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Danantara to invest in mega EV battery projects backed by Huayou, CATL
Danantara CEO Rosan Roeslani floated the idea of the government pursuing majority stakes in the projects, either through Danantara itself or through state-owned enterprises (SOEs) now under the fund’s control.
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Hot spot: Smoke billows on May 10, 2024 from the nickel smelter of state-owned PT Antam in Pomalaa district, Kolaka regency, Southeast Sulawesi. The province has the largest nickel reserves in the country, with 81 million tonnes of the mineral ore. (Antara/Andry Denisah)
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tate assets fund Danantara has committed to back two major electric vehicle battery supply chain projects led by Chinese firms Zhejiang Huayou Cobalt and Contemporary Amperex Technology Co. Ltd. (CATL), the projects are known as Titan and Dragon, respectively.
Danantara CEO Rosan Roeslani said the fund would bolster the Huayou-led consortium either directly or through state-owned enterprises (SOEs) now under Danantara’s control. He even floated the idea of the government pursuing majority stakes in the projects.
Rosan added that President Prabowo Subianto had approved Huayou’s appointment as the new lead of the consortium, replacing LG Energy Solution (LGES), which officially pulled out of the venture in April.
He also noted that a separate project led by CATL has resumed progress.
“There were funding issues in the past, but now that Danantara has been established, we’re ready to help as we see strong potential for returns, job creation and benefits for the national economy in the future,” Rosan said after a limited meeting with the President on Thursday.
Read also: Danantara's bond issuance plan prompts calls for transparency
At the same press conference, Energy and Mineral Resources Minister Bahlil Lahadalia highlighted that both projects could strategically leverage Indonesia’s vast nickel reserves.
