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.
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