In late April, a group of Indonesian dignitaries set foot on US soil to meet the world’s richest man. Their goal was to convince him to invest in Indonesia’s fledgling battery industry. After all, the country had pledged carbon neutrality by 2060 under the Paris Agreement and it needed electric mobility electric mobility The Ken Four forks in Indonesia’s path to 100% motorbike electrification Read more to get there. Who better to ask than Elon Musk?
Old wine, new bottles
Mud to Musk: Bakrie & Brothers plans comeback with EV play
Indonesia’s Bakrie conglomerate will forever be linked to the 2006 mudflow disaster in East Java—especially since it still owes the government millions for reparations. With VKTR, the entrepreneurial family is seeking fresh fortunes in the EV industry, hoping for a revamp
The Bakrie conglomerate spans mining, steel, and infrastructure businesses. The family wields political influence, but its fortunes faded after a grave industrial disaster in 2006
After a period of relative quiet, the Bakries are back. Their coal mining business benefited from the recent commodities boom
The Group now seeks a fresh start under the banner of a new venture capital entity, an electric bus manufacturing company, and plans for sustainable battery production
Even Sidoarjo, the site of the mudflow disaster, seems to offer new promise. However, Bakrie’s new eco-friendly image has a lot to prove before it becomes believable
