Nickel and battery materials company PT Anugrah Neo Energy Materials (ANEM) is reportedly preparing for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) by the end of this year amidst market rumors that the company has begun the Pre-Deal Investor Education (PDIE) process ahead of its public listing.
PT Anugrah Neo Energy Materials, previously known as PT Anugrah Netzero Nickel which has been operating since in 2007, is an Indonesian company focused on developing integrated nickel and new energy material projects to support the electric vehicle (EV) battery supply chain.
The same sources suggest that Gotion High-Tech, a leading Chinese battery manufacturer and strategic partner of Volkswagen Group, will join Neo Energy as a strategic partner.
Under the rumored arrangement, Gotion is expected to acquire a stake in ANEM’s High-Pressure Acid Leaching (HPAL) project. The company will also reportedly provide technology transfer and offtake guarantees for Mixed Hydroxide Precipitate (MHP) products, as well as act as a standby buyer during the IPO process.
Details regarding the investment amount, ownership share, and IPO timeline have yet to be officially disclosed. Efforts to obtain confirmation from Neo Energy’s management have not yet been met with a response.
The IPO plan aligns with recent remarks from IDX Director of Company Valuation I Gede Nyoman Yetna, who said that three “lighthouse companies” − from the financial, mining, and infrastructure sectors − are preparing to list on the exchange this year. Lighthouse companies are large-cap issuers targeted by the IDX for annual IPOs, with a minimum market capitalization of Rp3 trillion (US$179 billion) and a free float of at least 15 percent.
Neo Energy’s core operations are based in two National Strategic Project (PSN) industrial zones: the Neo Energy Morowali Industrial Estate (NEMIE) and the Neo Energy Parimo Industrial Estate (NEPIE) in Central Sulawesi. Both sites are designed with deep-sea ports, hydropower plants (PLTA), and solar farms, reflecting the company’s commitment to sustainable energy.
According to its official website, Neo Energy aims to become a leader in eco-friendly nickel production and advanced energy materials, supporting the global electric vehicle (EV) battery supply chain. The company integrates renewable energy into its operations and focuses on innovation across the EV battery value chain − from mining and processing to advanced cathode technology.
In 2024, Neo Energy recorded nickel ore sales of 2.2 million wet metric tons (wmt) and obtained a new RKAB production quota of up to 2.5 million wmt through 2026.
As part of its expansion, Neo Energy recently acquired PT Multi Dinar Karya (MDK), operator of the Tojo Una-Una nickel mine in Central Sulawesi. This acquisition adds a second producing mine to the company’s portfolio, strengthening ore supply security for its processing facilities and expanding upstream scale.
In September 2024, Neo Energy held a groundbreaking ceremony for its HPAL smelter project in Morowali. The facility will reportedly be Indonesia’s first HPAL smelter powered entirely by renewable energy.
Coordinating Minister for Economic Affairs Airlangga Hartarto, who attended the event, said the project is expected to increase Indonesia’s national MHP output by 120,000 metric tons per year.
With the upcoming IPO, Neo Energy’s Morowali and Parimo industrial estates − spanning 7,000 hectares − are poised to become key hubs for nickel downstreaming and sustainable battery material production, reinforcing Indonesia’s position in the global green energy transition.
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