24 Apr 2024

Japan's Sumitomo Plans $1.3 Billion Renewable Power Storage Network, Nikkei Reports

24 Apr 2024  by reuters   

Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanai/File Photo Purchase Licensing Rights
Japanese trading house Sumitomo Corp (8053.T), opens new tab is planning to invest 200 billion yen ($1.29 billion) to build battery facilities in Japan for storing excess power generated by wind or solar farms, the Nikkei reported on Wednesday.

Under the plan, Sumitomo intends to set up more facilities in the Kyushu region to boost total storage capacity to 40 megawatt-hour (MWh), the Nikkei said in its report.

Sumitomo, one of Japan's top trading companies, also plans to develop similar power storage networks in other regions like Hokkaido and northeastern Japan's Tohoku region, the Nikkei added.

The company expects its renewable power storage network to generate billions of yen annually in 2030, according to the Nikkei.


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