Why are Bill Gates and Jeff Bezos paying millions for specific metals?

Billionaires such as Microsoft founder Bill Gates and Amazon founder Jeff Bezos are paying millions for certain metals, but why?

One word, electric vehicles. A mineral company that is financially backed by billionaires such as Jeff Bezos and Bill Gates has agreed in a joint venture with mining firm Bluejay. The mineral mining company KoBold Metals will be spending $15 million to search for nickel, copper, cobalt, and platinum at the Disko-Nuussuaq project in Central West Greenland.

Blujay said in a statement that in return for spending the $15 million, KoBold Metals will have a 51% stake in the project. For those that don't know, KoBold Metals is a privately-owned company that has been "recognized in 2021 as a Technology Pioneer by the World Economic Forum and as one of the 100 most promising private artificial intelligence companies in the world by CB Insights." Additionally, KoBold Metals is the only mining company using artificial intelligence.

KoBold Metals' main investor is Breakthrough Energy Ventures, a climate, and technology fund chaired by Bill Gates and features other investors such as Michael Bloomberg, Jeff Bezos, and Ray Dalio. For more information on this story, check out this link here.