Envoix to Invest MYR 5.8B to Setup Manufacturing Unit in Malaysia

Enovix Corporation, a leading company in advanced silicon batteries, is set to invest MYR 5.8 billion ($1.23 billion) to build its inaugural high-capacity manufacturing plant (Fab2) in Malaysia. In a statement on Wednesday, Enovix announced that this symbolizes a major achievement in the company's plan for worldwide expansion.

In August 2023, Enovix announced that it would be making a significant investment over the course of 15 years. This will include the construction of the first manufacturing line, with an initial investment of MYR 315 million ($70 million), in collaboration with Malaysia-based machine industry company YBS International Berhad.

Zafrul Tengku Abdul Aziz, the Minister of MITI, praised Enovix's choice to set up their first high-volume manufacturing facility in Malaysia, highlighting the country's attractiveness as a top investment location in Southeast Asia for advanced technology companies.

“Enovix’s establishment of its hi-tech battery technology facility in Malaysia is in perfect alignment with the missions of our New Industrial Master Plan (NIMP) 2030 and promises significant local spillover impact, notably the creation of substantial-high-quality job opportunities for Malaysians and the enhancement of our nation’s industrial landscape,” he added.

Meanwhile, Wira Arham Abdul Rahman, Chief Executive Officer of Malaysian Investment Development Authority (MIDA) said Enovix’s presence in Malaysia will act as a catalyst for nurturing mutually advantageous partnerships with local stakeholders, especially in the battery technology industry.