JAKARTA – PT Green Power Group Tbk (LABA) signed an official supply agreement and a cooperation agreement with PT Safast Electric Vehicles Indonesia on February 14, 2025.

In this collaboration, the company will supply 3,000 units of 23.96 kWh capacity batteries and 1,000 units of 38.7 kWh capacity batteries, with a total capacity of 110 MWh.

According to a disclosure on the Indonesia Stock Exchange (BEI) dated February 17, the unit price of the batteries has been set at IDR 1,560,000 per kWh, making the total value of the contract IDR 171.6 billion.

Meanwhile, the controlling shareholder, PT Nev Stored Energy (NSE), has secured low-interest funding from international capital firm S2C Capital Group.

NSE will access funds amounting to US$4 million, equivalent to IDR 65.14 billion (based on an exchange rate of IDR 16,285 per USD), through a gradual share pledge scheme to accelerate the business development and operations of LABA.

According to BEI, NSE had divested 55 million shares in LABA at IDR 230 per share on February 12, raising IDR 12.65 billion. This caused its ownership stake to decrease from 50.75% to 45.77%.

Several strategic projects supported by this funding include ECGO Electric Motorcycle (two-wheeled vehicles), PT Safago New Energy (three-wheeled vehicles), as well as solar power plants and electric truck projects based on a battery swapping system.

William Ong, the President Director of LABA, stated in a written report on Sunday (16/2) that NSE has no intention of divesting its shares further. On the contrary, they are committed to increasing their stake at a time deemed strategic. (EF/ZH)