Sabic-owned Nusaned Investment to build huge battery factory in Saudi Arabia

      Published on Thursday, 14 May , 2020      700 Views     
Sabic-owned Nusaned Investment to build huge battery factory in Saudi Arabia


Nusaned Investment, owned by Sabic, and Schmid Group are set to build a mega utility-scale battery factory in Saudi Arabia.

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.




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.

Fuad Mosa, CEO of Nusaned Investment, said:

“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.

Keywords:
Category Business | 2020/05/14 latest update at 11:00 PM
Source : | Photocredit :
701 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications