China-based Eve Energy has signed a memorandum of understanding (MoU) with Invest Kedah to set up an energy storage company and acquire new land to commence construction of an energy storage plant in Malaysia. The project is in line with the Government of Malaysia’s National Energy Transformation Roadmap (NETR) which aims to increase the proportion of installed renewable energy (RE) capacity from 25 per cent to 70 per cent by 2050.
Moreover, in October 2022, Eve Energy announced that it planned to invest up to USD422.3 million to build a cylindrical lithium battery manufacturing project in Malaysia. Works on the project began in August 2023 and are located in Kulim district, Kedah state. The project focuses on the production of power tools and 21,700 cylindrical batteries for electric two-wheelers.