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GE and Toshiba Sign Memorandum of Understanding to Form Global Strategic Alliance to Establish a Joint Venture in Combined-Cycle



  GE and Toshiba Sign Memorandum of Understanding to Form Global Strategic
  Alliance to Establish a Joint Venture in Combined-Cycle Power Projects and
  Technology

  * MOU Builds on 30-Year Strategic Relationship between the Two Companies
  * MOU Lays Foundation for Joint Efforts to Promote High-Efficiency
    Combined-Cycle Power Plant for Select Projects
  * Companies Will Explore Forming Strategic Joint Venture in Combined-Cycle
    Power Generation Technology and Advanced Steam Turbine Technology

Business Wire

TOKYO -- January 24, 2013

GE (NYSE: GE) and Toshiba Corporation (TOKYO: 6502) signed today a memorandum
of understanding (MOU) to form a global strategic alliance, under which the
two companies would jointly develop select combined-cycle power generation
projects around the world. In addition, under the MOU, the two companies will
explore the formation of a strategic joint venture for the development of
next-generation combined-cycle power projects with higher levels of thermal
efficiency.

Toshiba and GE have cooperated in gas turbine combined-cycle power generation
systems since 1982 and have existing agreements to pursue 50-Hz and 60-Hz
projects together in Japan and in key regions in Asia. Today’s announcement
builds on that 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.

GE and Toshiba won a contract in 2012 to supply the new FlexEfficiency*
technology to Chubu Electric Power’s Nishi Nagoya Thermal Power Plant in
Japan. This system is being jointly configured to achieve the world’s highest
thermal efficiency of 62 percent (at site conditions). Based on today’s MOU,
GE and Toshiba will look to extend winning collaborations such as this to
customers around the world.

Combined-cycle power generation systems combine gas turbines and steam
turbines to achieve very high fuel efficiency and reduced CO[2] emissions as
compared to conventional thermal power plants. Exhaust heat from the gas
turbine is recovered and used to produce steam that drives the steam turbine
and generates more electricity.

GE’s FlexEfficiency technology portfolio harnesses natural gas and enables
greater use of renewable energy. The FlexEfficiency portfolio combines
record-breaking efficiency, which will reduce emissions and save money
(compared to prior GE configurations), along with unprecedented flexibility,
which will enable utilities to deliver power quickly when it is needed and to
ramp down when it is not, balancing the grid cost-effectively.

GE and Toshiba each have a variety of complementary high-efficiency steam
turbine and generator technologies that together will bring stronger
capabilities in total engineering solutions for combined-cycle systems such as
highest plant efficiency and a shorter and flexible start-up profile.

Toshiba’s capabilities as a full turnkey contractor have met and exceeded
customers’ expectations. The company’s abundant experience helps develop
reliable power plants with better efficiency and competitive project lead
time.

“Our newest combined-cycle power system technology, the FlexEfficiency
Portfolio, was developed to meet varied energy needs around the world, and we
are fortunate to have a great collaboration with a company like Toshiba to
help make this a reality around the globe,” said Steve Bolze, president and
CEO of GE Power & Water. “Today’s MOU significantly enhances our longstanding
relationship with Toshiba and allows us to work toward combining the
capabilities of both companies in pursuing FlexEfficiency projects around the
world while also working together on our next generation of highly
fuel-efficient power plant technologies.”

“Toshiba's sophisticated engineering, procurement and construction solutions
have been well recognized by customers all over the world. Such capability,
together with GE's FlexEfficiency portfolio, will enable the most efficient
combined-cycle power plant,” said Mr. Norio Sasaki, president and CEO of
Toshiba Corporation. “Our 30- year relationship with GE has been mainly
focused on Japan in the past, and we are excited to work toward collaborating
with GE in select projects around the world, while also developing
technologies together for even more fuel-efficient power plants in the
future.”

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power generation,
energy delivery and water process technologies to solve their challenges
locally. Power & Water works in all areas of the energy industry including
renewable resources such as wind and solar, biogas and alternative fuels; and
coal, oil, natural gas and nuclear energy. The business also develops advanced
technologies to help solve the world’s most complex challenges related to
water availability and quality. Power & Water’s six business units include
Distributed Power, Nuclear Energy, Power Generation Services, Renewable
Energy, Thermal Products and Water & Process Technologies. Headquartered in
Schenectady, N.Y., Power & Water is GE’s largest industrial business.

Follow GE Power & Water on Twitter @GE_PowerWater.

* Trademark of the General Electric Company.

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Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50541330&lang=en

Contact:

GE – US
Shaun Wiggins, +1 518-385-5992
or
GE – Japan
Sumito Koike, +81 3 5544 3847
or
International Media Relations Group
Corporate Communications Office
Toshiba Corporation
Toru Ohara, +81 3 3457 2105
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