Danantara to Join Huayou and CATL EV Battery Consortiums, Seeking Majority Indonesian Ownership
Jakarta, CNBC Indonesia - The Daya Anagatha Nusantara (Danantara) Investment Management Agency (BPI) has been confirmed to join the consortiums developing two electric vehicle (EV) battery ecosystem projects — one built with Zhejiang Huayou Cobalt and the other with Contemporary Amperex Technology (CATL).
According to Energy and Mineral Resources Minister Bahlil Lahadalia, Indonesia's share will remain the majority in the Huayou consortium. Huayou previously replaced LG Energy Solution's stake in the EV battery ecosystem development.
"What is now firm is the 51% Indonesian share in the upstream segment," said Bahlil after a limited cabinet meeting at the State Palace on Thursday (22/5/2025).
However, Bahlil noted that in the subsequent joint venture (JV) stages, Indonesia's share was agreed at only 30%. President Prabowo Subianto has requested that this be negotiated upward to 40-50%, as Danantara will be participating in the consortium.
"This is the president's directive — we will maximise to above 40%, even up to 50%, but this is all still in the negotiation process," said Bahlil.
Beyond the Huayou consortium, Bahlil said Danantara would also enter the CATL EV battery project consortium. "Danantara is also joining what was previously taken by IBC (Indonesia Battery Corporation), which has been injected by Danantara, and the upstream mining shareholder at 51% is Antam — that is also Danantara. And in the subsequent JV, it follows the same composition as the JV with Huayou," said Bahlil.
Danantara CEO Rosan Roeslani revealed that his organisation joined the Huayou consortium to strengthen it, so that Indonesian ownership could become the majority. "It is hoped that majority ownership of this project can rest with the Indonesian consortium, whether through state-owned enterprises or together with Danantara directly," said Rosan.
Regarding CATL, the expectation is that Danantara's share in the project can help address any funding constraints. "Since Danantara's involvement, we have been assisting with funding because we see this project work is very sound in terms of returns, employment, and economic impact," he said.
There are two mega-projects in the EV battery ecosystem development. The first is Project Titan, whose consortium comprises PT Indonesia Battery Corporation (IBC) as the holding company, PT Aneka Tambang (Antam), PT Pertamina, and PT PLN, with Huayou replacing LG. The second is a consortium with CATL through its subsidiary Ningbo Contemporary Brunp Legend Co. Ltd, named Project Dragon. Both projects focus on building an end-to-end EV battery manufacturing chain in Indonesia, from upstream to downstream.
According to Energy and Mineral Resources Minister Bahlil Lahadalia, Indonesia's share will remain the majority in the Huayou consortium. Huayou previously replaced LG Energy Solution's stake in the EV battery ecosystem development.
"What is now firm is the 51% Indonesian share in the upstream segment," said Bahlil after a limited cabinet meeting at the State Palace on Thursday (22/5/2025).
However, Bahlil noted that in the subsequent joint venture (JV) stages, Indonesia's share was agreed at only 30%. President Prabowo Subianto has requested that this be negotiated upward to 40-50%, as Danantara will be participating in the consortium.
"This is the president's directive — we will maximise to above 40%, even up to 50%, but this is all still in the negotiation process," said Bahlil.
Beyond the Huayou consortium, Bahlil said Danantara would also enter the CATL EV battery project consortium. "Danantara is also joining what was previously taken by IBC (Indonesia Battery Corporation), which has been injected by Danantara, and the upstream mining shareholder at 51% is Antam — that is also Danantara. And in the subsequent JV, it follows the same composition as the JV with Huayou," said Bahlil.
Danantara CEO Rosan Roeslani revealed that his organisation joined the Huayou consortium to strengthen it, so that Indonesian ownership could become the majority. "It is hoped that majority ownership of this project can rest with the Indonesian consortium, whether through state-owned enterprises or together with Danantara directly," said Rosan.
Regarding CATL, the expectation is that Danantara's share in the project can help address any funding constraints. "Since Danantara's involvement, we have been assisting with funding because we see this project work is very sound in terms of returns, employment, and economic impact," he said.
There are two mega-projects in the EV battery ecosystem development. The first is Project Titan, whose consortium comprises PT Indonesia Battery Corporation (IBC) as the holding company, PT Aneka Tambang (Antam), PT Pertamina, and PT PLN, with Huayou replacing LG. The second is a consortium with CATL through its subsidiary Ningbo Contemporary Brunp Legend Co. Ltd, named Project Dragon. Both projects focus on building an end-to-end EV battery manufacturing chain in Indonesia, from upstream to downstream.