TBS Energi Utama
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.
- Company typePublic
- Founded2007
- HeadquartersJakarta, Indonesia
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
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.
TBS Energi Utama firmographics
Firmographics- 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
TBS Energi Utama industry classification
Industry- 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
Where TBS Energi Utama is headquartered
LocationHeadquarters
- HQ city
- Jakarta
- HQ country
- Indonesia
- HQ region
- Asia
Offices1 record
Markets served
TBS Energi Utama business model
Business model- 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
TBS Energi Utama product offering
Product offeringCore 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
Companies that use TBS Energi Utama
Customer profileSegments1 record
Ideal customer profiles2 records
TBS Energi Utama technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
TBS Energi Utama partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- PT Coca-Cola Europacific Partners IndonesiacorePT 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 LestaricorePT 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 TbkcorePT 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 AsiacorePT 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)coreIGCN, 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)coreBAPPENAS 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)coreBRIN 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)coreTBS/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
TBS Energi Utama competitors and assessment
Company assessmentDirect 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
TBS Energi Utama social profiles
Digital presenceTBS Energi Utama financial estimates
Financial estimateRevenue estimate
Valuation estimate
TBS Energi Utama leadership team
Management profileNumber of profiles
Profiles10 records
TBS Energi Utama subsidiaries and ownership
Company hierarchySubsidiaries12 records
TBS Energi Utama funding detail
Funding detailFunding overview
Funding rounds2 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TBS Energi Utama M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TBS Energi Utama
What does TBS Energi Utama do?
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.
Is TBS Energi Utama a public or private company?
TBS Energi Utama is a public company. It is classified as public and is currently operating.
When was TBS Energi Utama founded?
TBS Energi Utama was founded in 2007. It employs 501 to 1,000 people.
Where is TBS Energi Utama based?
TBS Energi Utama is headquartered in Jakarta, Indonesia, in the Asia region.
Who are TBS Energi Utama's main competitors?
Direct peers on record are Indika Energy, Adaro Energy, Bukit Asam and Gogoro. Broad incumbents are Pertamina, Sembcorp Industries and Astra International. Regional players are Star Energy Group and Star Petroleum Refining (SPRC). Hyundai Energy (Indonesia operations) is listed as an emerging player.
Does TBS Energi Utama have an API?
No public API is recorded for TBS Energi Utama.
What industry is TBS Energi Utama in?
TBS Energi Utama's product category is Renewable Energy and Environmental Services. Its primary akta.pro industry code is EUAMAFAF, Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines), with a secondary code of EUAMAFAD, Electrical BOP & Collection Systems (MV/HV Cabling, Switchgear, Protection, Grounding). Its NAICS code is 2211 and its SIC code is 4900.