Shell (SHEL) has agreed to supply renewable energy to Ferrari (RACE) until the end of 2034 to help the carmaker reduce carbon emissions, Reuters reported Tuesday, citing a statement from the energy giant.

Financial terms were not disclosed.

Under the agreement, Shell's Italy division will supply a total of 650 gigawatt hours of renewable energy over 10 years, nearly half of the energy needs of Ferrari's plant near Modena, the report said.

Shell said it will also provide additional power and renewable energy certificates to cover Ferrari's entire needs in Italy, the company said.

Shell and Ferrari did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)