IBC to Acquire 40% Stake in LG-Hyundai's EV Battery Factory

Indonesia Battery Corporation is eyeing 30–40% stake in Hyundai and LG’s EV battery manufacturing factory in Karawang.

Tim Redaksi

22 Okt 2023 - 15.51
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IBC to Acquire 40% Stake in LG-Hyundai's EV Battery Factory

Illustration of electric car charging. Source: Canva

Bisnis, JAKARTA — Indonesia Battery Corporation (IBC), a state-owned enterprise (SOE) joint venture involving ANTM, MIND ID, Pertamina RNE, and PLN, is targeting a 30% to 40% stake in the electric vehicle (EV) battery factory built by Hyundai and LG in Karawang, West Java.

Currently, IBC holds a 5% share in the battery factory that has been under construction since September 2021. The production facility for EV battery cells, touted as the first and largest in Southeast Asia, is expected to start operations in early 2024.

Adhietya Saputra, SVP Corporate Strategy & Business Development at IBC, said the negotiation process for acquiring shares in the project known as “Omega Project” is targeted to be concluded by April 2024. He said the South Korean joint venture is expected to produce battery cells with an initial capacity of 1 gigawatt-hour (GWh). The production capacity is planned to increase to its optimal capacity of 10 GWh.

“We are in the negotiation process, starting from an initial shareholder entry of 5%, with the hope that it can increase to 30% to 40%,” Adhietya said when interviewed in Jakarta on Wednesday (18/10/2023).

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Emanuel Berkah Caesario
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IBC to Acquire 40% Stake in LG-Hyundai's EV Battery Factory

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