IBC Aims for 40% Stake in Hyundai EV Battery Factory

Indonesia Battery Corporation (IBC), part of state-owned enterprise group, has expressed strong interest in acquiring a substantial stake of approximately 30% to 40% in the electric vehicle battery manufacturing facility currently operat

Thomas Mola

21 Okt 2023 - 21.12
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IBC Aims for 40% Stake in Hyundai EV Battery Factory

President Jokowi during a visit to one of the electric vehicle battery factories in Indonesia./Bisnis

Bisnis, JAKARTA - Indonesia Battery Corporation (IBC), a state-owned enterprise formed through collaboration between ANTM, MIND ID, Pertamina RNE, and PLN, has expressed strong interest in acquiring a substantial stake of approximately 30% to 40% in the electric vehicle battery manufacturing facility currently operated by Hyundai and LG in Karawang, West Java.

IBC, currently holding a 5% stake in the battery manufacturing plant, has been closely involved in the development of this significant project since its construction commencement in September 2021. This groundbreaking initiative is geared towards establishing the first and most extensive electric vehicle battery cell production facility in Southeast Asia, with a scheduled launch in early 2024.

Senior Vice President of Corporate Strategy and Business Development at IBC Adhietya Saputra has disclosed that the negotiation process to secure additional shares in the factory, known as the Omega Project, is set to conclude by April 2024.

It is anticipated that once this transaction is completed, the joint venture facility, operated by the South Korean conglomerate, will begin production with an initial capacity of 1 gigawatt hour (GWh), subsequently expanding to its full operational potential of 10 GWh.

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IBC Aims for 40% Stake in Hyundai EV Battery Factory

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