The country inaugurated its first electric vehicle (EV) battery factory which will operate entirely on renewable energy at the Neo Energy Morowali Industrial Estate in Central Sulawesi.
Coordinating Minister for Economic Affairs Airlangga Hartarto said the factory was part of the critical minerals downstream policy aimed at boosting national economic competitiveness, improving public welfare and utilising environmentally friendly technology.
“Successful downstream processing of nickel has significantly boosted the export value of nickel derivatives, rising from US$4.31bil in 2017 to US$34.44bil in 2023,” Airlangga said.
With abundant mineral resources especially nickel, Indonesia holds substantial potential for EV battery production, with an estimated annual capacity of 210 Gigawatt hours.
As of June 2024, the total investment in nickel downstream activities, particularly smelter and EV battery factory development, has reached US$30bil in the country. — Xinhua
