Eve Energy, a major Chinese battery producer, said it will invest CNY8.7 billion (USD1.2 billion) to build an energy storage battery factory in Malaysia after announcing plans to construct a second plant there less than a year ago, with its first going live earlier this year.

The new plant will be built in Kulim and produce products with high safety, good reliability, and long life, Huizhou-based Eve Energy announced late on June 27, without disclosing the annual production capacity. It will take no more than two and a half years to build.

On July 5 last year, Eve Energy said it would invest CNY3.3 billion in building its second factory in Kulim to meet the fast-growing demand for energy storage and consumer batteries. According to the company's 2024 financial report, the plant is expected to start mass production and serve overseas customers early next year.

In addition, Eve Energy's USD422 million lithium-ion battery factory in Kulim became operational at the beginning of this year. Its products are mainly used for tools and electric two-wheeled vehicles.

Eve Energy shipped 50.45 gigawatt hours of energy storage batteries and 30.29 GWh of power batteries last year, up 92 percent and 7.9 percent, respectively, becoming the world's second-largest energy storage battery supplier, according to the firm's annual earnings report. Its overseas sales reached CNY11.8 billion (USD1.7 billion), accounting for 24 percent of its total income.

Shares of Eve Energy [SHE: 300014] rose 1.9 percent to CNY45.78 (USD6.38) each as of 2.30 p.m. in Shenzhen today, after earlier jumping by as much as 3.3 percent.