Enovix Corp establishes $1.2 billion high-volume manufacturing facility in Malaysia

KUALA LUMPUR (Reuters) – Enovix Corporation, a U.S.-based advanced silicon battery firm, will establish a 5.8 billion ringgit ($1.23 billion) high-volume manufacturing facility in Malaysia, the Malaysian Investment Development Authority (MIDA) said in a statement on Thursday.

The investment, which will be spent over a period of 15 years, includes the first manufacturing line amounting to 315 million ringgit, MIDA said.

The company’s investment plan was disclosed to Prime Minister Anwar Ibrahim during a meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the United States, MIDA said.

“Enovix’s (investment)… 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,” Malaysia’s Investment, Trade and Industry Ministry Tengku Zafrul Abdul Aziz said in the statement.

($1 = 4.7050 ringgit)

(Reporting by Rozanna Latiff)