Japan calls for $24 billion investment to boost battery competitiveness

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 government will be in the forefront and mobilize all its measures to achieve the strategy’s goals, but we can’t achieve this goal without the efforts of the private sector,” said industry minister Yasutoshi Nishimura at the end of a panel meeting, calling for close cooperation. 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 the coming decades as they become essential for environmentally friendlier technology.

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