British luxury carmaker Aston Martin and US electric vehicle start-up Lucid Group announced on Monday a technology supply deal eyeing ultra-luxury high-performance EVs from 2025, Kallanish reports.

Under the agreement, Lucid will supply its in-house electric powertrain and battery systems technologies to the British carmaker for a minimum spend of $225 million (£177m). It will offer technical support to integrate proprietary technology into Aston Martin’s new in-house Battery Electric Vehicle (BEV) platform at a cost of $10m. Lucid expects contracts worth $450m under the strategic technology partnership -- the first such agreement for the US company controlled by Saudi Arabia’s PIF.

Aston Martin said in a separate announcement to the London Stock Exchange that the deal also involves the issuance of 28.35 million new ordinary shares to Lucid, giving the new partner a 3.5% stake in Aston Martin. The British carmaker notes it will make phased cash payments to Lucid, which combined with the shares would amount to $232m (£182m).

The agreement is subject to Aston Martin’s shareholders, including Yew Tree Consortium, Mercedes-Benz and Geely, agreeing. PIF doesn’t get to vote on the deal.

Lawrence Stroll, chairman of Aston Martin, highlighted the collaboration with Lucid is a “game changer for the future EV-led growth of Aston Martin.” The partnership aligns with the company’s sustainability strategy, which seeks to achieve net-zero manufacturing facilities by 2030. Over the next five years, the company plans to invest over £2 billion ($2.4 billion) in advanced technologies to further its strategy, it said in a different note.

“Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs,” adds Aston Martin’s chief technology officer Roberto Fedeli.

The British carmaker plans to launch its first BEV in 2025. For this, it has also partnered with Mercedes-Benz for technology sharing, including powertrain and electric/electronic architectures. This collaboration will not be impacted by the “unique and innovative supply arrangement” with Lucid, Aston Martin says.