Indonesian Billionaire Expands Nickel Investment Amid Electric Vehicle Boom

Indonesian billionaire Kiki Barki's Harum Energy is ramping up its investment in nickel, driven by the surging demand for electric vehicles (EVs). Harum Energy's coal mine, controlled by Barki, is acquiring a majority stake in Blue Sparking Energy, a nickel refining company, to meet the increasing demand for EV batteries. The acquisition is valued at $206 million, reflecting the company's commitment to capitalizing on the EV boom. This move follows Harum Energy's recent $215 million investment to boost its share in another nickel smelter, indicative of the company's strategic focus on the burgeoning EV market. The development aligns with the broader trend in Indonesia, with other billionaires also expanding their investments in battery metals. With the rise of EV manufacturing in Indonesia, the world's leading nickel supplier, Harum Energy's pivot towards nickel underscores the industry's readiness to cater to the needs of the evolving automotive sector. Barki's significant presence in the nickel industry, both in Indonesia and abroad, reflects a tangible shift towards renewable technologies and their positioning in the global market.