Indonesia's 'Khazanah' to set up USD 2b EV fund with CATL and CMB International
Shaun · Nov 25, 2022 09:20 AM
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The Indonesia Investment Authority (equivalent to Malaysia’s Khazanah Nasional, the country's sovereign wealth fund) will invest in the establishment of a Green Fund, which will focus on end-to-end electric vehicles (EV) value chain investment, with Chinese battery giant CATL and CMB International.
The Green Fund will serve as a platform to seize investment opportunities in the emerging EV ecosystem and aims to deliver attractive long-term sustainable returns to its investors. With the parties’ concerted efforts, INA believes the size of the fund would reach up to USD 2 billion.
Wirakusumah said, "This MoU is part of our journey and commitment to supporting Indonesia’s sustainability and commitment to net zero emission. Electrification is an attractive solution for conventional energy, helping to reduce environmental impact whilst also tapping into a potential growth market.”
“The strategic partnership with CATL, a global leader in new energy technology innovation, and CMBI as a highly regarded financial institution with proven investment experience in the EV value chain align with INA’s mission to create long-term prosperity for future generations through sustainable investments,” added Wirakusumah.
The country’s large nickel reserves have attracted investment from LG Chem (which is currently building a USD 9.8 billion end-to-end battery manufacturing facility) and CATL (USD 6 billion). Car manufacturers such as Toyota and Hyundai have also chipped in for EV-related investments in Indonesia.
The quest for automotive knowledge began as soon as the earliest memories. Various sources information, even questionable ones, have been explored including video games, television, magazines, or even internet forums. Still stuck in that rabbit hole.
