A massive $20 billion deal with the US and Japan will kick-start Indonesia’s drive to wean itself off coal power.

In September, Indika and Foxconn launched a $2 billion joint venture to make EVs, batteries and energy storage in Indonesia.

Indonesia and Canada are the first and sixth biggest nickel producers in the world, respectively.

The Arcus Japan Fund, which has the equivalent of $870 million in assets, has beaten all of its peers this year.

Indonesia is keen to develop its own EV and battery industries at home, after banning exports of nickel ore to ensure supply for investors since 2020.

The metal price jumped by its 15% daily limit after an unconfirmed report about a blast at a nickel plant in Indonesia.

The Indonesia Battery Corporation plans to produce 50,000 battery packs for two-wheelers next year.