TBS Energi Utama Targets $300 Million Revenue from Electric Vehicle Ecosystem
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JAKARTA, Investortrust.id — PT TBS Energi Utama Tbk, or TOBA, targets revenue of $200 million to $300 million between 2029 and 2030 from its growing electric vehicle ecosystem. The company has partnered with ride-hailing platforms Gojek and Grab through its joint venture Electrum.
Senior Vice President for Corporate Finance and Investor Relations Mirza R Hippy said during the Punex Live 2025 forum on Friday, Sept. 12, 2025, that the company views the EV segment as a long-term revenue driver. “Speaking about the EV ecosystem as a guideline going forward, we aim for $200 million to $300 million in top-line revenues by 2029–2030,” he said.
Electrum, a joint venture between TBS and PT GoTo Gojek Tokopedia Tbk (GOTO), focuses not only on electric vehicle batteries but also on battery swapping stations and two-wheeler assembly.
Managing Director of Investor Relations TBS Gita Sjahrir said Electrum’s potential could reach $7 billion annually from electric motorcycle sales and battery infrastructure management. The unit has expanded rapidly, with year-to-date growth of 90% since 2024.
Currently, Electrum operates 5,400 electric two-wheelers and 320 battery swapping stations, supporting 170 million kilometers of rides and 18,500 battery swaps daily.
Beyond Electrum, TBS is also building businesses in waste management and renewable energy. However, the group continues to face pressure from its coal segment during this transition phase.
In the first half of 2025, TBS recorded consolidated revenue of $172.2 million, down from $248.7 million in the same period last year. The decline followed lower coal sales volumes, which fell from 1.7 million tons to 0.7 million tons, and a drop in the average selling price from $83 per ton to $52.9 per ton.
The coal mining and trading segment contributed $91.6 million, or 53% of total revenue, compared with 82% a year earlier.
As a result, TBS booked a net loss of $115.3 million in the first half, largely due to non-cash losses of $96.9 million from the divestment of two coal-fired power subsidiaries, PT Minahasa Cahaya Lestari and PT Gorontalo Listrik Perdana, completed in March and May 2025.
Despite the accounting loss, TBS secured additional cash of $123.6 million from the divestment, which the company said would strengthen its balance sheet.
“This decline reflects TBS’s commitment to reducing dependence on coal and accelerating the transition to a greener and more sustainable business portfolio,” said TBS Chief Financial Officer Juli Oktarina.
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