A Gigafactory refers to new factories that produce batteries for electric vehicles on a massive scale.
The partners will submit the proposals in a planning application this year and aim to secure long-term investment from battery suppliers and manufacturers.
The West Midlands is renowned in the automotive sector and is home to Jaguar Land Rover, Aston Martin Lagonda, BMW and others. The partners hope the Gigafactory will increase the investment in the West Midlands from automotive manufacturers by a possible £2 billion.
The West Midlands Combined Authority has selected Coventry Airport as its preferred site for a Gigafactory and will soon begin bidding for the proposed site.
Councillor George Duggins, Leader of Coventry City Council, said: “Coventry has emerged as a world leader in battery technology. The city is home to the UK Battery Industrialisation Centre, world-leading research institutions, and the UK’s largest carmaker Jaguar Land Rover and it is clear to me that Coventry is the right location.
“Coventry Airport sits at the heart of this powerful automotive research cluster and is the obvious location for a UK Gigafactory. It will immediately plug into a mature automotive supply chain and skills eco-system. The green industrial revolution is coming and I will continue to work tirelessly to ensure that Coventry is right at the heart of it. We have the site, the skills and the pedigree to make this work.”