Handmade Films Intl. has teamed up with Madrid-based Ilion Animation Studios to finance and co-produce Planet One, a $50 million CGI movie written by Shrek screenwriter Joe Stillman, according to Variety.

The film will be directed by Jorge Blanco, the lead artist on the vidgame series "Commandos."

Production is set to start in May, with the theatrical release targeted for Christmas 2008 or Easter 2009.

The movies is an alien invasion story about the inhabitants of Planet One, and who have two antennae and eight fingers, live in a world strangely akin to American suburbia of the 1950s, with drive-in movies, picket fences and a persistent fear of alien invasion -- which is fulfilled when a human astronaut lands in their midst.

Ilion's Ignacio Perez Dolest will produce Planet One, with Handmade's Guy Collins and Michael Ryan as co-producers, along with Albie Hecht, former head of Nickelodeon's film and TV entertainment department, and Lola Film president Andres Vicente Gomez.