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)
TT
20

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.



Gold Falls on Stronger Dollar after Trump Says He Won't Fire Powell

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
TT
20

Gold Falls on Stronger Dollar after Trump Says He Won't Fire Powell

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices eased on Thursday, pressured by a firmer US dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.

Spot gold was down 0.6% at $3,335.77 per ounce, as of 0958 GMT. US gold futures fell 0.8% to $3,331.30.

The dollar index was up 0.3% against its rivals on Thursday, making greenback-priced bullion more expensive for other currency holders.

This comes after a source told Reuters on Wednesday that Trump was open to the idea of firing Powell, which pushed gold prices as much as 1.6% higher.

However, Trump later said he does not plan to sack Powell but left the door open to the possibility and renewed his criticism of the Fed chief for not lowering interest rates.

"Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling," said Nitesh Shah, commodities strategist at WisdomTree.

Investors are, meanwhile, awaiting US jobless claims and retail sales data on Thursday, along with speeches by several Fed officials that may offer insights into the central bank’s policy outlook.

In tariff-related news, Trump said on Wednesday that the US will probably "live by the letter" on tariffs with Japan and may have a trade deal coming up with India.

"I think if we come out of (the tariff deadline of) August 1 with much better trade deals, then that could be gold price-negative," Shah said.

Analysts noted that gold is currently showing limited reaction to trade uncertainties and is awaiting fresh catalysts. Prices remain range-bound between $3,300 and $3,400.

Elsewhere, spot silver fell 0.4% to $37.77 per ounce. Platinum lost 0.3% to $1,412.78 and palladium eased 0.6% to $1,223.03.