Indonesia partners with LG to set up electric vehicle battery plant for $1.2 billion

Indonesia’s state-owned Indonesia Battery Corporation and South Korean conglomerate LG Group joined forces to build a new electric vehicle battery plant for $1.2 billion, Indonesia’s investment minister said on May 24, according to Reuters.

The plant, which is part of a bigger $9.8-billion electric vehicle investment deal between LG and Indonesia, will be built in Bekasi city east of the capital Jakarta and have an annual capacity of ten gigawatt hours.

Commencement of the project would be “in the near future” and the first batteries would be used for electric vehicles from Hyundai, investment minister Bahlil Lahadalia said.

LG has formed a consortium of its group divisions LG Chem, LG Energy Solution and LG International together with South Korean steelmaker Posco and Chinese cobalt company Huayou Holdings for the joint venture, the ministry’s statement said.

Indonesia as hub for the global electric vehicle industry

The project is part of Indonesia’s plans to play a major role in the future global battery industry.  The largest nickel-producing country in the world has ambitious plans to start processing its rich supplies of nickel laterite ore used in lithium batteries and eventually become a global hub for producing and exporting electric vehicles batteries.

Plans by the government are to produce batteries with an annual capacity of 140 gigawatt hours by 2030.

Nickel and cobalt projects for battery production

Meanwhile, Huayou said on May 24 it would partner with companies including a unit of Chinese battery maker EVE Energy to set up a $2.08 billion nickel and cobalt smelting project in Indonesia.

The site will be in North Maluku province where Huayou already partners with Tsingshan Holding Group in a nickel sulphate project. The project aims to produce around 120,000 tonnes of nickel and 15,000 tonnes of cobalt on a metal content basis for the production of electric vehicle batteries.



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Indonesia’s state-owned Indonesia Battery Corporation and South Korean conglomerate LG Group joined forces to build a new electric vehicle battery plant for $1.2 billion, Indonesia's investment minister said on May 24, according to Reuters. The plant, which is part of a bigger $9.8-billion electric vehicle investment deal between LG and Indonesia, will be built in Bekasi city east of the capital Jakarta and have an annual capacity of ten gigawatt hours. Commencement of the project would be “in the near future” and the first batteries would be used for electric vehicles from Hyundai, investment minister Bahlil Lahadalia said. LG has...

Indonesia’s state-owned Indonesia Battery Corporation and South Korean conglomerate LG Group joined forces to build a new electric vehicle battery plant for $1.2 billion, Indonesia’s investment minister said on May 24, according to Reuters.

The plant, which is part of a bigger $9.8-billion electric vehicle investment deal between LG and Indonesia, will be built in Bekasi city east of the capital Jakarta and have an annual capacity of ten gigawatt hours.

Commencement of the project would be “in the near future” and the first batteries would be used for electric vehicles from Hyundai, investment minister Bahlil Lahadalia said.

LG has formed a consortium of its group divisions LG Chem, LG Energy Solution and LG International together with South Korean steelmaker Posco and Chinese cobalt company Huayou Holdings for the joint venture, the ministry’s statement said.

Indonesia as hub for the global electric vehicle industry

The project is part of Indonesia’s plans to play a major role in the future global battery industry.  The largest nickel-producing country in the world has ambitious plans to start processing its rich supplies of nickel laterite ore used in lithium batteries and eventually become a global hub for producing and exporting electric vehicles batteries.

Plans by the government are to produce batteries with an annual capacity of 140 gigawatt hours by 2030.

Nickel and cobalt projects for battery production

Meanwhile, Huayou said on May 24 it would partner with companies including a unit of Chinese battery maker EVE Energy to set up a $2.08 billion nickel and cobalt smelting project in Indonesia.

The site will be in North Maluku province where Huayou already partners with Tsingshan Holding Group in a nickel sulphate project. The project aims to produce around 120,000 tonnes of nickel and 15,000 tonnes of cobalt on a metal content basis for the production of electric vehicle batteries.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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