About Neo Energy
Transforming Energy with Sustainable Materials & Future-Forward Battery Solutions
Our origins lie in the red soils of Sulawesi, where Indonesia’s strategic nickel resources meet the world’s growing need for battery materials. Neo Energy was founded with a clear purpose: to power the energy transition through responsible mining and integrated downstream production. It has never been easy — but it was never meant to be. Every step forward has been earned through the dedication of our teams. We thank our past and present employees, whose hard work and commitment have brought us this far. Today, we continue to deliver with discipline, partnering with the government, industry peers, and local community to shape Indonesia’s role in the global battery supply chain. As we look to the future, we are finding better ways to deliver the materials the world needs — sustainably, efficiently, and at scale.
PT Teknik Alum Service (TAS) secures its first exploration IUP for the Morowali concession. This permit lays the groundwork of the asset that later marks our entry into the mining sector.
TAS’s initial exploration license is upgraded to a Production Operations IUP , officially allowing full-scale mining at the Morowali site. This milestone transitions TAS from exploration phase to the brink of active production, setting the stage for commercial operations.
TAS begins mining and producing nickel ore for the first time . This year marks the shift from development to revenue-generating operations, as TAS starts delivering nickel ore output to the market.
The Morowali mine earns a Clean and Clear certificate from authorities , confirming that the concession area has no overlapping mining rights with other license holders. This regulatory endorsement is crucial, as it validates the legal integrity of our mining license and boosts stakeholder confidence in our operations.
TAS is granted a special terminal permit by the Indonesian Ministry of Transportation to operate its own jetty at the Morowali mine . Having a dedicated port facility means we can directly ship nickel ore to buyers, improving logistics and export efficiency. This permit significantly enhances our supply chain autonomy and capacity.
TAS completes its first sale of nickel ore to PT Ekasa Yad Resources, an affiliate of the the world’s largest stainless steel producer. This inaugural deal not only validates the quality of our nickel ore but also forges a strategic relationship with a global industry leader, opening the door for future partnerships and consistent off-take demand.
Annual nickel ore sales reach 0.7 million wet metric tons (wmt), our highest volume to date. This milestone reflects the growing scale of our mining operations. Hitting this level of output demonstrates significant operational progress and the capacity of the Morowali mine to supply a substantial quantity of ore to the market.
TAS achieves 1.2 million wmt in nickel ore sales for the year, surpassing the notable one-million-ton threshold. This strong production growth underscores the rising trajectory of our business and solidifies our position in Indonesia’s nickel mining industry. The increased output also positions us to better serve the expanding demand from downstream nickel processors.
We rebrand from PT Anugrah Netzero Nickel to PT Anugrah Neo Energy Materials , signalling a strategic pivot beyond mining into the broader new energy materials sector. This name change reflects our vision to support the EV battery supply chain and our commitment to sustainability, moving past a pure mining identity toward a more integrated, future-facing enterprise.
The Company acquires PT ATSM, a holding company designated for our planned downstream projects (most notably the upcoming NEMIE HPAL plant for processing nickel). This move marks the kickoff of our vertical integration strategy – expanding from mining into processing – and demonstrates our intent to participate in more of the EV battery value chain. By bringing ATSM into the fold, we lay the groundwork for building processing facilities that will turn our nickel ore into battery-grade materials.
TAS’s annual sales climb to 1.8 million wmt , another record high for the Company’s production. This continuous growth in output not only highlights operational excellence and robust resource capacity, but also provides momentum as we venture into downstream activities. The strong mining performance in 2023 gives us a solid foundation to invest in and supply our forthcoming processing plants.
We establish PT Anugrah Neo Resources (ANER) as our dedicated trading subsidiary. ANER’s creation streamlines the marketing and sale of our nickel ore, enabling more efficient distribution and direct engagement with customers. This strategic step enhances our commercial flexibility and presence in the nickel market, ensuring we capture value across the supply chain.
Nickel ore sales hit 2.2 million wmt for the year , setting a new company record. To support further growth, we also secure an updated mining plan approval (RKAB) that raises our allowed annual production capacity to 2.5 million wmt through 2026 . Achieving this production milestone, coupled with the government-approved capacity increase, ensures we can continue scaling our output to meet rising demand. It’s a clear signal of both our operational success and our ambition to expand responsibly within regulatory frameworks.
The Company completes a major internal restructuring by acquiring PT Anugrah Jade Smelter (AJS) , a holding entity for our industrial park ventures. Through AJS, we gain ownership of key subsidiaries (such as MIS, ATHI, ATP, and APBP) that control industrial estate lands and permits. This acquisition effectively ties together our upstream and downstream segments, realizing our vision of a vertically integrated nickel-to-battery-materials enterprise. By bringing the industrial parks under our umbrella, we position ourselves to host and develop processing facilities within our own estates, creating a self-contained value chain from mining to refining.
We initiate critical partnerships to advance our downstream infrastructure. Our subsidiary MIS signs a cooperation agreement with CCCEI (China Communications Construction Engineering Indonesia) to begin engineering and site investigation for a dedicated port terminal at the Neo Energy Morowali Industrial Estate (NEMIE) . Around the same time, we enter a framework agreement with China ENFI Engineering Corporation to design and develop the NEMIE HPAL processing plant . These collaborations with experienced international engineering firms jump-start the construction of our industrial facilities. By late 2024, the efforts culminate in a ceremonial groundbreaking for the NEMIE HPAL Plant , marking the official start of construction on our flagship downstream project. Each of these steps brings us closer to producing Mixed Hydroxide Precipitate (MHP) and other battery-grade nickel products, transforming our growth plans into tangible projects on the ground.
Both of our planned industrial developments – the NEMIE industrial park in Morowali and the NEPIE industrial park in Parigi Moutong – receive “Project of National Strategic” (PSN) designation from the Indonesian government . This status is a significant endorsement, as it recognizes these projects as nationally important and can accelerate their permitting and development. Gaining PSN approval for NEMIE (managed by MIS) and NEPIE (managed by ATHI) highlights the alignment of our projects with Indonesia’s strategic initiatives, and it provides additional momentum and support from policymakers to drive these large-scale investments forward.
Emphasizing our commitment to sustainability and innovation, we deploy our first electric-powered heavy machinery at the mining site . Introducing electric vehicles (EVs) into our fleet reduces diesel consumption and emissions on-site, aligning our operations with our green objectives. This milestone showcases a practical step toward greener mining practices and serves as a preview of how we aim to integrate cleaner technology across our operations as we grow.
Our industrial park holding subsidiary (ASM) is granted a generous tax holiday by the Indonesian government. This incentive includes a 100% corporate income tax reduction for 20 years from the start of commercial production at our upcoming facilities, followed by a 50% tax reduction for the subsequent 2 years. The tax holiday substantially improves the projected economics of our downstream projects (such as the NEMIE HPAL plant), underscoring confidence in our investments. It also reflects government support for value-added processing industries, effectively bolstering our long-term profitability and cash flow once these projects come online.
We expand our resource base by acquiring PT Multi Dinar Karya (MDK), the operator of the Tojo Una-Una nickel mining concession in Central Sulawesi. This acquisition adds a second producing mine to our portfolio, diversifying our sources of nickel ore. With MDK’s Tojo Una-Una mine under the Company, we strengthen ore supply security for our future processing plants and gain greater scale in our upstream operations. The addition of a new concession area not only grows our reserves and production potential, but also further secures our position as an integrated supplier for the EV battery materials market.