LG Energy Solution Signs MOU for Battery Industry Cooperation with Indonesia

[Asia Economy Reporter Hwang Yoon-joo] LG Energy Solution has signed a memorandum of understanding (MOU) for battery industry cooperation with Indonesia.

According to LG Energy Solution and the Ministry of Trade, Industry and Energy on the 18th, the MOU signing ceremony was held at a hotel in Jung-gu, Seoul at 11:15 a.m., attended by Sung Yun-mo, Minister of Trade, Industry and Energy, Kim Jong-hyun, President of LG Energy Solution, and Bahlil Lahadalia, Minister of Investment of Indonesia.

LG Energy Solution is known to form a consortium with four Indonesian state-owned enterprises to promote a comprehensive battery platform business locally from next year, including battery raw material (nickel) mining, smelting, refining, cell manufacturing, and recycling. The investment scale is 2 trillion won, and the project period is reported to be 5 years.

Until the day before, LG Energy Solution emphasized that nothing had been decided regarding the agreement with Indonesia. However, during the visit to Korea, Indonesia showed a strong willingness to sign a battery industry investment agreement with LG Energy Solution, and after some twists and turns, the MOU was finalized. Indonesia sent four ministers, including the Minister of Trade, to Korea on the occasion of the formal signing ceremony of the Comprehensive Economic Partnership Agreement (CEPA) with Korea.

LG Energy Solution explained, "The MOU with the Indonesian Ministry of Investment is a non-binding MOU related to local investment, and specific details have not yet been finalized," adding, "We will officially announce any confirmed details in the future."

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