From pv magazine Germany
Schmid Group's Chief Executive Christian Schmid has signed two LoIs worth around US$430 million for two joint ventures, at the Future Investment Initiative (FII) Forum in Riyadh.
Partners include Saudi Basic Industries Corporation (SABIC) and RIWAQ, a Saudi Arabian company involved in project development.
According to Schmid, the focus of the joint ventures will be on technology development and manufacturing in the areas of innovative silicon materials and industrial energy storage, based on the company’s redox flow technology.
Popular content
Hardly any event has received as much attention in recent times as this economic summit in Riyadh. Indeed, following the news of the murder of journalist Jamal Kashoggi in the Saudi Arabian embassy in Ankara, several leading politicians and business leaders canceled their attendance, including Siemens CEO Jo Kaeser, high-ranking ministers from various countries and IMF head Christine Lagarde.
Public pressure on the country's political leadership has increased in recent days as more details become known.
In response to questions posed by pv magazine Germany, Schmid said earlier this week that they would be answered following the return of its CEO from Saudi Arabia on Friday. However, the company has now declined to comment on both the political situation, or to provide more details on the joint ventures.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
1 comment
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.