Hong Kong’s Gold Peak powers up Johor-Singapore SEZ with RM670 million investment for new battery plant

businesstimes

02-19

[JOHOR BAHRU] Hong Kong’s Gold Peak Technology Group is making a splash in the newly established Johor-Singapore Special Economic Zone (JS-SEZ), committing RM670 million (S$203 million) to build a ...

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href=\"https://www.businesstimes.com.sg/international/asean/hong-kongs-gold-peak-powers-johor-singapore-sez-rm670-million-investment-new-battery-plant\"><strong>businesstimes</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>[JOHOR BAHRU] Hong Kong’s Gold Peak Technology Group is making a splash in the newly established Johor-Singapore Special Economic Zone (JS-SEZ), committing RM670 million (S$203 million) to build a ...</p>\n<a href=\"https://www.businesstimes.com.sg/international/asean/hong-kongs-gold-peak-powers-johor-singapore-sez-rm670-million-investment-new-battery-plant\">网页链接</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0048597586.USD","symbol_name":"富达亚洲焦点A","start_time":0,"source_url":"https://www.businesstimes.com.sg/international/asean/hong-kongs-gold-peak-powers-johor-singapore-sez-rm670-million-investment-new-battery-plant","article_id":"2512910191","we_media_id":null,"thumbnails":[],"rights":{"source":"bustime_highlight","url":"https://www.businesstimes.com.sg/international/asean/hong-kongs-gold-peak-powers-johor-singapore-sez-rm670-million-investment-new-battery-plant","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2512910191","pubTimestamp":1739940633,"columns":[],"sourceInfo":{"source_id":"bustime_highlight","name":"The Business 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growing data centre industry. It is set to create up to 180 jobs and enhance the company’s export capabilities, according to Daniel Chua, senior vice-president of GP Energy Tech International – a subsidiary of Gold Peak Technology Group.The new plant is set to bolster Malaysia’s position as a key player in the energy storage market. Expected to be operational by 2028, it will complement Gold Peak’s existing battery plants in Johor, further enhancing the company’s export capacity to meet soaring demand.It is scouting for a suitable location within the JS-SEZ, preferably one within the ecosystem and with the necessary infrastructure to export its products.“The new plant will be an addition to our existing three battery manufacturing facilities in Johor, which produce various types of batteries, including alkaline batteries,” Chua told the media at the Johor Bahru Business Mission conference on Wednesday (Feb 19).  Gold Peak Technology Group is a major shareholder of Singapore-listed Gold Peak Industries.Friday, 8.30 amBusiness insights centering on South-east Asia's fast-growing economies.The latest investment aligns with the boom in Malaysia’s data centre industry, particularly in Johor, which has emerged as a key regional hub. Gold Peak Technology has already begun producing and exporting nickel-zinc batteries for data centres from its Dongguan facility in China. Meanwhile, until the new facility is operational, the company also plans to manufacture these batteries at its existing Johor plants in Tampoi, Senai, and Tebrau.Gold Peak Technology became the first company to pledge investment under UOB’s Green Lane initiative, designed to fast-track investment approval processes. The initiative was launched on Wednesday during the Johor Bahru Business Mission, organised by the Singapore Business Federation (SBF) and supported by UOB, Rajah & Tann, and RSM Singapore.Being the first bank to collaborate with the Johor state government to launch this initiative, UOB will conduct pre-qualification assessments for companies seeking approval to ensure they meet Invest Johor’s criteria before submission. Invest Johor is a one-stop centre to facilitate and promote investments in Johor.UOB Malaysia chief executive officer Ng Wei Wei highlighted the bank’s role in facilitating cross-border investments between Malaysia and Singapore, following a memorandum of understanding signed in August 2024. The initiative aims to streamline processing times for businesses entering the JS-SEZ. UOB has set up dedicated JS-SEZ desks in Johor and Singapore, offering comprehensive financial and advisory services.Additionally, the bank introduced a fast-lane account opening service for Singapore-based clients, so that they can quickly set up banking facilities in the JS-SEZ.“The interest (to invest in JS-SEZ) is growing and we expect this will continue, maybe accelerate, during Donald Trump’s administration as most companies are looking to diversify their trade and supply chain,” she added.UOB is the largest foreign bank in Malaysia, and operates 55 branches nationwide, including seven in Johor. Lim Ming Yan, chairman of SBF, said the federation has reached out to more than 450 companies in Singapore as well as delivered over 80 market advisories and facilitation of projects to open doors to new opportunities across diverse industries.“The JS-SEZ plays a crucial role in creating a seamless ecosystem where businesses from both countries can thrive, leveraging (the) two countries’ strengths,” he added. Johor Chief Minister Onn Hafiz Ghazi, meanwhile, said the state government is working with the federal government to finalise the five-year JS-SEZ masterplan, which is expected to be concluded by June this year. He noted that the earlier announced infrastructure fund of RM5 billion by the finance ministry will be tied to the masterplan to enhance the infrastructure development in the SEZ.\rSimultaneously, Onn Hafiz said that the authorities are continuing to work on enhancing the cross–border connectivity to ease the movement of people and goods. This includes adding more auto gates and motorcycle lanes as well as investment in technology to smoothen the immigration clearance process.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}