Japan’s Sumitomo plans $1.3 billion renewable power storage network, Nikkei reports

Eastern trading rental Sumitomo Corp is planning to invest 200 billion yen ($1.29 billion) to impact battery companies in Japan for storing excess vitality generated by wind or photograph voltaic farms, the Nikkei reported on Wednesday.

Below the opinion, Sumitomo intends to space up extra companies within the Kyushu order to lift total storage ability to 40 megawatt-hour (MWh), the Nikkei acknowledged in its document.

Sumitomo, regarded as one of Japan’s high trading corporations, additionally plans to agree with an identical vitality storage networks in varied regions like Hokkaido and northeastern Japan’s Tohoku order, the Nikkei added.

The firm expects its renewable vitality storage network to generate billions of yen yearly in 2030, in conserving with the Nikkei.

($1 = 154.8300 yen)