LG Energy Solution and Hyundai Motor Group announced on July 29 that they have signed an investment agreement with the Indonesian government to establish a 10 GWh battery cell joint venture in Indonesia.
LG Energy Solution CEO Kim Jong-hyun, Hyundai Mobis CEO Cho Sung-hwan met at the headquarters of LG Energy Solution in Yeouido to sign the pact. Meanwhile, Indonesia's Investment Minister Bahlil Lahadalia attended the three-way investment agreement via online video on July 28.
At the signing ceremony, Amb. Umar Hadi of Indonesia to Korea, Park Tae-sung, South Korea's ambassador to Indonesia, Pahala Nugraha Mansury, vice minister of Indonesia's Ministry of Public Enterprises, and Toto Nugroho, CEO of Indonesia's Battery Corporation (IBC) attended the on and offline event.
Prior to the signing of the investment agreement, Hyundai Motor Group and LG Energy Solution signed a contract to establish a joint venture for battery cell, and through an investment agreement with the Indonesian government, the two sides decided to invest about $1.1 billion (1.17 trillion won).