| Work Detail |
The European Commissions (EC) analysis concluded that the acquisition would not lead to competition concerns. The EC has given the green light for the acquisition of joint control of EEW Offshore Wind EU by EEW Holding and Sumitomo, under the EU Merger Regulation. This move involves the collaboration of two entities based in Germany and one from Japan, focusing on the production of large steel tubes essential for constructing offshore wind farms. The Commission’s analysis concluded that the acquisition would not lead to competition concerns. The decision was influenced by the assessment that the market structure would remain largely unaffected by this transaction. In August last year, Sumitomo announced its plans to acquire an equity stake in EEW Offshore Wind EU to enhance its monopile manufacturing capabilities. The partnership aimed to integrate Sumitomo’s extensive expertise in the international steel market with EEW’s specialised focus on offshore wind energy infrastructure. During the same period the EC granted €998m ($1.08bn) to a Dutch initiative aimed at promoting green hydrogen production. Additionally, it provided €80m to Djewels, a subsidiary of HyCC, to support the development of its green hydrogen production technology. Under the EU Hydrogen Strategy and the European Green Deal, the Commission aims to accelerate the development of green hydrogen. Hydrogen is considered green if it is produced via the electrolysis of water using renewable energy. The latest funding will assist in building at least 200MW of electrolysis capacity and will be allocated through a bidding process set to conclude in 2024. To qualify for the tender, projects must have a minimum capacity of 0.5MW. In October 2024, Sumitomo Corporation of Americas and Perennial Power Holdings partnered with CEP Solar to establish a joint venture aimed at developing clean energy projects in Virginia, US. The partnership aims to bring to market a portfolio exceeding 1.5GW of solar and battery storage assets. |
