The companies have successfully closed their joint venture (JV) to manufacture and develop Vanadium Redox Flow Batteries (VRFB) at a facility in Dammam 3rd Industrial City.
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Construction is expected to start in the first half of 2020. The facility, which is due to begin production in 2021, will have an annual capacity of 3 GWh and will be among the biggest Flow Batteries production facilities worldwide.
“The closing marks a milestone for Saudi Arabia in its quest to localise manufacturing for technologies in emerging industries.”
The JV, which will support the Kingdom’s Vision 2030 economic diversification objectives, will produce energy storage systems for use alongside utility-scale renewables projects, telecom towers, mining sites, remote cities and off-grid locations.
Christian Schmid, CEO of the Schmid Group, said:
“The new JV will aim to establish a leadership position in the rapidly developing energy storage market and both companies are fully committed to realising our joint vision for the project.”
The JV’s products will be offered under the Everflow brand.
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