Sumitomo joins JH2F; Nikola settles with SEC

Sumitomo Corporation of Americas has announced its participation in the Japanese Hydrogen Forum (JH2F).

JH2F will establish subcommittees in each sector, such as hydrogen production and supply, land transportation, port decarbonisation, power generation and finance to support the collaboration on the US side. It is composed of leading Japanese affiliated companies with hydrogen businesses in the US aimed to provide the latest information regarding technology and policy in hydrogen energy sectors, including state-of-art integrated hydrogen solutions to support the adoption from governments throughout the country.

JH2F was established to support the decarbonisation goals of the Federal, State and Municipal governments in the US by identifying and developing hydrogen solutions. The forum is supported by the Japanese government and Japanese governmental organisations such as Japan External Trade Organization (JETRO), New Energy and Industrial Technology Development Organization (NEDO), Japan Oil, Gas and Metals National Corporation (JOGMEC) and Nippon Export and Investment Insurance (NEXI).

Meanwhile, Nikola Corporation has confirmed a settlement agreement with the US Securities and Exchange Commission and agreed to pay $125 million to the SEC in five instalments over two years. The first instalment will be paid by the end of this year, and the remaining instalments will be paid semi-annually through 2023. In November this year, Nikola disclosed that it had taken a $125 million reserve in its Q3 earnings to account for the expected settlement.