The News Of LG Leaving The Electric Battery Project, Minister Of Investment: Not True, Stay On The Track

Illustration. (Photo: Doc. Antara)

JAKARTA - Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia dismissed the news of the resignation of LG Energy Solution (LG) from the electric vehicle (EV) battery development project project.

Previously, LG reportedly left the investment in the downstream project for precursors, cathodes, battery cells, and battery recycling. This project is part of a joint joint venture with Indonesia Battery Corporation (IBC).

"I want to say it's not true, keep on the track, keep going," Bahlil said in a virtual press conference, Thursday, February 16.

Bahlil said, the Ministry of Investment had also held a meeting with LG some time ago. At the meeting, LG emphasized that he would continue to invest in the country.

The process of LG has not changed at all, nothing, the way is still changing, it is a member of the consortium. If members of the consortium are their internal affairs. Indeed, they reported that there was a change in the consortium," he explained.

Bahlil explained that the changing consortium was a corporate action that was common. Therefore, Bahlil emphasized that the LG investment process was continuing.

Furthermore, Bahlil also admitted that he was surprised by the news that LG intended to leave the electric battery cooperation project. In fact, Bahlil admitted that he contacted the President Director of MIND ID Toto Nugroho directly to question the news.

"I'm also confused why a lot of people say LG will get out of IBC? I've also checked with the President Director of MIND ID, it's true you don't say this. The truth is that there is a switch for the consortium," he explained.