German photovoltaic equipment manufacturer Sch Co. signed two letters of intent (LoI) with Saudi Arabian companies to establish a joint venture at the Future Investment Initiative (FII) Forum in Riyadh, involving an investment amount of $ 430 million.
Sch's partners include Saudi Basic Industries Corporation (SABIC) and Saudi project developer RIWAQ. Sch said that the focal point of the cooperation will be the use of the company's redox flow technology to carry out technological development and manufacturing of innovative silicon materials and industrial energy storage.
Little attention has been paid to this Riyadh economic summit. Due to the recent killing of Western journalist Jamal Kashoggi at the Saudi embassy in Turkey, many government officials and industry leaders have absent from the forum. As more details are disclosed, the pressure on the Saudi government from the public is also increasing.
Sch declined to comment on the current political situation and did not disclose further details about the two proposed joint ventures.