In Canada, Sumitomo Corporation of Americas (SCOA), the largest subsidiary of Japan-headed Sumitomo Corporation, one of the world's leading traders of goods and services, and Invest Alberta Corporation have announced the signing of a Memorandum of Understanding (MoU) to partner together to support SCOA's development of clean energy initiatives throughout the province of Alberta.
The partnership will catalyze developing energy transition opportunities within Alberta which has one of the world’s most advanced regulatory systems in place to drive emission reductions whilst also offering excellent incentives to companies looking to develop new projects.
Here in Alberta, we are a global leader in responsible energy products and reducing emissions. Today’s MOU signing between Invest Alberta and Sumitomo Corporation of Americas to support Sumitomo’s decarbonization efforts is good news for Albertans. With partners like Sumitomo, we are working to ensure that Alberta remains the best place to work, play, and raise a family, said Brian Jean, Alberta Minister of Energy and Minerals.
SCOA is already creating partnerships in Alberta to accelerate the development of energy transition projects.
Last month, SCOA and Reconciliation Energy Transition, Inc. (RETI) jointly announced that RETI has granted SCOA the exclusive rights to acquire a significant equity interest in the East Calgary Carbon Transportation & Sequestration Project.
We look forward to working closely with Sumitomo to support the company’s commitment to accelerating the energy transition in Alberta and beyond. Through this collaboration, companies and projects in the region can leverage Sumitomo’s extensive expertise and international network to advance clean energy initiatives and contribute to the shared goal of achieving net-zero, said Rick Christiaanse, CEO of Invest Alberta.
The Consulate General of Japan in Calgary, Takahiko Watabe, also commented on the partnership.
The collaboration between an Alberta government affiliate and a private Japanese-owned company will help to advance economic development for the energy transition within this region. My hope is that this MOU will generate significant business opportunities that benefit both partners and ultimately, the people of Alberta, Takahiko Watabe said.
Leverage on vast enterprise network
Sumitomo Corporation of Americas, through its subsidiary Sumitomo Canada Ltd, has been operating in Canada since 1955, currently with offices in Calgary, Vancouver, and Montreal, and a headquarters based in Toronto.
The partnership will draw upon Sumitomo’s vast global trading and investment network and knowledge within the energy sector.
The company has a significant focus on energy innovation and can offer value to companies and projects across the supply chain by way of capturing technology, investment, material and services, carbon dioxide removal (CDR) transactions, and carbon dioxide (CO2) off-take.
We are very excited to begin collaboration with Invest Alberta and the great partners here in the region. Alberta has created an optimal environment to build new businesses focused on transitioning to a carbon-neutral society over the next several decades. We are delighted to be part of the team that will help Alberta and its people achieve these important goals, said Tom Wada, President and CEO of Sumitomo Corporation of Americas.
For this specific partnership, SCOA is looking to develop projects focused on several areas:
- Biogenic CO2 Utilization;
- Carbon Capture & Storage (CCS)/Carbon Capture Utilization & Storage (CCUS);
- CI (Carbon Intensity) Measurement;
- Critical Minerals;
- Energy Transition-Related Tubular Solutions;
- Freight/Passenger Rail;
- Geothermal Utilization;
- Hydrogen/Ammonia Supply Chain;
- Low Carbon Intensity Petrochemicals;
- Solutions for Reduction/Repurposing of Orphan/Non-Production Wells;
- Sustainable Aviation Fuel (SAF) Supply Chain.