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Chinese lithium battery maker Eve Energy plans to invest up to $422.3 million to build a new cylindrical battery production facility in Malaysia to supply local and Southeast Asian customers.
The project will be built in phases and the construction period will not exceed three years, it said.
Eve Energy will rely on its manufacturing and operational experience acquired in China to build a new 21700-type ternary cylindrical battery production facility in Malaysia to support electric two-wheelers and power tool manufacturers in Malaysia and Southeast Asia, it said.
The company’s board of directors has approved the plan, which is subject to approval by regulators in China and Malaysia.