Merdeka Battery Materials puts $1.28bn price on nickel smelter plan

Investment comes as Indonesian company aims to raise up to $580m in IPO

Indonesia's Merdeka Battery Materials plans to use IPO proceeds to partially fund a new nickel smelter amid increasing demand for the metal in electric vehicle batteries. (Photo by Ismi Damayanti)

ISMI DAMAYANTI and ERWIDA MAULIA, Nikkei staff writers

March 30, 2023 19:00 JST

JAKARTA -- Indonesian nickel producer Merdeka Battery Materials, which is affiliated with Chinese battery giant Contemporary Amperex Technology (CATL), on Thursday said a smelter it is planning will cost an initial estimated $1.28 billion and be partly funded by proceeds from its ongoing initial public offering that could raise up to $580 million.