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Jakarta Post

Gojek, TBS Energi form joint venture in EV industry

Gojek and PT TBS Energi Utama have formed a joint venture, Electrum, to establish a comprehensive electric vehicle industry.

Eisya A. Eloksari (The Jakarta Post)
Jakarta
Sat, November 20, 2021

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Gojek, TBS Energi form joint venture in EV industry

R

ide-hailing decacorn Gojek is entering the electric vehicle (EV) manufacturing industry through a joint venture with energy company PT TBS Energi Utama to develop an end-to-end EV ecosystem.

The joint venture, called Electrum, will manufacture electric two-wheelers, battery packaging and battery-swapping infrastructure, as well as providing EV loans.

“This joint venture is part of our effort to use electric vehicles for all of our business lines,” Gojek CEO Kevin Aluwi said during a press conference on Thursday, referring to the company's ride-hailing, food, grocery and last mile delivery services. “So this is a commitment that is at the heart of our core business.”

The company announced in May a commitment to attain net-zero carbon emissions by 2030, which entails switching its entire vehicle fleet to EVs, among other strategies.

Gojek recently started its second EV trial with a goal of deploying 5,000 electric motorcycles. The technology company previously said that it used EV rental schemes for their drivers, but Kevin said that providing loans was better as drivers could own the motorcycles.

Read also: Gojek to deploy 5,000 e-motorbikes in second EV trial

While the size of the investment in the joint venture was not disclosed, TBS Energi Utama vice president director Pandu Sjahrir said that it was “an even split” between the two.

He went on to say that Electrum would need to invest up to Rp 17 trillion (US$1.1 billion) in the next five years to develop a comprehensive EV ecosystem in Indonesia.

“We’re starting with electric two-wheeler manufacturing because Indonesia has a big market demand for motorcycles,” he said, adding that TBS also aimed to be carbon neutral by 2030.

Read also: Electric motorbikes to lead EV adoption in Indonesia

TBS, a publicly listed company, started its business in the coal industry. However, Pandu said that the company had transformed over the past year to focus more on investing in renewables, with a plan to invest more than $1 billion in green energy and EVs.

The EV industry has become an increasingly attractive investment as Indonesia, the world’s top nickel producer, aims to become an EV powerhouse. The government has set a target for the country to export 200,000 electric cars by 2025. The number accounts for around 20 percent of the expected total of 1 million cars exported per year.

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