Eve Energy Plans $1.2B Malaysia Battery Plant Expansion

Chinese battery manufacturer Eve Energy is investing approximately $1.2 billion to build a new energy storage battery plant in Kulim, Kedah, Malaysia, marking an expansion of its existing Malaysian facility. The project, expected to be completed within 2.5 years, aims to meet rising global demand for energy storage products and support the company’s overseas growth strategy amid escalating international trade tensions. Financing will come from a mix of internal capital, bank loans, and funds raised through an upcoming Hong Kong stock exchange listing. This expansion aligns with a strategic shift towards energy storage batteries, which accounted for 39% of Eve's revenue in 2024 and are critical to grid-scale decarbonization, especially in Asia-Pacific markets. The move also serves as a hedge against trade frictions, leveraging Malaysia’s stable regulatory environment and favorable logistics as a regional manufacturing hub. The new plant awaits regulatory approval from both Chinese and Malaysian authorities.