KUALA LUMPUR: Battery maker INV New Material Technology (M) Sdn Bhd will start works on the RM3.2 billion phase one lithium battery plant in Penang.
A major groundbreaking ceremony was held at the Penang Technology Park@Bertam in Kepala Batas recently to officially launch this cutting-edge facility.
The project will be overlooked by the parent company, Shenzhen Senior Technology Material Co Ltd, which is well-known throughout the world for its lithium battery separators.
This achievement is significant for INV because it confirms Malaysia's status as the first-of-its-kind facility in Southeast Asia and puts the company in a position to significantly advance the global new energy industry.
Operating from 26.7ha, INV's initial goal is to produce an astounding four billion square meters of coated and wet-type separators for the lithium battery, which is the primary source of power for electric vehicles.
The first phase of the project is expected to be completed in 2026, and the second phase is expected to be completed in 2028.
Phase one of the venture will have the annual capacity to produce 1.3 billion square meters of wet-process separators and coated separators.
Penang Chief Minister Chow Kon Yeow said the success of INV in Penang is attributed to the collaborative synergy between the government and the private sector.
This collaborative approach shows the significance of a strong relationship between both sectors for the prosperity of our state.
The Penang State government is dedicated to providing essential support, with a keen focus on fostering an environment where collaborations between the public and private sectors can flourish.
"As we look ahead, the state government eagerly anticipates increased foreign investments, affirming our commitment to creating an environment conducive to global businesses seeking growth and success within our borders," he said in a statement.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Utama Zafrul Aziz said the INV's new Penang plant contributes to the realisation of the strategic vision of the New Industrial Master Plan (NIMP) 2030 and the Chemical Industry Roadmap 2021-2030.
The entry of yet another major electric vehicle (EV) component producer is a big boost to our ambition to make Malaysia a regional EV hub.