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Sumitomo Electric Industries surges with gap-up on 360 billion yen German high-voltage cable contract
Sumitomo Electric Industries, Ltd. <5802> surged after opening with a gap-up. On May 21, the company announced it won a large-scale high-voltage direct current cable project from German transmission system operator Amprion. The contract value is approximately 2 billion euros (about 360 billion yen), making it the largest single project ever received by the Sumitomo Electric Group. The stock attracted buying on expectations of a positive medium- to long-term impact on earnings. The project has a rated capacity of 2 gigawatts and a route length of 530 kilometers, forming part of the "Rhein-Main-Link" transmission project. Completion is slated for 2032.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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