GreenergyDaily

Apr. 23, 2025

1. China's Zhejiang Huayou Cobalt is replacing South Korea's LG Energy Solution as a strategic investor in one of Indonesia's major EV battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday, according to Reuters.

2. LGES on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project.

3. "Change of investors is a common dynamic in large-scale projects," Bahlil said in a statement, adding that there will be no change to the underlying plans for the project.

4. Huayou would be collaborating with Indonesian state-controlled companies on the project.

5. Bahlil said Indonesia remains committed to using its mineral resources domestically, and the government will ensure a smooth transition for the project.

6. A ground breaking ceremony for a part of the project is planned for later this year, he added, without sharing more details.