Japan’s Sumitomo to invest $10bn in UK clean energy

: Battery materials, Electricity, Emissions, Hydrogen
25/07/10

Japanese trading firm Sumitomo has agreed to invest a total of £7.5bn ($10.2bn) by 2035 in key clean energy projects in the UK.

The agreement was made with the UK's Department for Business and Trade's Office for Investment on 9 July. The £7.5bn total includes investments Sumitomo made before this deal.

The investments will be focused on key offshore wind and hydrogen projects. Sumitomo is also actively exploring the commercialisation of next-generation technologies such as fusion energy and energy management with storage solutions, the firm said. Sumitomo did not disclose more details on what projects it will invest in, when requested for comment.

Sumitomo is currently involved in a low-carbon hydrogen production project at the Bacton gas terminal in north Norfolk, CO2 storage in the North Sea and the Peak Cluster CO2 shipping project. The trading house has also invested in offshore wind power businesses.

Sumitomo chose to partner with the UK because of the government's support for clean energy businesses, said the firm, and it intends to enhance its collaboration with the UK to develop its clean energy portfolio.

By Nanami Oki

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Denmark pledges $9.5bn over 15 years for climate goals

25/12/18

Denmark pledges $9.5bn over 15 years for climate goals

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N Zealand proposes ETS governance penalties

25/12/18

N Zealand proposes ETS governance penalties

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Viewpoint: French power in slump

25/12/17

Viewpoint: French power in slump

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25/12/17

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