Harum Energy, a coal mine controlled by Indonesian billionaire Kiki Barki, is making a significant investment in the nickel industry by acquiring a majority stake in Blue Sparking Energy. This move comes as the demand for electric vehicles continues to rise. The deal involves Harum Energy unit Tanito Harum Nickel purchasing one million shares of Blue Sparking for $206 million, resulting in Tanjung Development Investment’s stake in Blue Sparking being diluted to 49%.
Blue Sparking Energy is developing a high-pressure acid leach facility in Weda Bay, North Maluku province, to refine nickel and cobalt. Once operational in early 2026, the facility is expected to produce 67,000 tons of nickel and 7,500 tons of cobalt annually. These minerals are essential for battery production in electric vehicles. This acquisition follows Harum Energy’s recent investment in nickel smelter Westrong Metal Energy as part of its expansion into the nickel market.
Indonesian billionaires like Kiki Barki are not the only ones increasing their investments in battery metals; others, such as Lim Hariyanto Wijaya Sarwono’s Trimegah Bangun Persada and Garibaldi Thohir’s Merdeka Battery Materials, are also developing nickel smelters in the country. This trend reflects the growing importance of nickel in the production of batteries for electric vehicles, as global car manufacturers like Hyundai and Mitsubishi look to Indonesia as a key supplier.
Kiki Barki, who founded Harum Energy in 1995 and listed it in 2010, has a net worth of $1.4 billion and was ranked 33rd on Indonesia’s 50 Richest list. His son, Lawrence Barki, now serves as the company’s president commissioner. In addition to his investments in the Indonesian nickel industry, Barki also has a stake in Australia’s Nickel Industries, which operates a nickel mine and nickel pig iron facilities in Indonesia. These investments underscore Barki’s commitment to the growth of the nickel market in Indonesia.
The acquisition of Blue Sparking Energy by Harum Energy represents a significant step in the company’s strategy to capitalize on the increasing demand for nickel in the electric vehicle market. With the expansion of its nickel investments and partnerships with other key players in the industry, Harum Energy is well-positioned to take advantage of the growing opportunities in the battery metals sector. This move is a testament to Barki’s vision for the company and his dedication to driving growth and innovation in Indonesia’s natural resources sector.
As the electric vehicle market continues to expand globally, the demand for nickel and other battery metals is expected to rise significantly. Harum Energy’s investment in Blue Sparking Energy and other nickel-related ventures positions the company to play a crucial role in supplying these essential minerals to meet the growing needs of the electric vehicle industry. With Barki’s leadership and strategic investments, Harum Energy is poised to become a key player in Indonesia’s nickel market and contribute to the country’s position as a leading supplier of battery metals for electric vehicles worldwide.
