05:41 PM EST, 01/16/2025 (MT Newswires) -- ICL Group ( ICL ) said Thursday it has signed a joint venture agreement with Shenzhen Dynanonic to set up lithium iron phosphate cathode active material production in Europe, with an initial investment of around 285 million euros ($293.6 million).

ICL said it will hold an 80% share in the venture, and the parties plan to establish a new production facility at ICL's Sallent, Spain, site, where it previously operated a potash production site.

The agreement is subject to material conditions precedent, final investment estimates and regulatory approvals, the company said.