KUALA LUMPUR & CALIFORNIA, Nov 16 (Bernama) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, will establish its first high-volume manufacturing facility (“Fab2”) in Malaysia. This marks a significant milestone in the company’s global expansion strategy. Further to the initial announcement in August 2023, Enovix declared today that the company will invest a total of RM5.8 billion (USD1.2 billion) in Malaysia over a period of 15 years, which includes the first manufacturing line amounting to RM315 million (USD70 million), which will co-partner with YBS International Berhad.
The company’s investment plan was disclosed to YAB Prime Minister, Dato’ Sri Anwar Ibrahim, during a one-on-one meeting, held at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week 2023, in San Francisco, USA. The meeting was facilitated by the Ministry of Investment, Trade & Industry (MITI) and its agency, Malaysian Investment Development Authority (MIDA). Also in attendance were the Minister of MITI, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Mr. Ajay Marathe, Chief Operating Officer of Enovix, YBhg. Datuk Wira Arham Abdul Rahman, CEO of MIDA, as well as senior representatives of MITI and MIDA.