Japan calls for $24 billion investment to boost battery competitiveness

TOKYO : Japan needs over $24 billion in investment from both the public and private sectors to develop a competitive manufacturing base for batteries used in areas such as electric vehicles and energy storage, the industry ministry said on Wednesday.

The final strategy is central to Japanese efforts to reinvigorate its battery industry as government-backed rivals from neighbouring China and South Korea expand market share in lithium-ion batteries at the expense of Japanese companies. It added to those April-announced targets on Wednesday with the recruitment and 3.4 trillion yen investment goals.

Demand for minerals such as nickel, lithium and cobalt is projected to expand significantly in coming decades as they become essential for environmentally friendlier technology.

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