Indonesia's 'Titan Project' EV Battery Venture to Proceed Despite LGES Withdrawal

The Indonesian government has confirmed that its US$9.8 billion electric vehicle (EV) battery "Titan Project" will continue as planned, despite South Korea’s LG Energy Solution (LGES) withdrawing from the investment. China’s Zhejiang Huayou Cobalt Co will step in as the new strategic investor for the project.

Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, stated on Wednesday, April 23, that despite rising global geopolitical tensions and economic uncertainties, the project remains on track and is expected to break ground later this year.

He emphasized that the project’s core plans and production timeline will not be affected, and that changes in investors are normal in large-scale projects. Indonesia remains committed to becoming a key global hub for the electric vehicle industry.

According to the plan, Huayou Cobalt will collaborate with Indonesian state-owned mining companies—including Indonesia Battery Corporation—through a joint venture to advance the battery project. Previously, LGES, along with LG Chem, LX International, and other consortium members, officially announced their withdrawal from the project, which is one of Indonesia's five major EV battery initiatives.