A SUBSIDIARY of Ganfeng Lithium Group has signed an agreement with a Turkish battery producer to co-invest in a lithium battery project in Turkey, reports Caixin.

Istanbul-listed Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS will set up a joint venture in Turkey, according to Ganfeng Lithium's Shenzhen Stock Exchange filing.

The joint venture plans to invest US$500 million in Turkey to build a lithium battery factory with an annual production capacity of five gigawatt-hours, the filing showed.

The joint venture also plans to establish a research and development centre of advanced lithium battery technologies, including solid-state batteries, high-power batteries and batteries for ships and aerospace applications, the announcement said.