Toshiba and GE to further joint power development to keep up with rivals

• 11 years ago (2013-01-25)
• Junior Isles

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Power giants Toshiba and General Electric (GE) have announced plans to deepen their cooperation on thermal power generation to keep up with rivals Hitachi and Mitsubishi Heavy.

Toshiba and GE have cooperated on power generation projects since 1982, and will now further expand their joint combined cycle power generation development.

The technology combines gas and steam turbines to produce higher fuel efficiency and reduced carbon emissions compared with conventional thermal power generation.

"Today's announcement builds on (our) long, successful history of collaboration by targeting projects around the world that the companies can jointly develop and by exploring joint development of future combined cycle technology," the companies said in a statement.

Japanese industrial firms Hitachi and Mitsubishi Heavy Industries stated in November last year their intent to merge their thermal power businesses by 2014 in order to take on industry giants like GE and Germany's Siemens. This merger would involve a joint venture company with about 1.1 trillion yen ($12.4 billion) in annual sales.

Toshiba and GE also announced a contract to supply thermal power technology in central Japan, as they hope to provide an energy alternative to Japan’s now moribund nuclear power industry.

Toshiba was up 2.46 per cent at 374 yen in Tokyo afternoon trade Thursday.