Nickel is a versatile metal critical for the clean energy revolution, especially in electric vehicle (EV) batteries. Its role in enhancing battery energy density and efficiency makes it indispensable for longer-range EVs.
As global demand for nickel surges, driven by electrification and renewable energy needs, it becomes a focal point for investors seeking growth opportunities.
With EV adoption accelerating, nickel demand is set to soar. According to Benchmark Mineral Intelligence, over 50% of nickel demand growth by 2030 will come from battery production, requiring an estimated 1.5 million metric tons annually.
The global shift toward high-energy-density batteries further cements nickel’s role. Additionally, global investment in nickel mining and refining infrastructure could surpass $66 billion by 2030, ensuring long-term supply stability.
For investors, the opportunity is immense. As automakers and governments prioritize EV adoption, demand for nickel could outpace supply, driving prices higher. Companies leading the charge in sustainable nickel production are well-positioned to capitalize on this growth, making them attractive investment options in 2025 and beyond.
However, investing in nickel stocks comes with its challenges. The mining industry is highly cyclical, with stock prices often fluctuating alongside nickel’s market value. Geopolitical events have further strained global nickel supplies and added volatility to the market. To mitigate risks, diversifying with a basket of nickel stocks could be a smart strategy.
With this in mind, here are four nickel companies to watch in 2025, known for their strategic importance and potential in the global nickel market:
Vale S.A.: A Nickel Powerhouse Driving the Energy Transition
Vale is a global leader in nickel production, playing a crucial role in enabling the transition to a low-carbon economy. With a US$38.52 billion market cap, the company accounts for 6%-7% of the global nickel supply. This makes the nickel company a critical supplier of electric vehicle (EV) batteries and renewable energy technologies.
In 2024, Vale produced 179,000 metric tons of nickel, with operations spanning Brazil, Canada, and Indonesia. The company has invested heavily in sustainable mining practices, including its flagship Voisey’s Bay and Sudbury operations in Canada.
Voisey’s Bay alone could add 45,000 metric tons of nickel annually once its underground expansion is completed in 2025.
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Vale is also at the forefront of decarbonization. Its revolutionary Onça Puma ferronickel operation in Brazil integrates energy efficiency measures that reduce CO₂ emissions. The chart below shows the nickel company’s GHG emissions profile.
In Indonesia, Vale partners with local entities to develop high-pressure acid leach (HPAL) facilities to meet the growing demand for high-grade Class 1 nickel.
With EV adoption expected to skyrocket, Vale is aggressively expanding its nickel refining capacity. The company has partnered with automakers, including Tesla, to secure long-term nickel supply agreements.
Vale’s low-carbon nickel production technology, certified for reducing greenhouse gas emissions by up to 90% compared to traditional methods, is a key selling point for environmentally conscious investors.
Here’s the company’s recent financial performance:
Looking ahead, Vale plans to invest over $3 billion to modernize its nickel operations and further reduce carbon emissions. With a clear focus on nickel’s role in EVs, renewable energy, and advanced technologies, the nickel miner continues to attract investors seeking exposure to the green energy revolution.
Norilsk Nickel: The World’s Largest Nickel Producer Driving Sustainability and Innovation
Norilsk Nickel or Nornickel, the world’s largest producer of refined nickel with a US$19.39 billion market cap, is a powerhouse in the global metals market. Headquartered in Russia, the company accounts for over 20% of global high-grade nickel production and operates key assets on the Taimyr and Kola Peninsulas.
With its commitment to innovation and sustainability, Nornickel is central to the transition toward greener technologies like EVs. Below is the company’s most recent financial highlights:
In 2024 (9 months), Nornickel produced approximately 146,210 metric tons of nickel, maintaining its status as a reliable supplier for the EV battery industry. The company’s focus on sustainable mining practices includes its pioneering carbon-neutral nickel production program, launched to support global decarbonization goals.
Nornickel has pledged to reduce its greenhouse gas emissions by 25% by 2030, making it an attractive choice for ESG-focused investors. The nickel company’s GHG emissions have decreased since 2021.
The key to Nornickel’s success is technological innovation. The company is advancing the use of artificial intelligence and automation across its operations, improving efficiency and minimizing environmental impact.
Notably, its Bystrinsky Mining and Processing Plant is recognized as one of the world’s most advanced facilities, producing nickel, copper, and other critical materials essential for EVs.
To ensure long-term supply stability, the mining giant is investing in exploration and modernization. The company plans to invest $8 billion by 2030 to upgrade its facilities and boost production of high-purity nickel, a key component of EV batteries. This includes expanding its Arctic operations, which hold vast untapped reserves of Class 1 nickel.
