Zhejiang Huayou Cobalt replaces LG Energy Solution in Indonesian EV battery project
Indonesia pursues domestic battery production with Zhejiang Huayou Cobalt after LGES' project exit
China's Zhejiang Huayou Cobalt is set to replace South Korea's LG Energy Solution (LGES) as a strategic investor in a significant electric vehicle battery project in Indonesia, according to the country's Energy and Mineral Resources Minister Bahlil Lahadalia. LGES recently announced its withdrawal from the project, which is valued at 142 trillion rupiah ($8.42 billion). Indonesia aims to leverage its abundant mineral resources by developing domestic industries for battery production and electric vehicles.
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