SABIC And SCHMID Finalize Saudi JV Agreement: A Milestone Achievement
SABIC, a global leader in diversified chemicals, and Schmid Group, a leading provider of automation solutions for the photovoltaic industry, announced the finalization of their joint venture (JV) agreement in Saudi Arabia. This move is set to revolutionize the royal kingdom`s solar energy industry by providing innovative and sustainable technologies.
The JV agreement, which was signed in September 2020, aims to form a strong partnership between SABIC and Schmid Group to build a world-class production facility for high-performance crystalline silicon photovoltaic modules. The proposed facility will be located in the King Salman Energy Park in the Eastern Province of Saudi Arabia, and it will cater to the growing demand for solar energy in the region.
The partnership between SABIC and Schmid Group will provide significant advantages in terms of technology, innovation, and sustainability. SABIC, with its expertise in materials science and sustainable solutions, will provide the raw materials for the JV. Meanwhile, Schmid Group will contribute its expertise in automation and production technology.
This collaboration comes at a time when the Kingdom of Saudi Arabia is accelerating its efforts to establish itself as a leading player in solar energy. The country has set ambitious targets to generate 50 percent of its electricity from renewable sources by 2030. The SABIC-Schmid JV aligns with this goal by providing innovative and sustainable technologies that will help the country achieve its target.
The new production facility will utilize the latest automation technologies and high-performance materials, ensuring that its photovoltaic modules are of the highest quality. Moreover, the facility will be designed to minimize environmental impact and to promote sustainability, reducing the carbon footprint and conserving resources.
In conclusion, the partnership between SABIC and Schmid Group is a significant milestone for the Saudi Arabian solar energy industry. The new production facility that they will build will create cutting-edge photovoltaic modules that are sustainable, efficient, and of the highest quality. Moreover, this move will help the country to achieve its ambitious renewable energy targets, contributing to a cleaner and more sustainable future for the nation.
