Bloomberg, citing unnamed sources, reported that Contemporary Amperex Technology Co. Ltd. (CATL), the world's largest battery maker, is seeking a US$1 billion loan to expand its investment in Indonesia. The funds will be used for a battery plant in Karawang, West Java, operated by CATL's joint venture. Sources familiar with the matter said financing negotiations are ongoing, and details may still change.
The loan effort comes as CATL prepares for a potential US$5 billion Hong Kong IPO, which could be one of the city's largest listings in recent years.
In April 2022, CATL began a US$6 billion electric vehicle battery integration project in Indonesia, spearheaded by its subsidiary Ningbo Contemporary Brunp Lygend (CBL). Launched under a 2022 framework agreement with Indonesia's PT Aneka Tambang (ANTAM) and PT Industri Baterai Indonesia (IBI), the initiative covers nickel mining, battery material production, manufacturing, and recycling — primarily centered in East Halmahera, North Maluku.
In December 2023, CATL deepened its upstream presence by acquiring stakes in ANTAM subsidiaries PT Sumberdaya Arindo and PT Feni Haltim for US$416.5 million, marking the start of a comprehensive supply chain investment. Building on this, in October 2024, CBL and Indonesia Battery Corporation established a joint venture for a US$1.18 billion battery cell plant with a planned capacity of 15 GWh. The facility is expected to start production in 2027 to meet both local and global demand.
Article edited by Jack Wu
