LG Energy Solution Withdraws from $8.45 Billion Power Battery Project in Indonesia. On April 21, South Korea's LG Energy Solution announced its official withdrawal from a power battery manufacturing project in Indonesia valued at 142 trillion Indonesian rupiah (approximately $8.45 billion). The project was signed at the end of 2020, aiming to establish a complete EV battery supply chain. In a statement, LG Energy Solution stated that the decision was made after comprehensive consideration of market conditions and investment environment, among other factors. However, the company also mentioned that it would continue to explore cooperation opportunities with the Indonesian government, focusing on the Indonesian battery joint venture, HLI Green Power. It is reported that the slowdown in global EV demand growth, coupled with industry overcapacity, technological bottlenecks, and policy instability, may be the main reasons for LG Energy Solution's divestment.