Japan's industry ministry said Friday it will provide up to 117.8 billion yen ($840 million) in subsidies to Toyota Motor Corp. to invest in cutting-edge electric vehicle batteries within the country.

The move comes as the government is aiming to ensure economic security by promoting domestic production of key technologies such as batteries and semiconductors.

The government support is part of 127.6 billion yen to be extended to a total of seven projects to develop and invest in battery parts and materials, also including those by battery manufacturers, the ministry said.

It follows a decision in April to provide a subsidy of around 160 billion yen for an EV battery manufacturing project by Honda Motor Co. and GS Yuasa Corp.

"I hope large-scale investments by Toyota and others will significantly strengthen our country's battery supply chain" amid intensified global competition for batteries, Economy, Trade and Industry Minister Yasutoshi Nishimura said at a press conference.

The government earmarked 331.6 billion yen in a supplementary budget for fiscal 2022 to reinforce support for investment and development of batteries as well as battery parts and materials.

Toyota plans to expand its all-electric vehicle lineup by launching 10 new models and sell 1.5 million EVs annually by 2026.

Also on Friday, the ministry announced it will provide up to 55 billion yen in subsidies for eight projects involving semiconductors and related parts and materials.