03:52 AM EST, 12/10/2024 (MT Newswires) -- Stellantis ( STLA ) and Contemporary Amperex Technology agreed to invest up to 4.1 billion euros ($4.32 billion) to form a joint venture for the development of a large-scale lithium iron phosphate battery plant in Spain, the companies said in a joint Tuesday statement.

Both companies will share a 50% stake each in the venture. The companies aim for the facility, which could reach a capacity of up to 50 gigawatt per hour, to start production by the end of 2026.

The deal is expected to complete in the course of next year, according to the statement.