Volkswagen and Northvolt have created a 50/50 joint venture to build a factory for lithium-ion batteries, as it was initially announced in June.

Volkswagen holds 50% in the JV, but thanks to an additional 20% stake in Northvolt (part of the €900 million investment), German manufacturer seems to be in control of the entire project.

Here are the highlights of the deal:

VW invest a total of around €900 million ($1 billion) in joint battery activities with Northvolt

part for the 50/50 joint venture

part to acquire 20% of Northvolt

initial production capacity planned - 16 GWh annually (could be increased to 24 GWh later)

location: Salzgitter, Lower Saxony, Germany

construction of the production facility is scheduled to start, at the earliest, in 2020

production from late 2023/early 2024