Enovix Corporation, an advanced silicon battery company, will invest MYR 5.8 billion ($1.23 billion) to establish its first high-volume manufacturing facility (Fab2) in Malaysia.
Further to the initial announcement in August 2023, Enovix said the firm will invest over a period of 15 years, which includes the first manufacturing line amounting to MYR 315 million ($70 million), which will co-partner with YBS International Berhad.
Zafrul Tengku Abdul Aziz, Minister of the Ministry of Investment, Trade and Industry (MITI) MITI, said Enovix’s strategic decision to establish its first high-volume manufacturing facility in Malaysia signifies the country’s appeal as a preferred investment destination in Southeast Asia for advanced technology companies.
Meanwhile, Wira Arham Abdul Rahman, Chief Executive Officer of Malaysian Investment Development Authority (MIDA) said the Enovix’s presence in Malaysia will act as a catalyst for nurturing mutually advantageous partnerships with local stakeholders, especially in the battery technology industry.
“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,
Ajay Marathe, Chief Operating Officer of Enovix, said Malaysia’s deep pool of technical talent, business-friendly environment and close proximity to the firm’s vendors and customers’ manufacturing facilities, makes it an ideal location for them to help develop the battery supply chain ecosystem and manufacture and scale their next-generation batteries.
Enovix is headquartered in the United States of America with locations in India, Korea and Malaysia.
Enovix’s battery technology application extends to internet of things (IoT), mobile, computing devices and vehicle.
The firm is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand.
Enovix Malaysia Sdn. Bhd is currently in the process of machinery installation and is projected to initiate full operations in 2024.