Sumitomo Enters Carbon-Capture JV in Canada

Dow Jones05-24

By Ben Glickman

A Sumitomo subsidiary is entering a joint development agreement for an Alberta-based carbon capture and transportation project.

Sumitomo said it was partnering with Reconciliation Energy Transition, a clean energy company, on the RETI East Calgary Region Carbon Transportation & Sequestration Hub project, through its subsidiary Ammolite Carbon Sequestration.

Sumitomo agreed to take a major equity interest in the hub as part of the agreement. The companies expect first carbon capture and storage operations in fiscal year 2026.

The project will be located east of Calgary, Alberta, and is expected to have potential wells for storing up to 10 million tons of carbon dioxide per year.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 23, 2024 17:16 ET (21:16 GMT)

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