By Li Panpan

China’s leading battery company EVE Battery(亿纬锂能) announced to invest in a cylindrical lithium battery manufacturing project through its Malaysian subsidiary with no more than $422 million, announced the firm on October 20.

Founded in 2001 and listed on the Shenzhen GEM in 2009, EVE Energy is a global lithium battery company with core technologies and solutions for consumer, power, IoT, and renewable applications.

With manufacturing advantages and operational experience from China, the subsidiary will build a new factory with a production capacity of 21700-type ternary cylindrical batteries in Malaysia to support electric two-wheelers and power tool manufacturers in Malaysia and Southeast Asia.

EVE Battery said the investment would expand its overseas business, and enhance its global market share in the electric two-wheeled vehicle and power tool market, improving its global industrial layout.