ITMG - Considering to invest into energy technology startups

ITMG - Considering to invest into energy technology startups Indo Tambangraya Megah (ITMG) has received full commitment from its parent company, Banpu Public, to invest in the best energy technology startups in the country. ITMG already possess venture capital ready for investment in Indonesian startups, aimed at aiding Banpu through ITMG for accelerated growth. These startups will become part of their ecosystem. However, the company refrains from disclosing the specific startups or companies to be invested in. Focus on sustainability, ITMG committed to enhancing climate-related financial disclosures (TFCD) while having financial solidity, ready to invest across startups of varying scales for expanding their business lines. Despite venturing into renewable energy through ITM Bhineka Power (IBP), ITMG remains reliant on coal as its primary revenue source and target a substantial contribution from electric vehicle (EV) ventures by 2030. While specific non-coal revenue targets aren't disclosed, the company encourages Banpu Group entities to strive for a 50% revenue share from non-coal sectors. Moreover, ITMG involvement in a Chinese lithium battery producer directs focus towards battery cell production in China rather than nickel distribution to Indonesia, considering regulatory constraints. Furthermore, in 9M23, the company reported revenue of USD1,826 mn (-30.19% yoy) and net profit of USD405 mn (-54.59% yoy). (Source: Investor Daily)