Investor Presentaiton
Manufacturing Industry
Indonesia's midstream industry is lagging behind in becoming a complete end-to-end producer of
nickel-based EV batteries
Upstream Sector
Nickel
Mining
Laterite-
Saprolite Ore
Matte
Chemical
Production
Nickel Sulfate
Mid-stream Sector
Downstream Sector
Component
Production
Cell
Production
Battery Pack
Production
EV Production
& Operation
Reuse
Recycling
Cell
Pack
EV-Battery
Integration
Second life
battery (ESS)
Black Mass
RKEF
FeNi
Cobalt Sulfate
Cathode
(NMC)
Laterite-
Limonite Ore
MHP
HPAL
Mangan
Sulfate
/STAL
Sources: IESR analysis
(Notes: based on interview)
Lithium
Hydroxide/
Carbonate
Graphite + Battery
Foil
Anode
Polyolefin/
Glass Fiber
Separator
Carbonate
Solvent Mix +
Lithium Salt
Electrolyte
Battery
Management
System (BMS),
Housing,
Wiring
Exist commercially
Exist small scale (SME/Lab)
Not exist
Indonesia Electric Vehicle Outlook 2023
• The Indonesian government is securing lithium hydroxide supply through IA-CEPA and building a 60 kiloton/year lithium refinery for the midstream industry. However,
a planned battery industry partnership (IBC-LGES) with a capacity of 30 GWh faces potential cancellation. Another project (IBC-CBL) is underway to set up active material
production facilities with a planned start date in Q3 2025 and battery production facilities with a capacity of 15 GWh in Q2 2026. Investments from Foxconn-Indika
and potential investments from Tesla offer growth opportunities for the industry, but uncertainty about the start date of battery production facilities still limits the
absorption of MHP upstream products by the domestic EV battery midstream industry.
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