[Alpha Biz= Kim Jisun] Date: April 24, 2025 - Following the cancellation of LG Energy Solution’s 11 trillion KRW electric vehicle (EV) battery project in Indonesia, the company has confirmed that discussions are ongoing regarding a separate major investment in the country — the HLI Green Power battery cell plant, a joint venture with Hyundai Motor Group.
The HLI Green Power plant, located in Karawang, West Java, is considered the largest battery production facility in Southeast Asia. The facility held a completion ceremony on July 3, 2024, presided over by Indonesian President Joko Widodo. The project, with a total investment of USD 3.2 billion, is being developed in two phases:
Phase 1 involved a USD 1.2 billion investment, establishing an annual production capacity of 10 GWh.
Phase 2 is currently under construction with an additional USD 2 billion investment aimed at expanding capacity to 20 GWh, with commercial operations expected to begin later this year.
Ind
onesia Battery Corporation (IBC), the country’s state-owned battery investment company, recently reaffirmed its intent to acquire a 5% equity stake in the HLI Green Power joint venture. IBC emphasized that discussions with HLI are “ongoing and constructive.”
Bayu Hermawan, IBC’s Vice President of Commercial and Marketing, told reporters on April 24, “We are continuously engaged in in-depth discussions with HLI regarding the Omega Project, and the process is progressing steadily.” He added, “We are approaching this matter from multiple angles, with support from the downstream task force (TF), which is facilitating smoother negotiations.”
The HLI Green Power plant is a core facility under Indonesia’s strategic ‘Omega Project,’ aimed at fostering a comprehensive EV battery ecosystem within the country.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
