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China's Huayou to replace LGES in Indonesian EV battery project, minister says

China's Zhejiang Huayou Cobalt is replacing South Korea's LG Energy Solution as a strategic investor in one of Indonesia's major EV battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday. LGES on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project. Indonesia is keen to develop domestic processing industries to produce batteries and EVs to take advantage of its rich mineral resources.

China's Zhejiang Huayou Cobalt is replacing South Korea's LG Energy Solution as a strategic investor in one of Indonesia's major EV battery projects, the country's Energy and Mineral Resources Minister Bahlil Lahadalia said on Wednesday. LGES on Monday announced its withdrawal from the 142 trillion rupiah ($8.42 billion) project.

Indonesia is keen to develop domestic processing industries to produce batteries and EVs to take advantage of its rich mineral resources..