In a joint statement, Mida said the investment also includes the advanced silicon battery producer’s first manufacturing line amounting to RM315 million.

The manufacturing line, which is a collaboration between Enovix and YBS International Bhd, will be based in Penang.

Enovix’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 US, the statement said.

Meanwhile, Enovix’s chief operating officer Ajay Marathe said Malaysia presented an ideal location due to its deep pool of technical talent, business-friendly environment and close proximity to the group’s vendors and customers’ manufacturing facilities.

These factors will enable Enovix to develop the battery supply chain ecosystem and manufacture and scale its next-generation batteries, explained Marathe.

Investment, trade and industry minister Tengku Zafrul Aziz said Enovix’s decision marked Malaysia’s appeal as an investment destination in Southeast Asia for advanced technology firms.

“Enovix’s establishment of its hi-tech battery technology facility in Malaysia is in perfect alignment with the missions of the New Industrial Master Plan (NIMP) 2030.

“It 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,” he said.

Based in the US, Enovix’s battery technology application extends to the internet of things, mobile, computing devices and vehicles.

Enovix Malaysia Sdn Bhd is currently in the process of installing its machinery and is projected to be fully operational in 2024, the statement read.