By securing long-term partnerships with global automakers and battery manufacturers, Nornickel is well-positioned to capitalize on the EV boom. Its commitment to sustainability, cutting-edge technologies, and robust supply chain solutions make it a top choice for investors looking to ride the wave of electrification.
BHP Group: A Global Leader in Sustainable Nickel Supply for EV Growth
BHP is one of the world’s largest mining companies and is diversifying its portfolio to include more nickel production. The company’s Nickel West operation, located in Western Australia, is a fully integrated business covering mining, smelting, and refining. This operation focuses on producing high-quality nickel products designed specifically for the EV battery supply chain.
The mining giant has invested around $3 billion since 2020 to develop a green nickel hub. However, as of mid-2024, BHP has paused its ambitions for this hub due to market challenges.
The company’s recent financial achievements are as follows, with a $126.29 billion market cap:
In 2024, BHP’s Nickel West produced over 80,000 metric tons of nickel, with 85% of this output directed toward EV battery manufacturers. The operation’s commitment to sustainability is evident in its low-carbon production processes, supported by investments in renewable energy.
For instance, BHP recently announced a 50% reduction in greenhouse gas emissions at Nickel West by 2030, aligning with its broader decarbonization goals.
BHP is also ramping up its exploration efforts to secure future nickel resources through various initiatives. This includes its West Musgrave Project which it integrates into its portfolio following the acquisition of OZ Minerals in May 2023. This project is in the early stages of execution and is expected to significantly contribute to BHP’s nickel production upon completion.
The company is investing billions over the next five years to expand its nickel production capacity and modernize its operations. This includes developing the Venus nickel deposit and upgrading the Kalgoorlie Nickel Smelter and Kwinana Refinery. These efforts are aimed at meeting the surging demand for high-grade Class 1 nickel, essential for lithium-ion batteries.
Partnerships play a significant role in BHP’s strategy. The company has secured long-term agreements with major automakers like Tesla and Toyota to supply sustainable nickel for EV batteries. These partnerships enhance its position as a key player in the global EV supply chain, offering investors a solid growth trajectory.
With its focus on operational excellence, environmental sustainability, and strategic partnerships, BHP is poised to remain a leader in the nickel market, driving the transition to a low-carbon future and delivering value for shareholders.
Alaska Energy Metals Corp.: A Rising Star in the Nickel Revolution
Alaska Energy Metals Corp. or AEMC is a standout junior nickel miner based in Alaska with approximately CAD$23.87 million market cap, focused on the development of high-grade nickel resources in a low-carbon environment. It’s strategically positioning itself to meet the surging demand for nickel in electric vehicle (EV) batteries and renewable energy markets.
The company’s flagship Nikolai Project, located in Southcentral Alaska, spans over 10,600 hectares of prospective land rich in nickel, copper, cobalt, and platinum group metals. Preliminary exploration results indicate a robust resource potential, with nickel grades rivaling some of the world’s top deposits.
AEMC is actively advancing exploration and development efforts, aiming to become a reliable source of Class 1 nickel, which is critical for high-energy-density batteries. The nickel junior has adopted a strong commitment to sustainability and environmental stewardship. The company plans to integrate renewable energy solutions into its operations to minimize its carbon footprint.
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Additionally, the rising nickel player is working closely with local communities and stakeholders to ensure responsible resource development that benefits the region economically and socially.
What sets AEMC apart is its strategic vision to fill the growing gap in the nickel supply chain, particularly in North America. By leveraging Alaska’s vast mineral wealth and a favorable regulatory environment, AEMC aims to become a key player in reducing reliance on foreign nickel imports.
As the EV market continues to grow—expected to exceed 50 million units annually by 2030, per Benchmark Mineral Intelligence—AEMC’s focus on sustainable nickel production positions it as an attractive opportunity for investors seeking exposure to the green metals revolution.
With its world-class resources, commitment to sustainability, and strategic location, AEMC could play a pivotal role in powering the next wave of electrification.
So, Why These Nickel Players?
Investing in top nickel companies provides a unique opportunity to participate in the energy transition. These firms are leading the way in supplying the critical metal essential for EV batteries and renewable energy technologies.
With demand and production forecasted to grow globally and massive infrastructure investments underway, the nickel market is primed for growth.
The top nickel companies highlighted—Vale, Norilsk Nickel, BHP, and Alaska Energy Metals Corp.—each bring distinct advantages, from vast reserves to sustainability-focused operations. These attributes position them as key players in meeting global nickel demand.
As EV adoption accelerates and nickel remains indispensable, these firms represent not just stability but growth potential, making them must-watch investments in the nickel boom.
- FURTHER READING: Nickel: The Metal Driving the Electric Vehicle Revolution