The Right Approach: Get Ready for ISO 9001 Version 6
Dan’s Biz Bookshelf: ‘Still Broke: Walmart’s Remarkable Transformation'
Driving Innovation: Depth Routing Processes—Achieving Unparalleled Precision in Complex PCBs
Everflow JV to Manufacture Vanadium Redox Flow Batteries (VRFB) in KSA
May 6, 2020 | SCHMID GroupEstimated reading time: 2 minutes
Nusaned Investment and SCHMID Group have closed the JV transaction in Saudi Arabia focusing on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
Nusaned Investment (an investment company owned by SABIC) and SCHMID Group announced today that they have successfully closed their JV transaction focusing on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB) after receiving all required regulatory approvals and satisfying all closing conditions. The agreement to establish (Advance Energy Storage System Investment Company) (the “JV”) was signed and announced in May 2019. During the next 2 to 3 months, The Riwaq Industrial Development Company will join the JV as additional investors and shareholders.
The JV 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. 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. The JV’s strategy for developing value chain integrated production will allow it to achieve global cost leadership.
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”. 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 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 utilized for renewables capacity grid integration, establishment of mini grids at remote locations, optimization of diesel generator capacity, and power back-up. The JV’s products will be offered under the EVERFLOW brand.
The JV will directly contribute to the Kingdom’s renewable ambitions. 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. Utility-scale stationary energy storage systems will be critical to ensure that the new renewable capacity is stabilized and connected reliably to the grid. The Kingdom could also leverage this technology in the upcoming mega-projects in the Kingdom.
The proposed manufacturing facility and R&D center is going to be developed in Dammam 3rd 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.
Share on:
Testimonial
"In a year when every marketing dollar mattered, I chose to keep I-Connect007 in our 2025 plan. Their commitment to high-quality, insightful content aligns with Koh Young’s values and helps readers navigate a changing industry. "
Brent Fischthal - Koh YoungSuggested Items
U.S. CHIPS Act Funding Detailed on SIA Website
09/12/2025 | Nolan Johnson, I-Connect007The U.S. CHIPS Act has moved well into the implementation stage in 2025. But where has that money gone? The Semiconductor Industry Association has been tracking these projects and provides details on its website. It was updated May. Among the five key programs being managed under CHIPS, two stand out as influencing advanced electronic packaging: the National Advanced Packaging Manufacturing Program (NAPMP), and the CHIPS Manufacturing USA Institute (MFG USA).
Zhen Ding Drives AI-Powered Digital Transformation
09/12/2025 | Zhen DingDriven by the surging demand for computing power fueled by AI, the semiconductor and PCB industries are forging closer integration, expanding their ecosystems, and pursuing shared growth. PCB has already become another NT$ trillion-dollar industry in Taiwan, growing in tandem with the semiconductor sector.
Flex Named to TIME's World's Best Companies List for Third Consecutive Year
09/12/2025 | FlexFlex announced its inclusion on the TIME World's Best Companies 2025 list. This marks the third consecutive year the company was included in this prestigious ranking, which recognizes top-performing companies across the globe.
Secure Semiconductor Manufacturing Acquires Full SMT Line from Manncorp
09/11/2025 | ManncorpSecure Semiconductor Manufacturing, LLC (SSM), an American-owned company dedicated to producing secure printed wiring boards and advanced assembly solutions in the MidWest USA, today announced the acquisition of a complete surface mount technology (SMT) line from Manncorp.
GlobalLogic, Ericsson Deploy Private 5G Network at Hitachi Rail’s State-of-the-Art Digital Factory
09/11/2025 | BUSINESS WIREGlobalLogic Inc., a Hitachi Group company and leader in digital engineering, has designed and deployed a state-of-the-art 5G private network at Hitachi Rail’s most digitally advanced facility in Hagerstown, Maryland, USA.