The Minister of Energy and Mineral Resources and the Minister of Investment recently stated that the electric vehicle battery project, a collaboration between China's Zhejiang Huayou Cobalt (Huayou) and Indonesia Battery Corporation (IBC), involves Indonesian state-owned companies such as Antam. The investment scale is approximately US$8 billion (around IDR 131.07 trillion), with a target completion date of the end of 2027. The Indonesian government will provide attractive incentives for this electric vehicle battery ecosystem project. Huayou Cobalt replaced Korea's LG Energy Solution (LGES), which was originally involved in the project. Due to failure to fulfill the initially agreed commitments, the Indonesian government decided to let LGES withdraw from the consortium project with IBC, Antam, Pertamina, and PLN. LGES also exited investment plans for three joint ventures, with only the fourth already operational joint venture still proceeding. To date, Huayou Cobalt's investment in Indonesia has reached US$8.8 billion, with a potential additional investment of US$2 billion (around IDR 335.56 trillion). Future expansions are planned in the Weda Bay and Morowali industrial parks, with a new industrial park planned in Pomalaa. This project is part of Indonesia's plan to become a global battery hub, with downstream processing of the nickel supply chain as a key support.
The Minister of Energy and Mineral Resources and the Minister of Investment recently stated that the electric vehicle battery project, a collaboration between China's Zhejiang Huayou Cobalt (Huayou) and Indonesia Battery Corporation (IBC), involves Indonesian state-owned companies such as Antam. The investment scale is approximately US$8 billion (around IDR 131.07 trillion), with a target completion date of the end of 2027. The Indonesian government will provide attractive incentives for this electric vehicle battery ecosystem project. Huayou Cobalt replaced Korea's LG Energy Solution (LGES), which was originally involved in the project. Due to failure to fulfill the initially agreed commitments, the Indonesian government decided to let LGES withdraw from the consortium project with IBC, Antam, Pertamina, and PLN. LGES also exited investment plans for three joint ventures, with only the fourth already operational joint venture still proceeding. To date, Huayou Cobalt's investment in Indonesia has reached US$8.8 billion, with a potential additional investment of US$2 billion (around IDR 335.56 trillion). Future expansions are planned in the Weda Bay and Morowali industrial parks, with a new industrial park planned in Pomalaa. This project is part of Indonesia's plan to become a global battery hub, with downstream processing of the nickel supply chain as a key support.