CNA – Indonesia and a unit of South Korean firm LG Group have signed a Memorandum of Understanding (MoU) on a USD9.8 billion electric vehicle (EV) battery investment deal, the head of Indonesia’s Investment Coordinating Board said yesterday.
The deal was signed on December 18 and includes investments across the EV supply chain, the board head, Bahlil Lahadalia, told a news conference. An official at LG Energy Solution, a unit of LG Group, South Korea’s fourth-largest conglomerate, confirmed it had agreed an MoU but could not provide details or the deal’s value. LG Group in Seoul referred Reuters to its affiliate.
Under the MoU, at least 70 per cent of the nickel ore used to produce the EV batteries must be processed in Indonesia.