KUALA LUMPUR & CALIFORNIA, Nov 16 (Bernama) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, will establish its first high-volume manufacturing facility (“Fab2”) in Malaysia. This marks a significant milestone in the company’s global expansion strategy. Further to the initial announcement in August 2023, Enovix declared today that the company will invest a total of RM5.8 billion (USD1.2 billion) in Malaysia over a period of 15 years, which includes the first manufacturing line amounting to RM315 million (USD70 million), which will co-partner with YBS International Berhad.

The company’s investment plan was disclosed to YAB Prime Minister, Dato’ Sri Anwar Ibrahim, during a one-on-one meeting, held at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders' Week 2023, in San Francisco, USA. The meeting was facilitated by the Ministry of Investment, Trade & Industry (MITI) and its agency, Malaysian Investment Development Authority (MIDA). Also in attendance were the Minister of MITI, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Mr. Ajay Marathe, Chief Operating Officer of Enovix, YBhg. Datuk Wira Arham Abdul Rahman, CEO of MIDA, as well as senior representatives of MITI and MIDA.

The MITI Minister and senior officials of the Malaysian Investment Development Authority (MIDA), extended a warm welcome to Enovix for selecting Malaysia as the location of choice for the company’s business expansion.

YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of MITI, remarked, “We welcome Enovix’s strategic decision to establish its first high-volume manufacturing facility in Malaysia, which signifies our appeal as a preferred investment destination 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.”

Datuk Wira Arham Abdul Rahman, Chief Executive Officer (CEO) of MIDA, expressed, “We are pleased by Enovix's dedication to Malaysia, acknowledging that their presence in our country will act as a catalyst for nurturing mutually advantageous partnerships with local stakeholders, especially in the battery technology industry. As Enovix lays down its foundations in Malaysia, we foresee its transformation into a key industry collaborator and contributor to our economic progress and development. Enovix’s investment in Malaysia is a testament to the company’s trust in our capabilities and workforce, and fortifies Malaysia’s R&D ecosystem. MIDA looks forward to a strengthened partnership with Enovix in the years ahead.”

Ajay Marathe, Chief Operating Officer of Enovix, said, “With more than three decades of personally working closely with the Malaysian Government authorities and having successfully built and run several large factories, choosing Malaysia for our first high-volume manufacturing facility was an easy decision. Malaysia’s deep pool of technical talent, business-friendly environment and close proximity to our vendors and our customers’ manufacturing facilities, makes it an ideal location for us to help develop the battery supply chain ecosystem and manufacture and scale our next-generation batteries.”

Enovix is headquartered in the United States of America with locations in India, Korea and Malaysia. Enovix’s battery technology application extends to IoT, mobile, computing devices and vehicle. Enovix Malaysia Sdn. Bhd is currently in the process of machinery installation and is projected to initiate full operations in 2024.

About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

About Enovix
Enovix is on a mission to power the technologies of the future. Everything from IoT, mobile and computing devices, to the vehicle you drive, needs a better battery. The company’s disruptive architecture enables a battery with high energy density and capacity without compromising safety. Enovix is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand. For more information visit www.enovix.com and follow us on LinkedIn.

SOURCE: Malaysian Investment Development Authority (MIDA)

FOR MORE INFORMATION, PLEASE CONTACT: 
MIDA
Name: Ms. Noor Suziyanti Saad
Electrical & Electronics Division
Tel: +603-2267 3575
Email: suziyanti@mida.gov.my

Enovix Corporation
Name: Ms. Kristin Atkins
Tel: +1 (650) 815-6934
Email: katkins@enovix.com

For investor inquiries, please contact:
Enovix Corporation
Name: Charles Anderson
Tel: +1 (612) 229-9729
Email: canderson@enovix.com

--BERNAMA