Chinese EV battery firm Eve Energy to fund Malaysia plant with Hong Kong listing proceeds
The US$1.2 billion facility, revealed weeks after company’s Hong Kong listing plan, will make batteries for energy-storage systems
The Shenzhen-listed company said in an exchange filing over the weekend that the plant, to be based in Kulim, in the northern state of Kedah, would cost 8.65 billion yuan (US$1.2 billion) and take up to two and a half years to complete. The production capacity for the factory, which would manufacture batteries for energy-storage systems, was not revealed.
Proceeds from the share offering and loans from banks or other institutions would be used to fund the project, the company added.
“The project will propel expansion of the company’s overseas businesses and meet the growing global demand for energy storage,” the filing said. “The plant will help mitigate risks arising from escalating international trade frictions and spur our business growth.”
The new plan is subject to approval by Chinese and Malaysian authorities.
On Monday evening, Eve submitted its listing documents to the Hong Kong bourse, without specifying the amount it intends to raise. Citic Securities is the sole sponsor for the share offering.