Huayou to Partner with Others to Complete EV Battery Project Replacing LG
Jakarta (ANTARA) - The Ministry of Investment and Downstream Industries/Investment Coordinating Board (BKPM) has stated that Huayou, a Chinese company replacing LG in the electric vehicle (EV) project, will collaborate with other partners to complete the project.
Minister of Investment and Downstream Industries/Head of BKPM Rosan Roeslani said the overall project previously built by LG was valued at US$9.8 billion (Rp165.5 trillion at an exchange rate of Rp16,885) and that Huayou would fill the remaining investment of US$8.6 billion (Rp145.2 trillion).
"Certainly, US$8.6 billion," Rosan said when met in Jakarta on Thursday.
Meanwhile, BKPM Deputy for Investment Promotion Nurul Ichwan confirmed that the EV battery project, named the Indonesia Grand Package, had already been realised to the tune of US$1.2 billion (Rp20.2 trillion), and that Huayou would fill most of the remaining investment of US$8.6 billion.
"Huayou certainly won't be alone; they will definitely collaborate with other partners whom we will also try to approach," he said.
"But what is clear is that Huayou is very clear — they will contribute to almost the majority of this ecosystem," he continued.
Previously, Minister of Investment and Downstream Industries/Head of BKPM Rosan Perkasa Roeslani confirmed that LG Energy Solution is still investing in Indonesia and has even realised its investment in one of its joint venture projects worth US$1.1 billion (approximately Rp18.56 trillion).
Rosan explained that LG had invested in a large battery ecosystem, divided into four joint ventures (JVs), with a total investment of US$9.8 billion (approximately Rp165.3 trillion).
The four joint ventures referred to by Rosan involve investments in nickel mining, precursor manufacturing, cathode, anode, cell battery, battery pack, and battery recycling.
Minister of Investment and Downstream Industries/Head of BKPM Rosan Roeslani said the overall project previously built by LG was valued at US$9.8 billion (Rp165.5 trillion at an exchange rate of Rp16,885) and that Huayou would fill the remaining investment of US$8.6 billion (Rp145.2 trillion).
"Certainly, US$8.6 billion," Rosan said when met in Jakarta on Thursday.
Meanwhile, BKPM Deputy for Investment Promotion Nurul Ichwan confirmed that the EV battery project, named the Indonesia Grand Package, had already been realised to the tune of US$1.2 billion (Rp20.2 trillion), and that Huayou would fill most of the remaining investment of US$8.6 billion.
"Huayou certainly won't be alone; they will definitely collaborate with other partners whom we will also try to approach," he said.
"But what is clear is that Huayou is very clear — they will contribute to almost the majority of this ecosystem," he continued.
Previously, Minister of Investment and Downstream Industries/Head of BKPM Rosan Perkasa Roeslani confirmed that LG Energy Solution is still investing in Indonesia and has even realised its investment in one of its joint venture projects worth US$1.1 billion (approximately Rp18.56 trillion).
Rosan explained that LG had invested in a large battery ecosystem, divided into four joint ventures (JVs), with a total investment of US$9.8 billion (approximately Rp165.3 trillion).
The four joint ventures referred to by Rosan involve investments in nickel mining, precursor manufacturing, cathode, anode, cell battery, battery pack, and battery recycling.