TBS Energi Utama

What TBS Energi Utama does

TBS Energi Utama (legal name PT TBS Energi Utama Tbk., IDX: TOBA) is an Indonesian publicly listed integrated energy company headquartered at Treasury Tower, SCBD, Jakarta, that has executed a strategic pivot from its coal-mining origins to a diversified low-carbon platform spanning three verticals: integrated Waste Management, Renewable Energy (solar and wind development), and Electric Vehicles (electric 2-wheelers and battery-swapping infrastructure). The company operates through twelve wholly-owned subsidiaries — including CORA (carbon/environmental services), Electrum (EV ecosystem), Indomining (mining), Perkebunan Kalimantan (plantation), and TBS Foundation — delivering solutions to general consumers, enterprises, and government customers across Indonesia. Core technology revolves around circular-economy infrastructure (waste-to-value processing), renewable power generation, and battery-swapping station networks enabling rapid electric motorcycle deployment, with cross-segment synergies intended to support the company's stated carbon-neutrality target by 2030.

TBS generates revenue through a mix of B2B and B2G (business-to-government) channels: waste management service contracts and resource recovery, renewable energy generation and IPP arrangements, EV fleet procurement and battery-swapping services, alongside runoff coal mining/trading revenue and plantation income. The company has signaled pricing opacity (no publicly disclosed price list) and has aggressively secured external capital — a USD 600 million green investment commitment, USD 15 million in ADB/DBS/ACFP e-mobility financing, and a USD 310 million acquisition of two Singapore-based Sembcorp waste management units in 2025 — to fund the transition. H1 2025 revenue was USD 172 million, down 31% YoY due to declining coal volumes and prices, but Q1 2026 results disclosed 20.5% revenue growth and 46.7% gross profit expansion alongside positive operating cash flow, indicating the new verticals are beginning to offset legacy decline. Sustainability segments already account for over one-third of revenue and nearly two-thirds of gross profit.

Name

TBS Energi Utama

Legal name

PT TBS Energi Utama Tbk.

Website

https://tbsenergi.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

PT TBS Energi Utama Tbk (IDX: TOBA) is a Jakarta-headquartered Indonesian integrated energy company that has pivoted from coal mining to waste management, renewable energy, and electric vehicle infrastructure across twelve subsidiaries, serving consumers, enterprises, and government clients.

Ownership category

akta.pro rank

Product category

Renewable Energy and Environmental Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Solid Waste Combustors and Incinerators (562213)

SIC

Electric, Gas & Sanitary Services (4900), Refuse Systems (4953)

akta.pro primary industry

Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF)

akta.pro secondary industries

Electrical BOP & Collection Systems (MV/HV Cabling, Switchgear, Protection, Grounding) (EUAMAFAD), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Integrated waste management
• Renewable energy solutions
• Electric vehicle infrastructure
• Battery swapping stations
• Circular economy services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Distribution channels3 records

Marketing channels8 records

Core offering

TBS Energi Utama is an Indonesian integrated energy company that delivers waste management solutions, renewable energy infrastructure, and electric vehicle (EV) ecosystem services — including electric 2-wheelers and battery-swapping stations — through twelve subsidiaries. The company has evolved from coal mining roots into a diversified low-carbon platform supporting Indonesia's energy transition and targeting carbon neutrality by 2030.

Product overview

TBS Energi Utama (formerly TOBA) is an Indonesian company that has completed its transition from coal mining roots to a diversified clean energy and environmental services platform. The company operates three core business segments: Waste Management (integrated solutions turning waste into value through circular impact), Renewable Energy (advancing Indonesia's shift to clean power including solar and wind), and Electric Vehicles (innovative e-mobility with electric 2-wheelers and battery-swapping ecosystem). The company also maintains legacy coal mining and trading operations alongside plantation assets. TBS manages a portfolio of subsidiaries including CO2RRA, AMES, ARAH, AEH, NTBE, Electrum, ABN, ABNIAGA, Indomining, Trisena, and Perkebunan Kaltimex, each contributing to TBS's mission toward carbon neutrality by 2030.

Differentiator

Problem solved

Functional benefit

Products and services

• Waste Management Integrated waste management solutions that turn waste into value through circular processing and resource recovery, serving enterprises, governments, and communities across Indonesia.
• Renewable Energy Clean energy solutions that advance Indonesia's shift to renewable power sources, including solar and wind energy development for commercial and government customers.
• Electric Vehicles (E-Mobility) End-to-end electric 2-wheeler ecosystem including vehicle procurement and battery-swapping station deployment, targeting fleet operators, transportation enterprises, and end consumers to reduce greenhouse gas emissions in Indonesian transportation.
• Coal Mining and Trading Legacy coal mining and trading operations that are part of the company's historical portfolio, now being phased down as part of the transition toward low-carbon sectors.
• Plantation Plantation business operations operated through subsidiary Perkebunan Kalimantan, included in TBS's diversified portfolio.

