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New Straits Times
22-04-2025
- Business
- New Straits Times
South Korea's LG Energy Solution exits from US$8.4bn Indonesia project
JAKARTA: South Korea's LG Energy Solution said on Tuesday it had withdrawn from a multibillion-dollar project to build electric batteries in Indonesia, citing a range of issues including the "investment environment". The company signed a 142 trillion rupiah (US$8.4 billion) deal in 2020 on the so-called Grand Package project, which aimed to establish a local electric vehicle battery value chain in the country. "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project," it told AFP in a statement. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centring on the Indonesia battery joint venture, HLI Green Power." HLI Green Power, a joint venture between LG Energy Solution and Hyundai Motor Group, operates Indonesia's first electric vehicle battery plant, which was launched in 2024 with a production capacity of up to 10.00 Gigawatt hours (GWh) of cells annually. Indonesia has been seeking to position itself as a key player in the global EV supply chain by leveraging its vast nickel reserve to attract investment. Tri Winarno, director-general of coal and mineral of the energy and mineral resources ministry, did not immediately reply to AFP's request for comment. But local media quoted him as saying on Monday that the withdrawal would not impact the country's nickel downstreaming agenda, while expressing optimism the government would find other partners to further its electric vehicle ambitions.
Business Times
21-04-2025
- Business
- Business Times
South Korea's LG Energy Solution pulls out of Indonesia EV battery investment
[JAKARTA] South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah (S$11 billion) project to develop electric vehicle battery making in Indonesia, the company said on Monday (Apr 21). LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the South-east Asian country. 'Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,' LGES said in a statement. 'However, we will continue to explore various avenues of collaboration with the Indonesian government, centreing on the Indonesia battery joint venture, HLI Green Power,' it added. HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment. Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country's rich nickel reserves, said energy ministry official Tri Winarno. 'Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,' he told reporters. Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production. State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment. REUTERS
Business Recorder
21-04-2025
- Business
- Business Recorder
South Korea's LG Energy Solution pulls out of Indonesia EV battery investment
JAKARTA: South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project to develop electric vehicle battery making in Indonesia, the company said on Monday. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the Southeast Asian country. 'Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,' LGES said in a statement. 'However, we will continue to explore various avenues of collaboration with the Indonesian government, centering on the Indonesia battery joint venture, HLI Green Power,' it added. HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment. India ends import duty for items needed to make EV batteries, phones Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country's rich nickel reserves, said energy ministry official Tri Winarno. 'Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,' he told reporters. Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production. State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment.
Time of India
21-04-2025
- Automotive
- Time of India
South Korea's LG Energy Solution pulls out from Indonesia EV battery investment
South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project in electric vehicle battery making in Indonesia, the company said on Monday. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which include investments across the EV battery supply chain . "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project," LGES said in a statement. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centring on the Indonesia battery joint venture, HLI Green Power ," it added. HLI Green Power is a joint venture led by LGES and Hyundai Motor Group . The company last year inaugurated Indonesia's first battery cell production plant for EVs with annual capacity of 10 Gigawatt hours of battery cells, with plans to expand the capacity in the second phase of investment. Indonesia's investment ministry as well as state companies Aneka Tambang and Indonesia Battery Corporation, which had planned to partner with LGES for the project, did not immediately respond to requests for comment.
CNA
21-04-2025
- Automotive
- CNA
South Korea's LG Energy Solution pulls out from Indonesia EV battery investment
JAKARTA :South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project in electric vehicle battery making in Indonesia, the company said on Monday. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which include investments across the EV battery supply chain. "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project," LGES said in a statement. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centring on the Indonesia battery joint venture, HLI Green Power," it added. HLI Green Power is a joint venture led by LGES and Hyundai Motor Group. The company last year inaugurated Indonesia's first battery cell production plant for EVs with annual capacity of 10 Gigawatt hours of battery cells, with plans to expand the capacity in the second phase of investment. Indonesia's investment ministry as well as state companies Aneka Tambang and Indonesia Battery Corporation, which had planned to partner with LGES for the project, did not immediately respond to requests for comment. ($1 = 16,810.0000 rupiah)
