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LG Energy-Led Group To Set Up $9 BN Indonesia Battery Value Chain - KED Global
LG Energy-Led Group To Set Up $9 BN Indonesia Battery Value Chain - KED Global
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LG Energy-led group to set up $9 bn Indonesia battery value chain
The project is expected to help LG Energy stably secure nickel, cut reliance on raw material imports from China
By
Hyung-Kyu Kim Apr 18, 2022 18:29 (Gmt+09:00) ENG
Indonesian President Joko Widodo (right) speaks at the Hyundai-LG battery plant groundbreaking ceremony on
Sept. 15, 2021
A consortium led by LG Energy Solution Ltd., the global No. 2 electric vehicle
battery maker, will invest $9 billion in a battery value chain in Indonesia to
handle the entire production process in the world’s largest nickel-producing
country.
“LG Energy expects the project to improve the battery business capability and
profitability by securing competitive raw materials in a stable manner,” the
company said in a statement.
It is a key for South Korean battery makers to stably secure nickel as they focus
on high-nickel batteries that contain more than 80% nickel.
The metal’s price have been surging recently. The London Metal Exchange
(LME) three-month nickel price closed at $33,175 per ton on April 14, up about
60% from $20,730 on Jan. 4, the first trading day of this year.
Indonesia, which holds the world’s largest nickel reserves of 21 million tons, is
fostering its own processing capability while cutting the material’s exports. The
move has attracted global battery makers.
China’s Contemporary Amperex Technology Co. Ltd. (CATL), the world’s top
battery maker, on April 14 signed a $6 billion deal with Indonesian companies
including Antam to cooperate on the Indonesia EV Battery Integration Project,
which includes nickel mining and processing, EV battery materials, EV battery
manufacturing and battery recycling.
LG Energy is building a $1.1 billion battery cell plant in Karawang New Industry
City, near Jakarta, with an annual capacity of 10 gigawatt hours (GWh), enough
for over 150,000 EVs. It is scheduled to start commercial operations in the first
half of 2024.
#Indonesia
#LG Energy
#nickel
#CATL
#Hyundai
#China
#battery materials
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