Sumitomo has signed a comprehensive memorandum of understanding with the UK’s department for Business and Trade’s Office for Investment that outlines a shared commitment whereby Sumitomo Corp, together with its business partners, plans to participate in investment projects in the UK amounting to a total of £7.5 billion (approximately 1.46 trillion yen) by 2035 – including investments already made in existing businesses. The UK government has expressed its intention to support these efforts.
Sumitomo Corporation has engaged in a wide range of business investments in the UK, including offshore wind power, carbon capture and storage (CCS), hydrogen-related projects and railway operations. It is also actively exploring the commercialisation of next-generation technologies, such as fusion energy and energy management with storage solutions. Major ongoing or planned initiatives in the UK include the Galloper and Five Estuaries offshore wind farms, CO2 storage licences in the North Sea, a low-carbon hydrogen production project around the Bacton gas terminal, and collaboration with Tokamak Energy on fusion energy development,
Hajime Mori, managing executive officer, group CEO, Energy Transformation Business group of Sumitomo Corp commented: “We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK’s new industrial strategy, clean energy is designated as a priority sector. Through this agreement with Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK.”
