(Yicai Global) Oct. 21 -- Eve Energy, a major Chinese power battery maker, said it plans to invest as much as USD422 million to build a production plant in Malaysia.

The plant will produce cylindrical ternary lithium batteries mainly used in power tools, two-wheeler scooters, and cleaning devices, the Huizhou-based company said late yesterday. The plan is still subject to regulatory approval in China and Malaysia.

The project will rely on Eve Energy’s manufacturing advantages and operating experience in China to meet the needs of electric scooter and power tool makers in Malaysia and elsewhere in Southeast Asia. It will also further the company’s overseas business.

Eve Energy will set up a wholly owned unit in Penang that will oversee the project’s investment, construction, which is expected to be completed within three years, and operation, the firm added, without disclosing further details such as annual production capacity.

After gaining as much as 1.8 percent before the lunch break, Eve Energy’s stock price [SHE: 300014] finished 0.8 percent lower at CNY93.09 (USD12.84). The Shenzhen market was down 0.4 percent at the close.

Editor: Futura Costaglione