Asia Tech Wire (Oct 21) -- Indonesia has set up a battery joint venture with CATL, the world's largest power battery maker, in a move that will boost the country's role in the global battery supply chain, according to Bloomberg.

CATL is partnering with Indonesia Battery Corporation (IBC), a consortium of four state-owned companies, namely, metals and mining firms PT Indonesia Asahan Aluminium and Aneka Tambang (Antam), national oil and gas company PT Pertamina (Persero) and power company Perusahaan Listrik Negara (PLN).

The two entities have committed to invest $1.18 billion to build a battery cell plant with an annual capacity of 15GWh, which is due to be commercially operational by 2027.

The deal is part of a $6 billion investment commitment by CATL and IBC to develop a new energy vehicle battery project in Indonesia covering both upstream and downstream businesses.