SCHMID Group, SABIC and RIWAQ announced their collaboration at FII
- SCHMID Group, SABIC and RIWAQ announced their collaboration at the Future Investment Initiative (FII) Forum to set up joint ventures in the fields of Energy Storage and Advanced Silicon Material.
At the Future Investment Initiative (FII) forum in Riyadh, SCHMID Group, Saudi Basic Industries Corporation (SABIC) and RIWAQ announced their collaboration for establishing a KSA based joint venture with the support of SABIC NATIONAL initiative “Nusaned” focusing on manufacturing and technology development in the fields of advanced silicon material and large scale energy storage solutions utilizing SCHMID’s redox flow technology, for which today the companies have signed a Memorandum of Understanding (MOU).
With an estimated total investment of more than 430 million USD, the joint venture mission is fully aligned with KSA’s Vision “2030” and National Industrial Strategy to develop value chain silicon and high-tech industries in the Kingdom.
Christian Schmid, President and CEO of the SCHMID Group, said: “Saudi Arabia’s strategic vision to enable establishment of a globally leading local industry focusing on future oriented segments provides an excellent growth platform for technology oriented companies. SCHMID is proud to have the opportunity of partnering with a KSA based global leader like SABIC. We are confident that the possibilities enabled with this partnership will significantly contribute to realization of our joint target of creating a KSA based global champion”.
RIWAQ Vice chairman and Managing Director Mohammed S. Bajba, said: “We are very proud to actively participate in establishing a unique and strategic anchor project that will contribute to the Kingdom economy. The intended projects will create high technical skills jobs and related culture in my country and contribute to the whole world”.
Headquartered in Riyadh, SABIC is one of the top three largest global chemical companies with more than 40 years of organic and inorganic growth. SABIC has global footprint serving its clients in 100 countries while operating in 50 countries across Americas, Europe, Middle-East & Africa and Asia-Pacific.
RIWAQ is a company based in KSA and active in the field of industrial project development focusing in strategic sector that capitalize on Saudi valuable raw material and future industries.
Founded in 1864, SCHMID Group is a technology leader in the Electronics, Photovoltaics and Energy Storage markets, offering customers innovative systems and automation solutions that address their production requirements. SCHMID Group, with its headquarters in Freudenstadt (Germany), has 1,000 employees globally. The group owns Technology Centers and manufacturing sites in Germany, China, Turkey and the USA, and supports customers with more than 17 worldwide sales and service locations.