Eni (E) Industrial Evolution and Seri Industrial agreed on a joint project to build an integrated industrial supply chain in the lithium iron phosphate battery sector, the oil major said Friday.

As part of the deal, Eni Industrial Evolution is acquiring a 30% stake in a new company established by Seri Industrial's FIB for 55 million euros ($64.1 million) plus any price adjustments, the company said.

The project is aimed at producing lithium iron phosphate battery cells and modules and assembling stationary energy storage for electric mobility, Eni said.

The deal is expected to close within five days, the company said.