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Indonesian state companies set up EV battery developer

Pertamina, PLN and two miners will hold stakes of 25% each in new venture

Four Indonesian state-owned enterprises form the Indonesia Battery Corporation (IBC), in a push for a self-sufficient domestic EV industry.   © Reuters

JAKARTA -- Indonesia has an ambitious plan: to establish itself as a major player in the global supply chain for electric vehicles. In five years, the archipelago wants to have an integrated industry encompassing everything from upstream development -- mining raw materials for use in EV batteries -- to downstream -- the manufacturing of batteries and the vehicles themselves.

The $17 billion plan is designed to position Indonesia, a major nickel producer, as a vital cog in the global EV market going forward, as demand for electrified vehicles is set to grow, with more and more countries looking to ban the sale of gasoline cars in the near future.

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