Indonesia Battery Corporation Starts to Operate, Who Is in Control?
The government inaugurated the Indonesia Battery Corporation (IBC), a state-owned holding company that handles the development of batteries for electric vehicles and other energy sources, on Friday (3/26). Deputy Minister of State-Owned Enterprises (SOEs) Pahala Nugraha Mansury said the IBC would directly impact Indonesia's economic recovery after COVID-19. "We hope the impact will be felt in 2021-2023," he said.
IBC is a joint venture of four state-owned companies: PT Indonesia Asahan Aluminum (Inalum) or MIND-ID, PT Aneka Tambang Tbk, PT Pertamina, and PT PLN. It has an investment requirement of up to US$17 billion. In its first two years, SOEs Minister Erick Thohir said IBC would invest in the upstream sector (mining, construction of smelters, cathode and precursor factories). In this project, IBC will collaborate with several global companies.