Government News
China's Azure sets up first overseas battery plant in Malaysia 2022-09-28
China’s Azure Sets Up First Overseas Battery Plant in Malaysia
Jiangsu Azure Corp. is building a ternary cylindrical lithium-ion battery factory in Malaysia, its first overseas facility, to be closer to its foreign clients who account for nearly half of the Chinese battery maker’s business.
Costing USD280 million, the plant will have an annual capacity of 10 gigawatt hours and will produce energy storage systems for residential and business use, as well as power batteries used in machinery tools, the Zhangjiagang, eastern Jiangsu province-based company said on Sept. 23.
The factory will be run by its own wholly-owned unit in the Southeast Asian country. No timeline for the construction was given.
Although the exact location was not mentioned, Azure said that many of its existing clients have production bases in Malaysia and the company hopes to serve them better and to attract other potential local clients by being stationed there. Exports already make up 50 percent of the firm’s total sales, it added.
Formerly known as Aucksun, Azure manufactures small-sized batteries used in tools, electric bicycles, cleaning appliances and other devices. Over the past 15 years it has built strong partnerships with world-famous tool makers such as Germany’s Bosch as well as the US’ Stanley Black & Decker and TTI.
Azure’s share price [SHE:002245] closed up 1 percent today at CNY14.99 (USD2.10). Earlier in the day it gained 2.8 percent to hit CNY15.27.
Source: Yicai
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