Rept's plant in Indonesia, which could start operations as early as next year, will take advantage of its parent company Tsingshan's raw materials and infrastructure.
(Image credit: Rept)
Rept Battero Energy Co Ltd (HKG: 0666), a power battery maker backed by Chinese stainless steel and nickel giant Tsingshan Industry, plans to build its first overseas factory in Indonesia to expand its presence to overseas markets.
Rept's first overseas battery plant will be housed alongside Tsingshan's existing operations in Weda Bay and could begin operations as early as next year, according to a Bloomberg report today.
Many battery makers are building plants and ramping up in Europe and North America, but their capacity isn't expected to be operational until around 2026 or later, said Jason Hong, US general manager of Rept, adding that the company wants to build a plant in Indonesia ahead of them.
Rept aims to get a head start on rivals planning new capacity elsewhere in the world and capitalize on its parent company's raw material and infrastructure advantages, the report noted.
Indonesia's labor and power costs are similar to China's, while Tsingshan has a comprehensive infrastructure built, and its extensive experience will help with budget estimates, Hong said.
"We also have a good relationship with the Indonesian government, which is supportive of new energy sectors," he added.
Rept was founded in October 2017 and began mass production and delivery of lithium-ion batteries in April 2019.
On December 17, 2023, the company was listed in Hong Kong under the stock code 0666, with a current market capitalization of HK$33.4 billion.
Rept's power battery customers include SAIC-GM-Wuling, Leapmotor, a Netherlands-based automotive company, a Germany-based luxury car company and a US-based electric vehicle maker, according to its prospectus.
In February, Rept's installed power battery volume in China was 0.46 GWh, placing it at No. 7 with a 2.58 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
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