Government Secures $6 Billion Battery Project as Antam Takes Majority Stake

JAKARTA, Investortrust.id — PT Aneka Tambang Tbk or ANTM secures majority ownership in a $6 billion integrated electric vehicle battery project on Friday, Jan 30, 2026 in Jakarta as the government moves to lock in strategic control over downstream mineral development, a policy expected to anchor Indonesia’s long-term energy and industrial strategy. The project was formalized through the signing of a framework cooperation agreement witnessed by Energy and Mineral Resources Minister Bahlil Lahadalia.

The agreement brought together ANTM, Indonesia Battery Corporation, and HYD Investment Limited, a vehicle backed by Zhejiang Huayou Cobalt Co Ltd and EVE Energy Co Ltd, marking a key step in building a fully integrated EV battery ecosystem in Indonesia. PT Daaz Bara Lestari Tbk was also included as part of the supporting supply chain.

Bahlil said the deal was the result of prolonged negotiations that began during his tenure as investment minister, with the government consistently prioritizing an end to end battery ecosystem from upstream mining to downstream manufacturing. He said the project reflected the state’s determination to ensure downstreaming translated into concrete industrial capacity.

“This was not a short process, and from the beginning we pushed for the electric vehicle battery ecosystem to truly be built and realized in Indonesia,” Bahlil said during the signing ceremony at the Energy Ministry in Jakarta.

Under the agreed structure, ANTM will hold the controlling stake, a decision Bahlil said followed direct instructions from President Prabowo Subianto to safeguard national interests in strategic natural resources. He said state ownership remained non negotiable under the constitutional mandate.

“In line with Article 33 of the 1945 Constitution, the national interest must come first, and therefore Antam as a state owned enterprise must retain majority control,” Bahlil said.

Despite the emphasis on state control, Bahlil acknowledged the importance of global partners in delivering technology transfer, market access, and industrial standards required to compete internationally. He said the partnership was designed to balance sovereignty with competitiveness.

The integrated battery project is planned to have production capacity of up to 20 gigawatt hours with total investment estimated at $6 billion, supporting not only electric vehicles but also large scale energy storage for renewable power generation. The design is aligned with Indonesia’s plan to develop up to 100 gigawatts of solar power capacity.

“This is not only for car batteries, but also designed to support renewable energy storage,” Bahlil said.

The government estimates the project could create up to 10,000 new jobs, with further details on investment allocation and development phases to be finalized through ongoing feasibility studies. Industrial facilities are expected to span Halmahera Timur in North Maluku and partnerships with manufacturing bases in West Java.

Bahlil said successful execution would position Indonesia among the first countries outside China to possess a fully integrated electric vehicle battery ecosystem, reinforcing its ambition to become a global hub for clean energy manufacturing.