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Saudi-German Project to Develop Vanadium Redox Flow Batteries

A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia. (Reuters)
A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia. (Reuters)
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Saudi-German Project to Develop Vanadium Redox Flow Batteries

A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia. (Reuters)
A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia. (Reuters)

Saudi petrochemical giant SABIC revealed that it has established a joint venture company to build one of the world’s biggest utility-scale battery factories.

SABIC unit Nusaned Investment has teamed up with German SCHMID Group to develop the vanadium redox flow batteries.

The Riwaq Industrial Development Company will also join the JV, SABIC said in a statement.

The new factory is expected to be in production in 2021.

“The closing marks a milestone for Saudi Arabia in its quest to localize manufacturing for technologies in emerging industries,” said Fuad Mosa, CEO of Nusaned Investment

The new company will produce energy storage systems for use alongside utility-scale renewables projects, telecom towers, mining sites, remote cities and off-grid locations, SABIC said.

Saudi Arabia is aiming to install 57.5 GW of renewable capacity by 2030, spurring demand for new battery storage capacity in the Kingdom.

The project will be developed in Dammam 3rd Industrial City and will have an annual production capacity of 3 GWh — making it among the biggest Flow Battery production facilities worldwide.

Nusaned Investment is an investment company based in Riyadh with a mandate to increase local content in the Kingdom.

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US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
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US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)

Treasury Secretary Scott Bessent on Sunday dismissed Moody's downgrade of the US sovereign credit rating, as the Republican-controlled Congress tried to push ahead on President Donald Trump's sweeping tax-cut bill.

Bessent, in a pair of television interviews, said the bill's provisions extending the 2017 tax cuts passed under Trump's first term would spur economic growth that would outpace what the nation owed, even as nonpartisan analysts warn the measure it would add trillions to the federal government's $36.2 trillion in debt.

"I don't put much credence in the Moody's" downgrade, Bessent told CNN's "State of the Union" program.

The House of Representatives Budget Committee on Friday rejected the bill, with a handful of Republican hardliners saying they were concerned it did not sufficiently cut spending.

House Speaker Mike Johnson separately said on Sunday the chamber is still "on track" to pass the bill. The committee is set to try again in a rare Sunday night hearing, set to begin at 10 p.m. ET (0200 GMT Monday).

"We've had lots of conversations. We'll have more today," Johnson said on "Fox News with Shannon Bream" when asked about hard-line Republicans Chip Roy and Ralph Norman demanding more spending cuts.

Congressional Republicans in 2017 also argued that the tax cuts would pay for themselves by stimulating economic growth. But the nonpartisan Congressional Budget Office estimates the changes increased the federal deficit by just under $1.9 trillion over a decade, even when including positive economic effects.