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Jakarta Post

State holding to be RI’s battering ram into global battery market

  • Norman Harsono

    Jakarta

Jakarta   /   Sat, October 17 2020   /  01:00 am
A driver plugs in Bluebird e-taxi during the debut of the company's electric taxi in Jakarta, Monday, April 22, 2019. (JP/Seto Wardhana)

Indonesia has mobilized three of its biggest state-owned enterprises (SOEs) and opened talks with two foreign multinationals to bring Southeast Asia’s largest economy into the world’s highly lucrative electric vehicle (EV) battery market.    The SOEs Ministry has ordered mining holding MIND ID, oil and gas giant Pertamina and electricity monopoly PLN to establish a holding company – tentatively called “PT Indonesia Battery Holding” – that will develop an end-to-end domestic supply chain for EV batteries. The trio are also in talks with China’s CATL and South Korea’s LG Chem, the world’s top two EV battery makers by output, to invest between US$12 billion and $20 billion in developing the dream supply chain.    PT Indonesia Battery Holding aimed to produce between 8 and 10 gigawatt hours (GWh) worth of b...