China's Huayou to Replace LG Energy in Indonesia's EV Battery Consortium
The Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM) has revealed that the electric vehicle battery project originally led by LG Energy will be taken over by Huayou, a Chinese energy company.
This was disclosed directly by the Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM, Nurul Ichwan, in Jakarta on Thursday (24/4).
He said he would hold a meeting with Huayou to discuss the electric vehicle (EV) battery ecosystem project consortium. "We are planning to meet, God willing, if not this week then next week. We will meet with Huayou to discuss and finalise this matter," said Nurul Ichwan.
Nurul added that after confirming LG's departure from the consortium, his office would draw up a new design and plan the involvement of other parties in the EV battery ecosystem facilities in the country. "We will then facilitate the formation of the joint venture," he said.
Previously, the EV battery project dubbed the Indonesia Grand Package had already seen US$1.2 billion (Rp20.2 trillion) in realised investment. Huayou is expected to fill the bulk of the remaining investment of US$8.6 billion (Rp145.2 trillion) through four joint ventures.
This was disclosed directly by the Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM, Nurul Ichwan, in Jakarta on Thursday (24/4).
He said he would hold a meeting with Huayou to discuss the electric vehicle (EV) battery ecosystem project consortium. "We are planning to meet, God willing, if not this week then next week. We will meet with Huayou to discuss and finalise this matter," said Nurul Ichwan.
Nurul added that after confirming LG's departure from the consortium, his office would draw up a new design and plan the involvement of other parties in the EV battery ecosystem facilities in the country. "We will then facilitate the formation of the joint venture," he said.
Previously, the EV battery project dubbed the Indonesia Grand Package had already seen US$1.2 billion (Rp20.2 trillion) in realised investment. Huayou is expected to fill the bulk of the remaining investment of US$8.6 billion (Rp145.2 trillion) through four joint ventures.