Latest news with #SumitomoCorporation
Yahoo
6 hours ago
- Business
- Yahoo
Insurtech company bolttech raises $147m at $2.1bn valuation
Singapore-based insurtech company bolttech has wrapped up its Series C funding round, raising $147m (S$188.87m), with a company valuation of $2.1bn. The funding round, initiated in December 2024, added new investors including Sumitomo Corporation and Portugal's Iberis Capital. The company intends to use the funds to enhance its platform and advance its global growth strategy. Last month, Sumitomo Corporation formed a joint venture with bolttech to provide embedded insurance programmes and end-to-end services for partners across Asia. Sumitomo Corporation Media & Digital Group CEO Shinichi Kato stated: 'We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. 'We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.' Both Sumitomo Corporation and Iberis Capital join a consortium of existing investors comprising Dragon Fund, Baillie Gifford and Generali's Lion River. bolttech CEO Rob Schimek said: 'We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. 'We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.' Last month, bolttech integrated AWS generative AI solutions to optimise its operations and customer service. The bolttech Gen AI Factory platform, built on Amazon Bedrock, complements the company's call centre operations powered by Amazon Connect and Amazon Lex. "Insurtech company bolttech raises $147m at $2.1bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
11 hours ago
- Business
- Zawya
EWEC to recycle plants to support Abu Dhabi decarbonisation, grid stability
Emirates Water and Electricity Company (EWEC), the sole procurer and supplier of water and electricity in Abu Dhabi, is implementing a strategy to recycle existing power and water plants as part of its broader clean energy transition plan. The approach was detailed by Mark Hedges, EWEC's Executive Director of Asset Management, during a panel discussion at The World Utilities Congress held in Abu Dhabi from 27–29 May 2025. The EWEC executive explained that while clean energy initiatives often focus on innovation and new infrastructure, repurposing existing plants offers a practical pathway toward decarbonisation. 'We're actually converting [old plants] to standby power, but power only. They're running a very small part of the time just to stabilise the grid,' he said. Last month, EWEC extended Shuweihat S1 power and water plant's Power Purchase Agreement (PPA) by 15 years under a plan to decommission its water desalination operations and convert it into a natural gas-fired open-cycle power plant. Commissioned in 2005 with 1.5 gigawatts(GW) of power and 455,000 cubic metres/day (m3/day) of water production capacity, Shuweihat S1 is operated by Sumitomo Corporation in partnership with TAQA and ENGIE. As the first project in the UAE to undergo long-term extension through plant conversion, the reconfigured plant will operate on-demand with a reduced capacity of 1,130 megawatts (MW), contributing to lower CO₂ emissions. According to Hedges, the repurposing strategy offers multiple benefits: Efficiency gains: Redirecting steam from water production to power generation improves overall system efficiency. Cost savings: Recycling avoids the capital expense of building new high-emission plants with 25–30-year life spans, and potentially conflict with the UAE's 2050 net-zero goals. 'We don't really want to commit to a brand-new plant that has a lifetime that's either too long or we have to curtail it… then the cost goes up because you're paying it off over a short period,' he explained. Grid stability: Having standby power capacity enhances the stability and reliability of the grid and accommodate growing share of variable renewable energy. "This recycling of plants, which is a life extension project, is really good for the system,' he said. EWEC's recycling strategy aligns with its commitment to delivering electricity and water through a lower-carbon grid. On the desalination front, the company is shifting towards reverse osmosis (RO) technology for water production, replacing conventional thermal desalination. 'All of our water now is produced by RO osmosis driven by a decarbonising power grid,' Hedges noted. In its Statement of Future Capacity Requirements 2024–2030, EWEC projected that over 7 GW of power and more than 2 million m3/day of water capacity will reach the end of existing contracts by 2037. The company plans to reconfigure and extend plants reaching contract expiry, with contract extensions expected to add nearly 3.5GW of power capacity by 2030, rising to just over 6GW by 2035. (Writing by Rajiv Pillai; Editing by Anoop Menon) (
Korea Herald
16 hours ago
- Business
- Korea Herald
bolttech closes Series C fundraise, welcomes strategic investors Sumitomo Corporation and Iberis Capital
With investments totalling US$147 million, bolttech closes Series C with t he addition of new investors SINGAPORE, June 4, 2025 /PRNewswire/ -- bolttech, the fast-growing global insurtech, today announced the addition of Sumitomo Corporation, one of Japan's largest trading houses, and Iberis Capital, a leading private equity and venture capital manager in Portugal, as strategic investors. Their participation marks the successful close of bolttech's Series C funding round, with shares acquired by Series C investors in the amount of US$147 million, reflecting a company valuation of US$2.1 billion. In addition to Sumitomo Corporation becoming a strategic investor, the company has entered a joint venture with bolttech to deliver embedded insurance programmes and complementary end-to-end services for partners in Asia. Sumitomo Corporation and Iberis Capital join Dragon Fund, Baillie Gifford, Generali's Lion River, and other investors in bolttech's Series C funding round closing. This investment will enable the company to enhance its platform's capabilities and accelerate its global growth strategy, to make insurance more personalised, accessible, affordable, and convenient for customers. Shinichi Kato, Group CEO of Media & Digital Group, Sumitomo Corporation, said, "We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region." Luís Quaresma, Partner, Iberis Capital, said, "bolttech has emerged as a leading embedded insurtech player spanning a global footprint in a short amount of time. We are impressed by its tech capabilities, strategic vision for the future of insurance and its highly talented management team. We look forward to contributing to its next phase of growth, supporting the continued advancement of its unique solution." Rob Schimek, Group Chief Executive Officer, bolttech, said, "We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value."
