Japanese-based electricity services company Sumitomo Corporation announced that it will buy shares in Germany's EEW Offshore Wind EU Holding (EEW) for an undisclosed amount and is expected to complete the transaction before the end of the year.

This transaction aims to strengthen the company's influence in the European offshore wind power market and contribute to the green transformation.

EEW specializes in the production of monopiles or large-diameter steel pipes for bottom-fixed offshore wind power plant foundations. Sumitomo Corporation, through the acquisition of EEW shares, ensures the stability of the supply of monopiles to solve the bottleneck of the European offshore wind power industry.

The demand for monopiles in 2023 is about 650,000 tons, and the demand is forecasted to be over 1 million tons per year by 2026.