Eve Energy plans to build $1.2 billion energy storage battery
The Chinese battery giant plans to build a project in Malaysia for the production of energy storage batteries, with an investment of no more than RMB 8.65 billion ($1.2 billion),
KUALA LUMPUR: Battery maker INV New Material Technology (M) Sdn Bhd will start works on the RM3.2 billion phase one lithium battery plant in Penang. A major groundbreaking ceremony was held at the Penang Technology Park@Bertam in Kepala Batas recently to officially launch this cutting-edge facility.
China's INV New Material Technology (M) Sdn Bhd has officially launched its RM3.2 billion manufacturing facility in Penang, positioning Malaysia as a strategic player in the global lithium-ion battery supply chain.
Additionally, the repurposed EV battery can serve as a storage for residential homes integrated with photovoltaic (PV) or portable battery bank for EVs. Therefore, the prospect of second life energy storage in Malaysia could potentially grow with the advancement of EV technology in years to come. 3.
Tropical battery technologies could revolutionise energy storage and distribution in Malaysia and the ASEAN region helping to meet renewable energy, emission reduction and energy security goals.
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