Schmid Group And Nusaned Investment Close Deal On Saudi Battery Storage Production JV

0
443
Advertisement
  • The proposed manufacturing facility and R&D centre is going to be developed in Dammam 3rd Industrial City
  • The facility will have an annual production capacity of 3 GWh

Schmid Group and Nusaned Investment have closed a joint venture (JV) transaction in Saudi Arabia that will focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB). They did this after receiving all required regulatory approvals and satisfying all closing conditions. During the next two-three months, The Riwaq Industrial Development Company will join the JV as additional investors and shareholders.

The new firm will be known as Advance Energy Storage System Investment Company. It has R&D facilities in Germany and Saudi Arabia and aims to set up a GW scale manufacturing facility in the Kingdom. It is expected to be in production in 2021.

Fuad Mosa, CEO of Nusaned Investment said, “The JV marks a milestone for Saudi Arabia in its quest to localize manufacturing for technologies in emerging industries, and marks another major step in SABIC’s NUSANED program that seeks to build partnerships and enable local content creation”.

Developed in Dammam 3rd Industrial City

Advertisement

The JV will produce energy storage systems for use alongside utility-scale renewables projects, telecom towers, mining sites, remote cities, and off-grid locations. These systems will be utilised for renewables capacity grid integration, the establishment of mini-grids at remote locations. They will also be used for optimisation of diesel generator capacity, and power back-up. The JV’s products will be offered under the Everflow brand.

As per the new energy mix announced this year, Saudi Arabia will aim to install 57.5 GW of renewable capacity in the Kingdom by 2030. The proposed manufacturing facility and R&D centre is going to be developed in Dammam 3rd Industrial City.

Annual production capacity of 3 GWh

It will be built under a Build-to-Suit lease agreement with Modon. The project site has been identified and construction is expected to start in the first half of 2020. They said that the facility will have an annual production capacity of 3 GWh. They also claimed that it will be among the biggest Flow Batteries production facilities worldwide.

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *