Jakarta, March 25 2024 – Pertamina New & Renewable Energy ("Pertamina NRE"), a subholding of PT Pertamina (Persero) focused on clean energy development, and PT VKTR Teknologi Mobilitas Tbk ("VKTR"), a subsidiary of the Bakrie Group, have agreed on a sustainable initiative within Indonesia’s electric vehicle (EV) ecosystem.

Pertamina NRE and VKTR announced their strategic partnership to accelerate the adoption of electric vehicles in Indonesia through e-Mobility as a Service (e-MaaS), supporting the decarbonization of the country’s transportation sector. This partnership was formalized through the signing of a Joint Development Agreement on March 15, 2024, followed by a ceremonial signing on March 26, 2024, at Grha Pertamina, Jakarta. The agreement was signed by Gilarsi W. Setijono, CEO of VKTR, and John Anis, President Director of Pertamina NRE, and witnessed by PT Pertamina (Persero) President Director Nicke Widyawati, Bakrie Group CEO Anindya Bakrie, Bakrie Group Deputy President Director A. Ardiansyah Bakrie, and the Head of Nusantara Capital City Authority, Bambang Susantono.

Indonesia has set a goal to achieve Net Zero Emissions by 2060, with the transportation sector identified as the second-largest contributor to greenhouse gas (GHG) emissions. In this context, the collaboration between VKTR and Pertamina NRE aims to support this ambitious target by reducing emissions from the transportation sector, which accounts for 23% of total emissions.

Currently, public transportation infrastructure investment still heavily relies on government funding. However, the e-MaaS model offers flexible financing options for the operation and maintenance of electric buses, thus easing the government's budgetary burden. Beyond just vehicles, the vision of e-MaaS also encompasses the development of critical infrastructure such as charging stations and renewable energy sources, essential for sustaining a green transportation ecosystem.

VKTR and Pertamina NRE plan to establish a joint venture (JV) that will provide electric vehicles for TransJakarta and other companies in need. With adequate capital expenditure (CAPEX) provided by the JV, clients such as TransJakarta would only need to pay a lease or a per-kilometer usage fee, significantly reducing their financial burden— particularly for entities like TransJakarta that require a large fleet.

The initial phase of the partnership will focus on mass transportation through buses but is expected to expand into commercial vehicle segments such as trucks and other transportation modes. Designed for seamless implementation, e-MaaS creates opportunities for VKTR to support entities like TransJakarta and the Nusantara Capital City in developing the necessary infrastructure for widespread EV adoption. Indonesia currently operates more than 260,000 registered buses, representing a total market of around US$50 billion. The JV aims to reach a target of 10,000 electric vehicle unit sales by 2030. Thus, transitioning from a CAPEX-based model to an operational expenditure (OPEX) model will significantly accelerate EV adoption in Indonesia.

John Anis, President Director of Pertamina NRE, welcomed the partnership, saying,

“We are very proud and optimistic about this collaboration. It is time for all stakeholders—government, private sector, and the public—to build a strong EV ecosystem together. This is not only about economic growth but also about environmental stewardship and sustainability, which Pertamina continues to pursue through various innovations and strategic partnerships.”

Gilarsi W. Setijono, CEO of VKTR, also expressed enthusiasm for the partnership, stating,

“This collaboration marks a historic milestone in our journey toward sustainable transportation solutions. EV adoption in Indonesia is still in its early stages. VKTR is committed to offering accessible financing solutions to support a comprehensive EV infrastructure, shifting from a CAPEX model to OPEX, and significantly contributing to Indonesia’s economy through e-MaaS. Together with PNRE, we are ready to revolutionize Indonesia’s EV landscape and pave the way for a greener, more environmentally conscious future.”

The signing of the Joint Development Agreement between VKTR and PNRE represents a significant step toward decarbonizing transportation in Indonesia. It is expected that this collaboration will contribute meaningfully to Indonesia’s broader goal of achieving net zero emissions by 2060.

About VKTR
PT VKTR Teknologi Mobilitas Tbk. (pronounced "Vektor") is a pioneer in the electrification of commercial vehicles in Indonesia. VKTR is committed to accelerating sustainable mobility in Indonesia through manufacturing and strategic partnerships with top-tier electric vehicle manufacturer.

About PNRE
Pertamina New & Renewable Energy (Pertamina NRE) is a subholding of PT Pertamina (Persero), Indonesia’s largest energy company. Its business focuses on three pillars: low- carbon solutions, renewable energy, and new & future businesses. Pertamina NRE is strongly committed to supporting national energy resilience through clean energy development, reaching net zero emissions by 2060, and embedding ESG principles into its sustainable business strategy.

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