GEORGE TOWN, August 25 – Enovix Corporation (“Enovix”) (Nasdaq: ENVX), an advanced silicon battery company, and YBS International Berhad (“YBS”) (MESDAQ: YBS:KLS), a Malaysia-based investment holding company, have announced an official signing ceremony on August 1, 2023, to commemorate the establishment of their new manufacturing facility in Penang Science Park. The event will be attended by officials from the Ministry of International Trade and Industry (MITI) and the Chief Minister of Penang.
The signing ceremony, to be held at Hotel E & O, George Town, Penang, will mark a significant milestone for Enovix and YBS International as they embark on this strategic partnership in the clean technology sector. The new manufacturing facility is set to leverage Penang’s skilled workforce and expertise in electronic manufacturing and assembly, high-precision engineering, precision machining, and stamping. Jackie Yong Chan Chea, CEO of YBS International Berhad, expressed enthusiasm about the collaboration, stating, “Enovix has an exciting battery technology.
We believe Enovix will become a market leader, and we look forward to supporting the company’s goals and sharing in its growth and success.” Ajay Marathe, COO of Enovix Corporation, added, “We are thrilled to announce this significant milestone in our journey to scale. In addition to working with YBS, we look forward to collaborating with MIDA, the Northern Corridor Economic Region, and InvestPenang to include an investment incentive, which will support our long-term goals in Malaysia.”
The Chief Minister of Penang, YAB Chow Kon Yeow, highlighted the significance of the collaboration for the region, stating, “Penang has been a significant beneficiary of globalisation, playing a major role in global supply chains, not least in the E&E (electronics and electrical) sector. The collaboration between YBS International and Enovix Corp will create long-term opportunities for growth and employment in the clean technology sector.”
With a vision to be a market leader in battery technology, Enovix aims to leverage Malaysia’s expertise in the semiconductor industry to support its rapid growth. The ceremony will be an important step in strengthening Malaysia’s position in the global clean technology landscape.
