01 June 2020

Nusaned Investment, an investment company owned by Saudi petrochemical giant Sabic, and Germany-based Schmid Group have signed an agreement to jointly set up a factory  named Vanadium Redox Flow Batteries (VRFB) in Dammam.

The joint venture Advance Energy Storage System Investment Company aims to become a global technology leader and champion in the fast-growing utility-scale energy storage segment, supporting the kingdom’s Vision 2030 economic diversification objectives.

The proposed manufacturing facility and research development (R&D) centre will be developed in Dammam Third Industrial City. The facility 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. The facility will have an annual production capacity of 3 GWh and will be among the biggest flow batteries production facilities worldwide.

During the next two to three months, the Riwaq Industrial Development Company, a developer and investor in industrial projects focusing on advance technologies, will join the joint venture (JV) as an additional investor and shareholder.

With R&D facilities in Germany and Saudi Arabia, the JV plans to set up a GW scale manufacturing facility in the kingdom, expected to be in production in 2021.

Christian Schmid, CEO of the Schmid Group, said: “The new joiwill aim to establish a leadership position in the rapidly developing energy storage market and both companies are fully committed to realizing our joint vision for the project.”

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

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