EVE Energy to invest up to 8.654 billion yuan in building new energy storage battery plant in Malaysia

Shanghai (Gasgoo)- Chinese battery supplier EVE Energy announced on June 27 that its indirect wholly-owned subsidiary, EVE ENERGY STORAGE MALAYSIA SDN.BHD., will invest up to 8.654 billion yuan to build a new energy storage battery facility in Malaysia.

The project will be funded through a mix of internal capital, equity financing, and/or self-raised funds, including bank loans and other financial instruments.

The Malaysian subsidiary is fully owned by EVE Asia Co., Ltd., a wholly-owned subsidiary of EVE Energy. The new facility will be located in Kulim, Kedah, with a planned construction period of no more than 2.5 years. The project will cover approximately 484,000 square meters and focus on producing high-safety, high-reliability, and long-life energy storage batteries.

EVE Energy stated that this strategic move is designed to meet the surging global demand for battery supply, while also accelerating its overseas business expansion and reinforcing its competitive position in the global lithium battery market.

The decision to scale up in the energy storage battery sector reflects its growing strategic importance within EVE Energy's portfolio. In 2024, the company shipped 50.45 GWh of energy storage batteries, marking a year-on-year spike of 92%.

Financial data further highlights the segment's rising contribution. In 2024, energy storage batteries accounted for 39% of the company's total revenue, up six percentage points from the previous year, with a gross profit margin of 14.7%—higher than that of its power battery segment.