On August 7, 2024, Indonesian President Joko Widodo inaugurated a lithium battery anode material factory in Kendal, built by China's BTR New Material Group and Singapore's Stellar Investment. The factory, which represents an initial investment of $478 million, is set to produce 80,000 metric tons of anode materials annually, contributing to Indonesia's ambition of establishing a robust domestic electric vehicle ecosystem. Widodo emphasized the significance of this development in light of Indonesia's nickel export ban implemented in 2020, which aimed to bolster local industry. BTR plans to invest an additional $299 million to expand the factory's capacity to 160,000 tons, positioning Indonesia as the second-largest producer of anode materials globally. The project has attracted interest from major battery and electric vehicle manufacturers, enhancing Indonesia's role in the ASEAN battery industry. The inauguration marks a significant step in Indonesia's strategy to leverage its rich mineral resources for economic growth.