Will hithium build a Bess factory in Saudi Arabia?

In addition to the product unveiling, Hithium also announced the formation of a new joint venture (JV), through which it plans the construction of a BESS factory in Saudi Arabia with 5GWh annual production capacity.

What is hithium doing in Saudi Arabia?

The joint venture also plans to establish BESS (Battery Energy Storage System) manufacturing facilities in Saudi Arabia, targeting an annual production capacity of 5GWh. During the exhibition, Hithium delivered onsite a speech and unveiled the first time its latest cutting-edge innovation: energy storage solutions dedicated to desert applications.

What is Saudi Arabia's battery storage program?

The projects mark the first phase of Saudi Arabia’s ambitious battery storage program. It is designed to support its 50% renewable energy goal by 2030. Each 500 MW facility will operate for four hours, providing 2,000 MWh of total power capacity, said the SPPC.

Why is Saudi Arabia investing in lithium?

This surge in energy storage capacity is complemented by Saudi Arabia’s strategic investments in the lithium supply chain, a critical component for battery production. Saudi Aramco, in partnership with state-owned mining company Ma’aden, plans to commence commercial lithium production by 2027.

How many GWh of energy storage will Saudi Arabia have by 2025?

Projections indicate that Saudi Arabia aims to operate 8 GWh of energy storage projects by 2025 and 22 GWh by 2026, positioning the nation as the third-largest global market for energy storage, following China and the United States.

How much will Saudi Arabia spend on energy projects in 2021?

Speaking in 2021, the Saudi government expects to spend $293 billion on power and energy projects by then. The biggest share of this revenue is expected to be spent on transmission upgrades and renewable energy. The implementation of the world’s largest battery energy system (BESS) project progresses as Saudi Arabia begins qualification tenders.