MILAN -- Electric vehicle battery startup Italvolt said it 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, the startup said in a statement.
Italvolt, founded and led by Swedish businessman Lars Carlstrom, has pledged 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 gigawatt hours 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.