Quantifiable outcome

• Reduce greenhouse gas emissions through electric motorcycle adoption and renewable energy deployment
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core.

• PT Coca-Cola Europacific Partners IndonesiacoreStrategic or Co-development Partner · 1 January 2026PT Coca-Cola Europacific Partners Indonesia joined the IGCN Circular Economy Working Group as a core member alongside TBS and other companies to drive circular innovation and sustainability initiatives in Indonesia.
• PT Amita Tamaris LestaricoreStrategic or Co-development Partner · 1 January 2026PT Amita Tamaris Lestari joined the IGCN Circular Economy Working Group as a core member alongside TBS and other companies to drive circular innovation and sustainability initiatives in Indonesia.
• PT Unilever Indonesia TbkcoreStrategic or Co-development Partner · 1 January 2026PT Unilever Indonesia joined the IGCN Circular Economy Working Group as a core member alongside TBS and other companies to drive circular innovation and sustainability initiatives.
• PT Dynapack AsiacoreStrategic or Co-development Partner · 1 January 2026PT Dynapack Asia joined the IGCN Circular Economy Working Group as a core member alongside TBS and other companies to drive circular innovation and sustainability initiatives.
• IGCN (UN Global Compact Network Indonesia)coreStrategic or Co-development Partner · 1 January 2026IGCN, in partnership with BAPPENAS and BRIN, organized the Circular Economy Executive Dialogue 2026 in Jakarta. TBS officially joined as a core member of the IGCN Circular Economy Working Group to advance Indonesia's transition toward a circular economy.
• BAPPENAS (National Development Planning Agency of Indonesia)coreStrategic or Co-development Partner · 1 January 2026BAPPENAS partnered with IGCN and BRIN to organize the Circular Economy Executive Dialogue 2026 and projects that circular economy models could contribute IDR 593–638 trillion to Indonesia's GDP by 2030 and generate over 4.4 million green jobs.
• BRIN (National Research and Innovation Agency of Indonesia)coreStrategic or Co-development Partner · 1 January 2026BRIN co-organized the Circular Economy Executive Dialogue 2026 with IGCN and BAPPENAS to promote private sector collaboration with policymakers and advance Indonesia's circular economy transition.
• Sembcorp (Singapore-based waste management units)coreStrategic or Co-development Partner · 1 January 2025TBS/TOBA completed the acquisition of two Singapore-based Sembcorp waste management units for approximately USD 310 million in 2025, marking a major strategic pivot to waste management and environmental services as part of the transition from coal to renewables.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Indika Energy: Indonesian diversified energy company transitioning from coal mining into renewables, EVs, and logistics. Most directly comparable peer given the shared coal-to-clean pivot and Indonesian listing context.
• Adaro Energy: Indonesian coal-to-clean energy group with growing renewables and aluminum exposure. Comparable as another publicly listed Indonesian mining-to-energy transitioner with similar scale and governance profile.
• Bukit Asam: Indonesian state-linked coal miner increasingly focused on downstream and renewable energy initiatives. Comparable as a domestic coal-to-energy transitioner serving similar utility and industrial customers.
• Gogoro: Taiwan-based electric two-wheeler and battery-swapping platform. Most directly comparable EV peer given shared focus on battery-swapping infrastructure for motorcycle fleets in Asia.

Broad incumbents

• Pertamina: Indonesian state-owned integrated energy company with renewables and EV initiatives. Comparable as a much larger incumbent across the same broad energy-transition value chain, including waste-to-energy.
• Sembcorp Industries: Singapore-headquartered energy and urban solutions group that divested its waste management units to TBS. Comparable given its established renewables and waste management footprint across Southeast Asia.
• Astra International: Indonesian conglomerate with automotive, EV, and infrastructure interests. Comparable as a diversified Indonesian platform with emerging electric mobility and sustainability investments.

Regional players

• Star Energy Group: Indonesian geothermal and renewable energy operator. Comparable on the renewable energy pillar, particularly as a domestic Indonesian utility-scale power producer.
• Star Petroleum Refining (SPRC): Southeast Asian energy company transitioning toward cleaner fuels and renewables. Comparable as a regional energy-transition peer operating in adjacent Southeast Asian markets.

Emerging players

• Hyundai Energy (Indonesia operations): Global automaker scaling EV manufacturing and battery ecosystems in Southeast Asia. Comparable as a capital-rich entrant into Indonesia's EV and battery value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@thisistbsofficial
• Facebookfacebook.com/tbsenergiutama
• LinkedInlinkedin.com/company/tbs-energi-utama
• Instagraminstagram.com/this.is.tbs
• TikToktiktok.com/@inside.tbs

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries12 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TBS Energi Utama