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Enovix to Invest $100M on a New Facility in Penang

A new manufacturing facility will be opened in Penang Science Park thanks to an investment of US$100 million (RM451 million) by advanced silicon battery company Enovix Corporation (Enovix).

In order to scale up its advanced silicon battery technology, Enovix’s chief operating officer Ajay Marathe said the new facility will be a big milestone for the company.

“To celebrate our new manufacturing facility in Penang Science Park, Enovix and YBS International Bhd (YBS), a Malaysian investment holding company, had an official signing ceremony today.

“We are excited to share this important turning point in our journey. After the formal signing of the Manufacturing Supply Agreement (MSA) between Enovix and YBS, he said, “We look forward to working with YBS, as well as Mida (Malaysian Investment Development Authority), the Northern Corridor Economic Region, and InvestPenang to include an investment incentive, which will support our long-term goals in Malaysia.

Penang Chief Minister Chow Kon Yeow, Mida CEO Datuk Arham Abdul Rahman, YBS CEO Jackie Yong Chan Cheah, Penang Chief Minister Chow Kon Yeow’s special adviser Datuk Seri Lee Kah Choon, and InvestPenang CEO Datuk Loo Lee Lian were also in attendance.

According to Ajay, Malaysia, and particularly Penang, are rich with engineers with a manufacturing excellence mindset who have received training in semiconductors.

According to him, the planned partnership will give the firm and its affiliates a platform to develop, grow, and further improve their operations.

“The agreement will give the company another source of cash, which will help it become more profitable in the long run. To support our quick growth, we are glad to strengthen our presence in the area, he said.

Arham, the CEO of Mida, also noted that the introduction of cutting-edge silicon anode battery technology to Malaysia with the construction of Enovix’s manufacturing facility there is a significant development.