A South Korean consortium led by LG has signed an agreement with Indonesian state-owned companies for a project worth around nine billion US dollars. The project aims to build a complete value chain for electric vehicle batteries.
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LG Energy Solution will build a US$1.2 billion battery factory in the Indonesian city of Bekasi, east of Jakarta, together with the state-owned Indonesia Battery Corporation (IBC), according to a media report. The initial annual capacity is to be 10 GWh.
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Several state-owned Indonesian companies are planning a joint venture for batteries for electric vehicles. The joint venture, called Indonesia Battery Holding, is to contribute to the development of the entire industry.
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