Chinese solar inverter maker Deye to invest US$150 million in Malaysia manufacturing base
Company plans to set up a subsidiary in Malaysia to make solar photovoltaic equipment and energy storage products
The company said it would set up a subsidiary in Malaysia to manufacture solar photovoltaic (PV) equipment and energy storage products, according to an exchange filing in Shanghai on Monday. A power inverter is a key part of a solar panel.
“With constant changes in the international situation and trade environment, the necessity of deploying overseas capacity is increasingly urgent,” the company said.
“Setting up a subsidiary in Malaysia will help the company expand into overseas markets and respond to the potential adverse effects of the macro environment and international trade more flexibly.”
The company said the planned investment needs approvals from the Chinese and Malaysian governments.
Chinese solar and electric vehicle (EV) companies have been tapping into Southeast Asia to expand overseas and circumvent trade restrictions from the US and European Union that seek to protect local industries and stop cheap imports from flooding the market.
