseas markets, and on May 9, 2023, signed an agreement to build a plant in Hungary to produce cylindrical power batteries.
In September, Eve Energy said its subsidiary Eve Energy US Holding LLC would set up a joint venture with Electrified Power, Daimler Truck, and Paccar Inc in the United States, which will invest in building battery capacity.
Eve Energy's subsidiary, Hubei Eve Power Co Ltd, signed a memorandum of understanding with Turkey's Aksa Jeneratör Sanayi A.Ş on January 12, and the two plan to form a joint venture in Turkey to manufacture products including battery modules and outdoor battery cabinets.