MILAN -- Electric vehicle battery startup Italvolt has picked Swiss engineering company ABB for early project planning of the factory it will build in northern Italy.
As part of the agreement, ABB will also support Italvolt in functions including designing and developing solutions for energy management and production optimization, as well as robotics, automation and data management, Italvolt said in a statement on Tuesday.
Italvolt, founded and led by Swedish businessman Lars Carlstrom, plans to invest 4 billion euros ($4.6 billion) to build a battery production facility in Scarmagno, near Turin, to meet growing demand for lithium-ion batteries from Europe's automotive industry.
Once completed the facility will have a 45 Gwh capacity, equal to batteries for around 500,000 electric vehicles a year, Italvolt said. The first stage of the project is expected to be completed in 2024. No financial details of the deal were disclosed.