IBC-CATL Project to Kick-off EV Ecosystem Journey in December

By Editorial Team 29/11/2023
IBC
Summary

Contemporary Amperex Technology Co (CATL) is set to commence the construction of an electric vehicle battery plant in Indonesia in early December 2023. Through its subsidiary, PT Ningbo Contemporary Brunp Lygend Co Ltd (CBL), CATL will establish an integrated battery plant in collaboration with Indonesia Battery Corporation (IBC). CBL and PT Aneka Tambang Tbk (Antam) plan to form an upstream mining joint venture. Antam will divest 49 percent of its shares in a nickel mining concession managed by PT Sumberdaya Arindo to CBL's subsidiary, Hong Kong CBL Limited (HKCBL).

IBC CEO Toto Nugroho stated that the upstream mining cooperation agreement between Antam and CATL is in its final stages. He mentioned that the share sale transaction marks the realization of CATL's investment in the battery project, encompassing mining operations, smelter construction, cathode precursor production, battery cell manufacturing, and battery pack assembly. "Dec 10 marks the point where they make a cash investment in the upstream sector, officially initiating the process from mining to downstream," he said on Nov 27.

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