EVE Energy Indonesia battery investment deal strengthens integrated EV supply chain

HYD Investment Limited, a joint venture backed by EVE Energy Co., Ltd., Zhejiang Huayou Cobalt Co., Ltd., and PT Daaz Bara Lestari, has signed a framework agreement with PT Aneka Tambang Tbk and Indonesia Battery Corporation. The EVE Energy Indonesia battery investment focuses on building a vertically integrated battery ecosystem in Indonesia, aligning closely with the country’s electric vehicle ambitions.
The agreement outlines plans for coordinated investment to establish an integrated industrial chain covering upstream nickel resource development, midstream materials processing, and downstream battery manufacturing and recycling. This structure is designed to improve supply security, cost efficiency, and long-term sustainability across the EV battery value chain.

Integrated nickel-to-battery industrial chain strategy

Indonesia’s abundant mineral reserves form the foundation of this collaboration. Under the framework, ANTAM will participate in upstream raw material supply, leveraging its extensive nickel, gold, and bauxite resources along with its mining and exploitation expertise. This role is critical in ensuring stable access to key battery metals.

Upstream and midstream coordination

By combining mining assets with materials processing, the partners aim to streamline the conversion of raw nickel into battery-grade materials. This approach reduces dependency on external suppliers and enhances control over quality, traceability, and cost structures throughout the production cycle.

Technology, operations, and global market access

IBC will utilize its local platform and industrial resources to support project implementation and on-ground operations in Indonesia. Its involvement is expected to accelerate regulatory coordination, infrastructure development, and operational readiness for large-scale battery projects. EVE Energy and Huayou Cobalt will provide support in technology research and development, industrial chain management, and access to global markets. Their combined expertise in battery chemistry, manufacturing processes, and international customer networks is intended to position the EVE Energy Indonesia battery investment as a competitive player in the global EV battery landscape, while also supporting recycling initiatives to close the materials loop and improve long-term sustainability.