Indonesia Battery Corporation formed to develop 'electric vehicle industry ecosystem'

by Margaret Lau
Minister Erick Thohir (front, second from left) with state-owned industry leaders at the IBC signing ceremony. Photo: BUMN
Four state-owned Indonesian companies have signed a shareholders’ agreement to form a new venture that will develop a national electric vehicle battery industry.

The Indonesia Battery Corporation (IBC) will be owned by mining firms MIND ID and ANTAM, oil firm Pertamina and electricity utility PLN, who will each hold a 25% stake in the venture.

State-owned enterprises minister, Erick Thohir, said the venture would maximise the value of the country’s minerals resources while developing a new industrial sector.

'EV ecosystem'

"We want to create economic added value in the mining and energy industries, especially nickel, which is the main ingredient in EV batteries, develop the electric vehicle industry ecosystem, and contribute to the goal of sustainable development,” Thohir said.

The IBC will also work with international partners "who control technology and the global market to form joint ventures along the EV battery industry value chain, from nickel processing, to manufacturing precursors and cathode materials, battery cells and packs, energy storage systems and recycling”, the minister said.

Plans for the new venture were unveiled last year, as MIND ID completed its purchase of a 20% stake in nickel miner PT Vale Indonesia.

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