State-owned Indonesia Battery Corporation (IBC) and LG Corporation of the Republic of Korea will cooperate in building a new battery plant worth 1.2 billion USD with the capacity of 10 GWh in the Southeast Asian country.

Indonesian Investment Minister Bahlil Lahadalia said on May 24 that the plant, part of a bigger 9.8 billion USD electric vehicle deal between LG and Indonesia signed last year, will be built in Bekasi city, on the eastern border of the capital Jakarta.

The minister did not specify a timeframe but said the factory would be built in the near future.

In the first phase, the plant will have a production capacity of 10 GWh, which will later be used for EVs from Hyundai, he added.

Indonesia is aiming o produce 140 GWh worth of batteries by 2030, officials have said.

Source: VNA