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Govt forms investment holding company for raw EV battery materials
The State-Owned Enterprises (SOEs) Ministry has transformed PT Indonesia Battery Corporation (IBC) from a project development company into an investment holding company.
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Workers check battery cells on July 3, 2024, at the Hyundai LG Indonesia (HLI) Green Power plant in Karawang, West Java, following its inauguration. (Antara/Hafidz Mubarak A)
T
he State-Owned Enterprises (SOEs) Ministry has transformed PT Indonesia Battery Corporation (IBC) from a project development company into an investment holding company tasked with securing raw materials for electric vehicle batteries.
“The SOEs Ministry has decided to transform us [IBC] into an investment holding company to develop and continue the downstream processing of mineral resources into raw battery materials,” IBC president director Toto Nugroho said on Monday during a meeting with House of Representatives Commission XII, which oversees energy policy.
This shift in status to a holding company, he added, had been approved by the state-owned EV battery producer’s shareholders.
IBC’s four state-owned shareholders are nickel and gold miner PT Aneka Tambang (Antam), aluminum producer PT Inalum, PT Pertamina New & Renewable Energy and electricity distributor PLN, each of which own a 25 percent stake. The first two are controlled by state-owned mining holding MIND ID.
Read also: ASEAN's strategic role in securing critical minerals
Toto explained that the move was aimed at generating more value through the processing of raw materials for batteries.
Several materials supplied by MIND ID, including nickel, cobalt, tin and coal, would be explored for the production of battery components and other critical raw materials, he added.
