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Sumitomo Corporation Acquires Retail Supplier

January 24,2019



Sumitomo Corporation, via its wholly-owned subsidiary Summit Southern Cross Power Holdings Pty Ltd (hereinafter, “SSCPH”), an electric power holding company in Australia, has acquired 100% of the shares of Infinite Energy Holdings Pty Ltd (hereinafter, “IE”), which in Australia develops/sells distributed solar power systems, sells/installs storage batteries, and engages in electricity retailing, effective January 24, 2019.

Sumitomo said that IE holds the top share in sales of solar power systems in Western Australia, and ranks fourth in sales across Australia as a whole.

In addition to selling and installing solar power systems, IE serves as an electricity retailer, selling electric power procured through solar power systems and the wholesale electric power market to users via existing power grids.

"Adding to its high customer recognition and brand strength, IE has established strategic partnerships with major companies locally and secured sales channels by collaborating with partners in a broad range of industry sectors," Sumitomo said

SSCPH previously acquired business interests in the Kwinana Power Plant in 2009 and the Bluewaters Power Plant in 2013, making it an important player in Australia’s electricity generation business. These two power plants supply about 30% of the electric power used by Western Australia’s power grid

"Bringing its considerable corporate resources to IE’s existing business operations, SSCPH will help construct a platform for electricity retailing that utilizes distributed solar power generation and battery storage in Australia. It will also leverage the Sumitomo Corporation Group’s wealth of business line know-how and networks to create new business domains that combine electric power with other businesses," Sumitomo said

Tags:
Sumitomo Corporation   Sumitomo   M&A   Australia   Innovation  

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