Tokamak Energy and Sumitomo Corporation have signed an agreement to enable close collaboration on delivering sustainable, low cost and globally available fusion energy.
The companies will work together on the development, implementation and scaling-up of commercial fusion energy in Japan and worldwide.
The new partnership will see Sumitomo Corporation contribute expertise and investment to a series of joint projects with Tokamak Energy focussed on the scaling-up and industrialisation of the global fusion supply chain.
They will jointly develop early market entry strategies for Tokamak Energy’s fusion technology in Japan and other nations. The ultimate aim for both organisations is to jointly design, build and operate fusion power plants at scale.
The collaboration will enable Sumitomo Corporation to establish itself as a global market-leader for financing, construction and operation of fusion power plants and for Tokamak Energy 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, 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, Design & Strategy Dept., Energy Innovation Initiative, Sumitomo Corporation, added: “We are thrilled to announce our collaboration with Tokamak Energy, paving the way for fusion energy. 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.”