July 10 (Renewables Now) - UK hydrogen specialist ITM Power (LON:ITM) and Japan's Sumitomo Corp (TYO:8053) have agreed a strategic partnership to develop of multi-megawatt projects in Japan based on the UK firm's electrolyser products.
ITM Power said on Monday that as part of the deal, it will supply multi-megawatt electrolyser systems to Sumitomo for integration into wider projects on an exclusive basis in Japan and on a non-exclusive basis in other markets. The partners will also conduct feasibility studies for several projects in Australia.
ITM Power, whose deal pipeline is mainly in the UK and Europe, said the partnership provides a springboard for expanding into the Japanese market and the rest of the world.
ITM Power's current deal pipeline stands at GBP 40.3 million (USD 53.4m/EUR 45.5m), representing more than 14 MW of electrolysis, balance of plant and hydrogen storage. The company delivered 8 MW in the financial year to April 2018.
"Our goal is to contribute to creating a carbon free society," said Sumitomo executive office Suzuki. "In order to accomplish this, we will be involved in producing CO2 free hydrogen by electrolyzing water with renewable energy, which can be utilized as fuel for the next generation of energy and mobility," he added.
(GBP 1 = USD 1.325/EUR 1.130)