PT Industri Baterai Indonesia has signed a Memorandum of Understanding (MoU) with Nuode Investment Co., Ltd (Nuode) and China Hualong International Construction Corporation (SINORON). This collaboration aims to support copper downstreaming, particularly in the use of copper cathodes as raw materials for copper foil in battery anodes and electronic PCBs. The MoU covers areas such as joint studies on the market potential of copper foil for lithium-ion batteries and PCBs, exploring copper cathode and sulfuric acid supplies, and assessing investment plans for establishing a JV copper foil production for batteries and electronic PCBs. PT Industri Baterai Indonesia CEO Toto Nugroho stated that this partnership aims to develop new energy material ecosystems, including copper foil, a crucial component for battery anodes. The copper cathode, the raw material for copper foil, is expected to be supplied by PT Freeport Indonesia’s newly inaugurated smelter on 23 September 2024, as noted in a press release on 2 October 2024.
Jeffrie N. Korompis, Director of Operations and Business Development at PT Industri Baterai Indonesia, explained that the collaboration with Nuode is part of the company’s onshoring strategy to expand Indonesia's battery ecosystem. Indonesia aims to become a global battery production hub, supplying batteries and components to the European Union, the United States, and Asia. Nuode Chairman Chen Lizhi emphasized Indonesia's role as the company’s market development center in ASEAN, leveraging Indonesia's rich copper resources to support the development of new energy materials. Chris Chan, Commercial Director of SINORON, added that the copper foil project reflects the Fulcrum Consortium’s commitment to bringing Chinese companies to Indonesia to contribute to the growth of the electric vehicle battery and energy storage systems ecosystem.
