Schmid signs $430 milion LoI in Saudi Arabia

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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.

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.