(Adnkronos) - NINGDE, China, April 15, 2022 /PRNewswire/ -- On April 14, Ningbo Contemporary Brunp Lygend Co., Ltd. (CBL), a subsidiary of Guangdong Brunp Recycling Technology Co., Ltd (Brunp), signed a tri-party framework agreement with PT Aneka Tambang (ANTAM) and PT Industri Baterai Indonesia (IBI) to cooperate on the Indonesia EV
With a joint investment of 5.968 billion USD, the project is located in the FHT Industrial Park of East Halmahera of Indonesia's North Maluku Province and other places in the country as well.
ANTAM is a member of the state-owned mining company MIND ID of Indonesia. IBI, or the Indonesia Battery Corporation, is a state-owned company engaged in the battery electric vehicle and EV ecosystem, and also a subsidiary of MIND ID and ANTAM.
The project will further enhance CATL's footprint in the battery industry, ensure the supply of upstream raw materials and resources, lower manufacturing cost, and promote the development of the battery recycling business.
"The Indonesia project is an important milestone for CATL as we expand our global footprint, and it will become an emblem of the everlasting friendship between China and Indonesia," said Robin Zeng, founder and chairman of CATL. "We are fully confident in the development of the project in the future."
"The framework agreement we signed today is of significant importance to Indonesia as we strive to build out an EV ecosystem," said Luhut Binsar Pandjaitan, Coordinating Minister for Maritime Affairs and Investments. "I believe with the concerted efforts from all parties, the project will be successfully implemented."
