Tokamak Energy and Sumitomo Corporation have signed a collaboration agreement to develop, implement and scale-up commercial fusion energy in Japan and beyond.
The new partnership will see Sumitomo Corporation contribute expertise and investment to a series of joint projects with Tokamak Energy, including developing early market entry strategies for Tokamak Energy’s fusion technology. The ultimate aim for both organisations is to jointly design, build and operate fusion power plants at scale.
Sumitomo believes the collaboration will establish the company as a global market-leader for financing, construction and operation of fusion power plants while Tokamak Energy will be able to accelerate the commercialisation and industrialisation of its spherical tokamak devices in the late 2030s. The companies will also work together on the development of a supply chain for other emerging applications for fusion technologies.
Ross Morgan, Commercial Director at Tokamak Energy, said: “It is vital we phase out the world’s reliance on fossil fuels and deliver fusion as a clean, sustainable, low cost and globally available energy source. Sumitomo and Tokamak Energy recognise the importance of partnerships to accelerate the delivery of commercial fusion and with our shared knowledge we can deliver this.”
Yoshihiko Ichikawa, General Manager, Energy Innovation Initiative, Sumitomo Corporation, added: “Jointly, we'll tackle challenges and fuel innovation to accelerate the delivery of commercial fusion. Our combined efforts will step up the path towards a sustainable energy future for all."
Image courtesy of Tokamak Energy
