Eve Energy plans $450 mn investment to make energy storage batteries in Malaysia

Chinese company Eve Energy announced it would invest ~$450 million to build a new factory in Malaysia that will manufacture batteries for use in energy storage and consumer applications.

The factory will produce square and cylindrical lithium-ion batteries, the company said, without disclosing plant capacity. It is expected to be ready within two-and-a-half years, once Chinese and Malaysian regulators clear the investment.

Analysts note Eve Energy is the world's third largest battery company in the energy storage space, shipping 26.29 GWh of ES batteries last year. The company also shipped 28.08 GWh of power batteries during that period. Overseas sales accounted for 27 percent of its revenue.

In India, the company has a tie-up with Greenfuel Energy Solutions to supply lithium cells, including pouch, prismatic and cylindrical cells.

Eve Energy has been expanding overseas capacities. Last year, it announced a 450,000 square meter plant in Hungary that will supply large cylindrical batteries to BMW Group.

Last month, construction began at the company's joint venture plant in Mississippi, USA, that will produce square LFP batteries for use in commercial vehicles. The plant has an annual production capacity of about 21 GWh, and will begin shipping output from 2026.

Eve Energy holds 10 percent in the joint venture, Amplify Cell Technologies (ACT), whose partners include Daimler Trucks & Buses, Electrified Power, and Paccar. The partners will be the primary customers for the plant.