Sumitomo Corp., Tokyo, said on March 16 it will establish a new business organization entitled the Energy Innovation Initiative (EII) in April 2021, which will transcend the current framework of business units and aim for the creation of next-generation businesses contributing to carbon-neutral society, and serve as a key initiative for implementing the next medium-term management plan scheduled for announcement in May 2021.
Sumitomo will consolidate a number of decarboniziation-related businesses into EII, including hydrogen, storage batteries that require development from a medium-long term perspective, forest resource and woodchip and biomass businesses, and other next-generation energy-related businesses that various business units have been involved in.
EII will focus in three fields: developing carbon-free energy (CO2 free hydrogen and ammonia etc.); expanding power and energy services (large-scale storage batteries, reusable batteries business, power energy platform business, zero-emission type combined energy services business); and CO2 capture, storage, and utilization (forest-based environmental value creation business, methanation, CCS carbon emissions trading etc.)