Sumitomo Corp - SSUMY STOCK NEWS

Sumitomo Group has formed a joint venture with CEP Solar, to develop renewable energy projects in Virginia. The partnership aims to commercialize a portfolio of solar and battery storage assets exceeding 1.5 GW, with construction expected to start in late 2025. This venture aligns with Virginia's Clean Economy Act, which mandates 100% clean energy by 2050, and addresses the growing demand for renewable power in the state's significant data center market.

The collaboration combines CEP's local expertise with SC Group's project finance capabilities to develop multiple projects simultaneously. This partnership enhances SC Group's ability to meet the increasing demand for renewable energy in Virginia, building on their existing projects in the Midwest and Northeastern U.S. Sumitomo aims to supply more than 5 GW of renewable energy by 2030 as part of its goal to achieve carbon neutrality in its business activities by 2050.

Sumitomo of Americas (SCOA) has invested in Vast Medical Holdings, owner of Quest Health Solutions, marking its entry into the U.S. healthcare market. This strategic move aims to improve chronic care patient outcomes, particularly for diabetes, which affects 11.6% of the U.S. population. Quest offers comprehensive diabetes care services, including supplying Continuous Glucose Monitors and providing remote patient monitoring.

The investment allows Sumitomo to expand its network of health insurers and medical institutions, with plans to utilize data and AI to support chronic disease patients. SCOA aims to leverage its expertise and capital to grow Quest's operations and support more patients. This partnership aligns with the increasing demand for home care services as the U.S. population ages.

Sumitomo Group has announced its first tax equity investment in distributed solar and battery energy projects through its subsidiary, Sumitomo of Americas. This initiative involves six projects totaling 27 MW of solar PV and 25 MWh of battery storage across Massachusetts and California.

The Massachusetts projects, part of the SMART program, focus on low-income community solar, delivering renewable energy benefits to local subscribers. The California projects cater to commercial and industrial customers, integrating on-site solar with battery storage to improve energy efficiency and reliability.

This investment underscores Sumitomo Group's commitment to reducing carbon emissions and enhancing grid resiliency. The company aims to further expand this business model globally, contributing to sustainable economic growth and addressing climate change.

Reconciliation Energy Transition and Sumitomo Group have signed a Joint Development Agreement for the RETI East Calgary Region Carbon Transportation & Sequestration Hub (CTS Hub). Sumitomo, through its subsidiary Ammolite Carbon Sequestration, will acquire significant equity in the project. The CTS Hub aims to begin CCS operations by FY2026, with a capacity to store up to 10 million tonnes of CO2 annually. The project includes compression capacity, a CO2 pipeline, and injection wells, providing a CCS-as-a-service solution for various energy facilities. The partnership also explores further projects like the Calgary Region SAF Facility and a Direct Air Capture facility.

Sumitomo , Sumitomo Mitsui Finance and Leasing Co., (SMFL), and Gogoro Inc. (Nasdaq: GGR) are exploring a partnership to accelerate Gogoro's global business expansion. The signing of a non-binding memorandum of understanding marks the first step in this collaboration. The partnership aims to leverage Gogoro's innovative battery-swapping ecosystems to drive sustainable mobility solutions for cities while creating new business opportunities for Sumitomo and SMFL. Gogoro's smart batteries and battery swapping technology will be utilized to expand the mobility business and second life battery use cases for the involved parties. This partnership signifies a shared vision to advance sustainable energy and transportation in densely populated cities worldwide.

A consortium of maritime industry leaders including American Bureau of Shipping, CALAMCO, Fleet Management , Sumitomo , and TOTE Services, , have signed an MOU to conduct a feasibility study for clean ammonia ship-to-ship bunkering in the US West Coast. The study aims to establish a comprehensive supply chain for ammonia as a marine fuel, aligning with the IMO's net-zero emissions strategy by 2050.

Strategic Biofuels and Sumitomo Corporation of Americas (SCOA) have announced a Joint Development Agreement for the Louisiana Green Fuels (LGF) project at the Port of Columbia in Louisiana. The project will shift from Renewable Diesel to Sustainable Aviation Fuel production. SCOA will lead a Japanese-based investment consortium to fund the project and will also acquire rights to participate in the project equity. The LGF plant will utilize forestry waste and geologic carbon sequestration to produce renewable fuels, reducing carbon emissions. The project will create direct and indirect job opportunities, significantly improving the local economy and quality of life.

Sumitomo Corporation and Lambarin Investimentos have jointly invested in Cyns, a biotechnology company in Brazil, to support the production of black soldier fly-based animal nutrition. Cyns has developed a cost-competitive rearing system for black soldier flies, aiming to reduce the carbon footprint of animal nutrition in Latin America. The company has received regulatory approval in Brazil and is planning to expand its production capacity with the support of the new investment.

Sumitomo Corporation and Advantage Capital establish Perennial Renewables LLC to develop renewable energy projects with a focus on solar power generation.