2023-08-05 06:01:03
Bahril Lahadalia, Indonesian Minister of Investment (Photo Credit=Twitter Capture)
[서울파이낸스 여용준 기자] A battery consortium led by LG Energy Solutions plans to start construction of a cathode material plant in Indonesia within the year.
According to the local news agency Antara and the industry, Kwon Young-soo, vice president and CEO of LG Energy Solutions, met with Minister of Investment Bahril Lahadalia in Jakarta, the capital of Indonesia, on the 3rd (local time) to discuss the LG consortium project.
Also at this meeting, Vice Chairman Kwon announced that the LG consortium would start construction of a cathode material plant within the year. The scale of the project is known to reach regarding 9 billion dollars (approximately 11.772 trillion won).
In a statement issued following the meeting, Minister Bahril said, “The (Indonesian) government expresses its appreciation for the LG consortium’s continued efforts to realize investment in Indonesia’s electric vehicle battery ecosystem.” We will continue to see if this goes well,” he said.
In response, Vice Chairman Kwon expressed his appreciation for the Indonesian government’s cooperation and continued discussions to establish a joint venture, adding that the joint venture is expected to gain approval from the board of directors of the consortium participants so that the project can begin this year.
In particular, Vice Chairman Kwon said, “We will start construction of the cathode material plant within the year when the agreement on the future investment share structure is finalized.”
LG Chem, LG Energy Solutions, POSCO Holdings, and LX International are participating in the LG consortium.
The LG consortium plans to build a ‘complete value chain’ from securing large-scale minerals such as nickel to battery cell production in partnership with Indonesian state-run companies.
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