PENANG received a boost in its standing as a preferred manufacturing hub when China’s electric vehicle (EV) lithium battery maker, INV New Material Technology (M) Sdn Bhd, decided to set up shop at the Penang Technology Park in Bertam, Kepala Batas.
By the same token, INV became the first investor in the technology park, which is a pioneer industrial venture by reputable local developer Ideal Group Bhd.
The park has gone private under Ideal’s stewardship as the developer works with Invest Penang, a state agency, and the Malaysia Investment Development Authority (Mida) to source for quality investors to set up their production bases..
Chief Minister Chow Kon Yeow, who led the ground-breaking ceremony, said the investment is worth up to RM6.4 billion in a total building area of 400,000sq m.
INV will operate out of 26.7ha with the initial plan to produce a staggering four billion sq m of coated and wet-type separators for the lithium battery – the main thrust to generate power for EVs.
The investment pledge is believed to be the highest by an investor this year and it demonstrates China’s commitment and confidence in Malaysia.
“INV is poised to become the largest production base for low carbon separators in Asean and aspires to become a key player in the global supply chain for the industry,” said Chow.
Recalling Penang’s standing as a major part of the electrical and electronics global supply chain, Chow said that Penang topped the nation’s list in 2021 with export values reaching RM354 billion in that year.
Last year, the value reached RM463 billion, accounting for 30% of the country’s export volume, said Chow.
Mida deputy chief executive officer Sivasuriyamoorthy Sundara Raja told a press conference later that INV fits perfectly into the country’s new industrial master plan where EV remains an integral part of Malaysia’s push into a higher level of manufacturing.
In the next 16 years, the country will invite investors in the EV and sustainable battery industries to tap into the wide resources that will be provided them, including as a hub for EV market distribution in the region, he said.
“We welcome all investors, including from China, for the EV industry. We will provide the supporting facilities and human capital for investors to tap into.”
INV chairman Chen XiuFeng underscored the strategic importance of the new plant, asserting that it would be the first lithium separator factory in the region.
The project is divided into two phases.
“The first phase is expected to be completed in 2026 and the second phase in 2028. Once operational, the plant is designed to produce an astonishing four billion sq m of coated and wet-type separators annually.
“As a leading enterprise in the separator industry, we will further intensify our efforts in developing the Asean market, laying a solid foundation for global development, bringing intelligent manufacturing beyond our borders, and injecting new vitality into the economic development in the region,” he added.
INV is expected to become the catalyst for Ideal and Mida to woo more investors to the new technology park on the mainland of Penang.
It will become part of the growing ecosystem of high technology parks, linking with vendors operating from the Bayan Lepas Free Industrial Zone, the Batu Kawan Free Industrial Park I, the cottage industries operating out of the Prai Industrial Zone and in neighbouring Sungai Petani and the Kulim Hi-Tech Park.
Ideal is also the most active real estate developer since the onset of the Covid-19 pandemic, completing five residential and commercial projects in the state. - The Vibes, December 1, 2023.
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