CATL subsidiary Contemporary Amperex Technology Co. Limited (CBL) will invest $420 million in the nickel mining and electric vehicle battery industry in Indonesia. The deal involves a collaboration between CBL, PT Aneka Tambang (Antam), and PT Industri Baterai Indonesia (IBI), and includes nickel mining, RKEF, HPAL, battery materials, battery recycling, and battery manufacturing to meet the growing global demand for nickel in electric vehicle batteries. The U.S. Geological Survey predicts a 21% increase in global nickel production by 2022, with Indonesia and Australia holding the world's largest reserves of nickel ore.