State owned enterprises (SOEs) ministry officially set up the Indonesia Battery Corporation, a joint venture company owned by Aneka Tambang (ANTM), PT Indonesia Asahan Aluminium (MIND ID), PT Pertamina, and PT Perusahaan Listrik Negara (PLA). The venture firm will operate a lithium battery plant for electric vehicle (EV).

The minister, Erick Thohir, told media virtually, there will be a synergy with several global companies in the future. Currently, two global battery producers, CATL consortium from China and LG Chemical Ltd., from South Korea in discussions with Aneka Tambang and Pertamina on the potential cooperation in the new factory. The new EV battery factory needs cost of around US$12 billion.