Sumitomo Corporation of Americas (SCOA) has signed a non-binding memorandum of understanding (MoU) with the state of North Dakota to explore clean energy projects development.
The company, which is the largest subsidiary of Japanese trader Sumitomo Corporation (TYO:8053), will collaborate with the state over an initial period of 10-12 months during which they will establish key objectives and milestones, identify opportunities, evaluate the market and develop initial strategies based on feasibility studies, a press statement says.
The areas of interest include Sustainable Aviation Fuel (SAF) supply chain development, carbon capture and storage (CCS), hydrogen and ammonia supply chain development, geothermal utilisation, Carbon Intensity (CI) measurement and agriculture optimisation, as well as digital transformation. The team will be open to other applicable industries and opportunities too.
"This partnership has great potential to enhance our research and development, evaluation and business modeling in this sector, and to accelerate our progress as we continue to develop clean energy sources and move toward carbon neutrality by 2030," commented North Dakota Governor Doug Burgum.
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