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Sumitomo aims to install 500-MW battery storage in Japan by early 2031

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Sumitomo News

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As resource-poor Japan expands renewable energy to meet decarbonization goals and enhance energy security, battery usage is expected to rise to smooth out the intermittent supply of solar and wind energy.

TOKYO ― Sumitomo Corp. aims to install 500 megawatts or more of battery storage in Japan by March 2031, from 9 MW now, to help mitigate renewable energy fluctuations and improve the efficiency of the energy system, a company official said.Sumitomo's battery storage initiative is part of the Japanese trading house's broader efforts to bolster its energy transformation business.

Sumitomo expects Japan's local battery storage capacity to grow from 2 gigawatt hours in 2023 to 40 GWh by 2030, while global capacity is anticipated to expand from 190 GWh to 2,206 GWh.Battery storage is expanding rapidly worldwide, led by China and the United States, but Japan lags due to smaller price differences in the wholesale electricity market, making it hard for storage developers to generate profits, Sumitomo said.

 

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