Indonesia in $9.8 bln electric vehicle battery deal with Korea's LG

Indonesia said Wednesday it had signed a $9.8 billion electric vehicle battery deal with South Korea's LG as it moves to become a global production hub for the green technology.

The agreement was signed in mid-December, with investments planned in production and supply chains for lithium batteries, which rely on nickel.

Mineral-rich Indonesia is a major producer of the metal.

Initial development will kick off in February, including plans for a mine and smelter in the remote Maluku islands, said Indonesia's Investment Coordinating Board head, Bahlil Lahadalia.

"(LG) have the market and technology. But Indonesia has extraordinary reserves of raw materials," he said.

"If we combine the two, I believe this investment will (make us) one of the important players in the world".

Some other foreign firms are investing in nickel-battery processing plants in Indonesia, including China's Tsingshan Holding Group.

US-based electric vehicle maker Tesla has reportedly expressed interest in potential EV battery investments in Indonesia.

Related Links
Powering The World in the 21st Century at Energy-Daily.com

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Waste to treasure: Crayfish shells to store energy
Hefei, China (SPX) Dec 23, 2020
Other than a spicy night snack, the crayfish has been endowed with greater significance. Prof. ZHU Xifeng's team from University of Science and Technology of China (USTC) of the Chinese Academy of Sciences (CAS) made it possible to use crayfish shell as the biological template for high-performance supercapacitors. This work was published in Carbon. Compared with other high-performance materials, biomass has long been regarded as a promising one for its environmental-friendliness and extensive reso ... read more