- Sumitomo plans £7.5B investment in UK by 2035.
- Projects include offshore wind, CCS, hydrogen, and railways.
- UK government supports these investment efforts.
- Key initiatives involve CO₂ storage and low-carbon hydrogen.
Investment Overview
Sumitomo Corporation has signed a comprehensive memorandum of understanding (MOU) with the UK Department for Business and Trade's Office for Investment. This agreement outlines a commitment to invest £7.5 billion in the UK by 2035, including existing investments. The UK government has pledged its support for these initiatives, which aim to bolster the country's clean energy and infrastructure sectors.
Key Projects
Sumitomo's investment strategy in the UK encompasses a variety of sectors. Notable projects include offshore wind farms such as the Galloper and Five Estuaries, carbon capture and storage (CCS) initiatives, and hydrogen-related projects. The company is also involved in railway operations, specifically the Elizabeth Line, and is exploring next-generation technologies like fusion energy and energy management solutions.
Clean Energy Focus
The MOU aligns with the UK's industrial strategy, which prioritizes clean energy. Sumitomo's investments in decarbonization and clean energy sectors are expected to drive growth and innovation. The company is actively working on CO2 storage licenses in the UK North Sea, the Peak Cluster CO2 transport project, and low-carbon hydrogen production around the Bacton Gas Terminal.
Collaborative Efforts
Sumitomo Corporation aims to strengthen its collaboration with the UK government to further promote business investment. The partnership is seen as a step forward in UK-Japan cooperation on clean energy infrastructure, contributing to sustainable economic growth and job creation in both nations.
