LG Energy Terminates 142 Trillion Rupiah Battery Project in Indonesia, Retains Joint Venture Cooperation Channels

South Korea's LG Energy Solution announced its official withdrawal from the $8.45 billion EV battery manufacturing project in Indonesia. However, the company will continue to explore various cooperation avenues with the Indonesian government, centered around the Indonesian battery joint venture HLI Green Power. HLI Green Power, a joint venture led by LG Energy Solution and Hyundai Motor Group, held the inauguration ceremony for its first Indonesian EV battery plant with an annual capacity of 10 GWh last year and plans to expand its capacity in the second phase. The Indonesian Ministry of Investment, along with state-owned companies Aneka Tambang and Indonesia Battery Corporation, had previously planned to collaborate with LG Energy Solution on the project, but they did not immediately respond to requests for comment.