11:42 AM EDT, 03/27/2024 (MT Newswires) -- Enovix ( ENVX ) said Wednesday that the Malaysian Investment Development Authority gave the company a 15-year "pioneer status" for producing its batteries in Malaysia.

The company said that the Malaysian government approved its pioneer status application for the production of lithium-ion batteries within the Southeast Asian country for 15 years.

One of the benefits of getting the status is an exemption from income tax payment, the company said.

Enovix ( ENVX ) shares were up 5% in recent trading.

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