JakartaGlobe-Apr 19

Industri Baterai Indonesia, an electric battery joint venture of state-owned miners and energy companies, announced two-part investments from Chinese and South Korean companies worth $15 billion to develop an electric vehicle battery ecosystem in the country. The company, also known as Indonesia Battery Corporation (IBC), is a subsidiary of the state mining holding company Indonesia Asahan Aluminium (Mind ID), utility firm Perusahaan Listrik Negara (PLN), state energy company Pertamina, and state miner Antam. Antam President Director Nico Kanter said the partnership is the first step to developing Indonesia’s electric vehicle battery ecosystem. Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said this was a good step for Indonesia to become a significant electric vehicle battery industry player. “This is an important step for Indonesia to become one of the largest battery industry players in the world,” Luhut said.The first part of the investment concerns one of the company’s parent companies Antam with a Chinese corporation, Ningbo Contemporary Brunp Lygend (CBL), for the integrated electric vehicle battery project initiative. The second partnership is with LG Energy Solution, a South Korean company. Read more at: https://jakartaglobe.id/business/indonesia-secures-15b-investment-for-electric-battery-industry