shutterstock_1963852837.jpgMitsubishi hopes to meet the increased demand for EV batteries. Credit: Black_Kira via Shutterstock.

Japanese conglomerate Mitsubishi is appraising investments in nickel and lithium projects as the demand for electric vehicle (EV) batteries soars, reported Reuters.

The development comes as automakers try to electrify their fleets, triggering a global rush for a reliable supply of lithium, nickel, copper, and other key minerals. By the end of the decade, supply is said to be likely insufficient in meeting the required demand.

Speaking to analysts, Mitsubishi mineral resources group CEO Satoshi Koyama said: “As global resource companies and others are looking for lithium and nickel, we are considering investing in the two metals.”

According to Koyama, Canada and Australia might be the nickel investment locations since they satisfy the requirements for safety from the perspective of geopolitical risk and access to renewable energy from the perspective of decarbonisation.

Koyama added: “We are verifying what kind of nickel projects will make it to the profitability line, given technical hurdles and cost issues.”Last year, the minerals group purchased a 15% stake in a joint venture with Giga Metals to develop Canada’s Turnagain nickel deposit.

Mitsubishi is also considering several lithium-related initiatives.