Battery-maker Gold Peak Technology Group will invest $150 million and establish a new plant in a special economic zone in southern Malaysia.
The new factory will manufacture batteries for data centres and is estimated to begin operations by 2028, Daniel Chua, senior vice president at Gold Peak, told reporters on Wednesday. It’ll create as many as 180 jobs.
Hong Kong-listed Gold Peak is among Asia’s biggest producers of consumer batteries, according to its website. It also develops and makes sound systems, and is expanding into data center charging and energy storage solutions. It already has three manufacturing facilities in Malaysia that collectively employ more than 300 people, Chua said.
The new facility will be located in the special economic zone in Johor, the Malaysian state bordering Singapore. The area is modelled on China’s Shenzhen and is expected to offer tariff exemptions, tax benefits and passport-free travel between the two countries.
The expansion is part of the company’s plan to lessen its reliance on China and curb uncertainty around tariffs, Chua said.
The decision to invest in Johor, supported by United Overseas Bank Ltd.’s green lane with the state government, was partly driven by tax incentives and the economic zone’s potential to draw other investors that can help Gold Peak scale its business, he said. - Bloomberg
