Enovix Corp establishes $1.2 bln high-volume manufacturing facility in Malaysia (updated)
16/11/2023 02:22
(Adds details from agency statement in paragraphs 3-4)
KUALA LUMPUR, Nov 16 (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)
((rozanna.latiff@thomsonreuters.com; Reuters Messaging:
@rozlatiff on Twitter))