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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.

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