Pertamina NRE last month signed an agreement with MDI Ventures to collaborate on the energy fund. Reza Pahlevy, the subsidiary’s human resources and business support director, said at the time that the fund would seek to speed up the transition from fuel energy to renewable energy and look to invest in startups related to low-carbon solutions, renewable energy and so-called future energy.
Pahala Mansury, Indonesia’s vice minister of state-owned enterprises, said the energy fund will invest over a five-year period. “We expect more investors to join,” Mansury told DealStreetAsia.
Pertamina said it will launch the fund next year.
Separately, Pertamina NRE on Sunday signed an agreement with Electrum, a joint venture between Indonesia Stock Exchange-listed energy firm TBS Energy Utama and tech giant GoTo for a partnership in the electric vehicle (EV) industry.
Pertamina NRE CEO Dannif Danusaputro said the partnership will complete Pertamina NRE’s participation in the EV ecosystem as it is already part of the Indonesian Battery Corporation, a three-way EV battery-making venture.
The EV ecosystem will add an estimated US$10 billion to Indonesia’s economy and create 200,000 jobs by 2030, Patrik Adhiatmadja, managing director at Electrum, said in a statement.
Pertamina Power Indonesia set up Pertamina NRE in August 2021 to focus on renewable energy and help the parent company reach a 17% clean energy portfolio.
To achieve this, Pertamina NRE aims to add 10 gigawatts of clean energy-based power capacity by 2026, including 6 GW of gas-based power plants and 3 GW of geothermal power. It will allocate around US$12 billion toward this goal.
On Saturday, Pertamina NRE signed an agreement with Keppel Infrastructure and Chevron Corporation to explore green hydrogen and ammonia on Sumatra Island.
For MDI Ventures, an Indonesia-based multistage venture fund with three unicorns in its portfolio, the partnership with Pertamina marks its first foray into clean energy.
Aldi Adrian Hartanto, vice president of investments at MDI Ventures, said the firm will start scouting for potential startups for the new energy fund to invest in. The fund will also look to invest in climate-tech startups, which are in demand right now, he said.