Indonesia is leveraging its abundant nickel reserves to build Asia's largest integrated electric vehicle battery ecosystem, spearheaded by Indonesia Battery Corporation (IBC) in partnership with Chinese enterprises Ningbo Rongbai and Mengguli. The overall upstream and downstream projects have a total investment of US$5.9 billion (approximately IDR 96.04 trillion), comprising six joint ventures covering the entire value chain of nickel mining, smelting, battery material production, cell manufacturing, and battery recycling.
The three upstream joint ventures involve cooperation between Indonesia's Antam and Chinese partners. The nickel mining project started production in 2023, and two nickel smelters are scheduled to commence operations in 2027 and 2028 respectively. The three downstream joint ventures are established by IBC with Chinese partners. The cathode material project and battery recycling project are planned to start operations in 2028 and 2031 respectively. The cell factory in Karawang has a Phase 1 capacity of 6.9 GWh targeted for operation in Q3 2026, and after Phase 2, total capacity will reach 15 GWh.
IBC was initially owned by four Indonesian state-owned enterprises, each holding 25%: mining SOEs MIND ID, Antam, Pertamina, and State Electricity Company PLN, each responsible for nickel supply, battery manufacturing, and charging infrastructure. Recently, IBC underwent equity restructuring, with PLN transferring 17.5% of its shares to the MIND ID system, reducing its stake to 7.5%. MIND ID and Antam together now hold a combined 67.5% stake, becoming the controlling shareholder, while Pertamina still holds 25%.
The relevant parliamentary committee stated that the equity adjustment aims to enable MIND ID to manage overall coordination, improve IBC's operational efficiency, and accelerate battery project advancement and technology development. IBC's president also confirmed the reduction of PLN's stake, with PLN currently holding 7.5% of IBC shares.
Indonesia is leveraging its abundant nickel reserves to build Asia's largest integrated electric vehicle battery ecosystem, spearheaded by Indonesia Battery Corporation (IBC) in partnership with Chinese enterprises Ningbo Rongbai and Mengguli. The overall upstream and downstream projects have a total investment of US$5.9 billion (approximately IDR 96.04 trillion), comprising six joint ventures covering the entire value chain of nickel mining, smelting, battery material production, cell manufacturing, and battery recycling.
The three upstream joint ventures involve cooperation between Indonesia's Antam and Chinese partners. The nickel mining project started production in 2023, and two nickel smelters are scheduled to commence operations in 2027 and 2028 respectively. The three downstream joint ventures are established by IBC with Chinese partners. The cathode material project and battery recycling project are planned to start operations in 2028 and 2031 respectively. The cell factory in Karawang has a Phase 1 capacity of 6.9 GWh targeted for operation in Q3 2026, and after Phase 2, total capacity will reach 15 GWh.
IBC was initially owned by four Indonesian state-owned enterprises, each holding 25%: mining SOEs MIND ID, Antam, Pertamina, and State Electricity Company PLN, each responsible for nickel supply, battery manufacturing, and charging infrastructure. Recently, IBC underwent equity restructuring, with PLN transferring 17.5% of its shares to the MIND ID system, reducing its stake to 7.5%. MIND ID and Antam together now hold a combined 67.5% stake, becoming the controlling shareholder, while Pertamina still holds 25%.
The relevant parliamentary committee stated that the equity adjustment aims to enable MIND ID to manage overall coordination, improve IBC's operational efficiency, and accelerate battery project advancement and technology development. IBC's president also confirmed the reduction of PLN's stake, with PLN currently holding 7.5% of IBC shares.