Signing New Energy Fund Cooperation, Pertamina NRE, and MDI Ventures Opens Energy Startup Funding Opportunities

Jakarta, October 3, 2022 - To accelerate the energy transition in Indonesia, Pertamina NRE and PT Metra Digital Investama (MDI Ventures) signed a head of agreement (HoA) on investment cooperation initiation in the form of an energy fund on Monday (26/9) in BUMN Startup Day event.

The signing was carried out ceremonially by the Director of Human Resources and Business Support of Pertamina NRE, Said Reza Pahlevy, and the President Director of MDI Ventures, Donald Wihardja, and witnessed by the Minister of State-Owned Enterprises (BUMN), Erick Thohir, Deputy Minister of BUMN II, Kartika Wirjoatmodjo, and the President Director of Pertamina, Nicke Widyawati.

Erick conveyed in his keynote speech that Indonesia's challenge is to ensure that in the future, the market potential in Indonesia that reaches IDR 4,500 trillion is filled by the Indonesian people. The potential for startups in Indonesia continues to grow. On the other hand, SOEs are a third of Indonesia's economic power which should knit the existing and developing potentials. BUMN Startup Day aims to combine the ecosystem built by startup companies and the SOEs ecosystem.

“I hope these ecosystems can meet and become part of our economic growth and job creation. We never encourage that we are anti-foreign, but we should build what is called the Indonesian ecosystem, an ecosystem woven from the private sector, small medium enterprises, and state-owned enterprises," said Erick.

Pertamina NRE's collaboration with MDI Ventures in the New Energy Fund initiative aims to accelerate the energy transition through investment in start-ups in technology and innovations in the new and renewable energy sector. Following Pertamina's NRE business pillar, the New Energy Fund's investment targets are low carbon solutions, new and renewable energy, as well as the energy sector's future business.

MDI Ventures is Telkom's venture capital unit, with a fund management value of more than USD 830 million. MDI Ventures is the largest technology investment company in Indonesia and has one of the best-performing funders in Asia.

“The energy transition requires various parties' collaboration. Pertamina NRE's collaboration with MDI Ventures, which is supported by the Ministry of SOEs, opens up funding opportunities for startup companies that share the same passion for developing clean energy. Pertamina believes this collaboration will accelerate the energy transition," said Reza.

Donald Wihardja, CEO of MDI Ventures, said “Energy Fund's strategic value has the potential to capture opportunities in new and renewable energy sector innovation. It is expected to open up new opportunities considering that MDI Ventures as a multi-fund manager can also invest together with the Energy Fund to generate Pertamina's growth and synergy. In the future, investments made in this sector will have a greater impact with the collaboration between MDI Ventures and Pertamina NRE. We see that Pertamina is capable of managing the end-to-end value chain in the energy sector."

As part of the largest national energy company in Indonesia, Pertamina NRE is the government's strategic partner to guide the energy transition and decarbonization in Indonesia. Through the climate change management implementation, which is one of the Sustainable Development Goals.**