Sumitomo Corp. invests in EEW Offshore Wind EU Holding

EEW is a worldwide leading supplier of monopiles. EEW’s strength is its mass production system enabled by sophisticated technology to bend extra-thick steel plates over 100 mm thick and advanced high-quality welding technology. Sumitomo Corp. has been engaged in trading activities with EEW since the 2000s and has a strong business relationship with the company.

In recent years, the energy market in Europe has undergone significant change, such as a major growth in the renewable energy sector and numerous large scale offshore wind projects. Europe's offshore wind power development target is expected to rise to 164 GW by 2030 and 549 GW by 2050 in a generating capacity basis, and the demand for monopiles is forecast to increase from 650 000 tpy in 2023 to exceed 1 million tpy in 2026.

In Sumitomo Corp.’s Medium-Term Management Plan announced in May 2024, the business relating to offshore wind power industry was positioned as a GX (Green Transformation) business that will further enhance our strengths and competitive advantages.

Sumitomo Corp. is developing businesses with the aim of contributing to the realisation of carbon-neutral societies across the globe in a wide range of areas, including the offshore wind power generation business, ownership and operation of construction support vessels and heavy lifters, and the building of supply chains for floating offshore wind foundation structures.

As offshore wind power generation attracts attention, some countries, particularly in Europe, are including supply chain decarbonisation initiatives in the qualitative evaluation of their power producer selection process, and there are growing needs for greener components.

Sumitomo Corp. will contribute to offshore wind power development in Europe through its investment in EEW and by providing a stable supply of monopiles. In light of the shift of international energy companies to renewable energy and steel suppliers’ green shift, both with whom Sumitomo Corp. has been building trust through long-term business, Sumitomo Corp. will work with key players in the industry and EEW to aim to supply green monopiles and contribute to the realisation of a decarbonised society through a more sustainable supply chain.

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Read the article online at: https://www.energyglobal.com/wind/19082024/sumitomo-corp-invests-in-eew-offshore-wind-eu-holding/