Zawya
a day ago
- Business
- Zawya
AMEA Power launches 500MW wind farm in Egypt
Arab Finance: AMEA Power has successfully commissioned a 500-megawatt wind power plant in Ras Ghareb, Egypt, marking the largest operational wind farm on the African continent, as per a statement. The project reinforces Egypt's role as a key player in Africa's renewable energy transition. Developed as a joint venture between AMEA Power, which holds a 60% stake, and Japan's Sumitomo Corporation with 40%, the Amunet Wind Power Plant is expected to produce around 2,500 gigawatt-hours of electricity annually. This is enough to power more than 500,000 homes while avoiding 1.4 million tons of carbon dioxide emissions each year. The commissioning comes just months after AMEA Power inaugurated a 500MW solar PV plant in Aswan in November 2024. With both projects, the company has now brought 1 gigawatt of clean energy capacity online in Egypt within six months. Constructed 2.5 months ahead of schedule, the wind farm employed over 800 workers at peak and included local training programs aimed at youth in nearby communities. The initiative reflects AMEA Power's focus on socio-economic development, job creation, and long-term skills building. The project was financed by a consortium including the Japan Bank for International Cooperation (JBIC), International Finance Corporation (IFC), Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Standard Chartered Bank. The commercial tranche was insured by Nippon Export and Investment Insurance (NEXI), with working capital support from Egypt's Commercial International Bank (CIB). The Ras Ghareb wind farm is part of AMEA Power's expanding portfolio in Egypt, which also includes its Aswan solar plant and several other pipeline projects. These include a 1,000-megawatt solar PV development with 600-megawatt-hour battery storage in Aswan, a second 500-megawatt wind project in the Red Sea Governorate, an extension of the Aswan solar plant with a 300-megawatt-hour storage system, a 500-megawatt-hour battery energy storage project in Zarfana, and a 1,000-megawatt-hour facility planned for Benban. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
AMEA Power commissions Africa's largest wind power plant in Egypt
AMEA Power commissioned its 500 megawatt (MW) wind power plant in Egypt, the largest operational wind farm in Africa, according to a press release. Located in Ras Ghareb in the Red Sea Governorate, the facility anchors Egypt's leadership in the continent's renewable energy transition. This follows the commissioning of AMEA Power's 500MW Solar PV plant in Aswan, bringing the company's total commissioned capacity in Egypt to 1 gigawatt (GW) within just six months. The Amunet Wind Power Plant is a joint venture (JV) between AMEA Power (60%) and Sumitomo Corporation (40%). It is expected to generate around 2,500 gigawatt hour (GWh) of clean electricity annually, which is enough to power more than 500,000 homes. The plant is also projected to offset 1.4 million tons of CO₂ emissions annually. The construction phase secured over 800 job opportunities at peak, supporting AMEA Power's commitment to job creation, skills development, and inclusive growth The project, which was completed 2.5 months ahead of schedule, was financed by a consortium of leading international financial institutions, including the Japan Bank for International Cooperation (JBIC), International Finance Corporation (IFC), Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Standard Chartered Bank. Meanwhile, the commercial tranche was backed by insurance from Nippon Export and Investment Insurance (NEXI), with additional working capital support from the Commercial International Bank-Egypt (CIB). Hussain Al Nowais, Chairman of AMEA Power, said: 'Bringing 1GW of clean energy online in such a short period is a tremendous achievement and a reflection of our deep commitment to delivering impactful renewable energy solutions. This is the future of power generation in Africa – clean, inclusive, and transformational' All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
