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TOSHIBA CORPORATION

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Toshiba : GE Renewable Energy and Toshiba Announce Strategic Partnership Agreement on Offshore Wind in Japan

05/13/2021 | 07:03am EDT

Companies will work together to bring benefits of GE's offshore wind technology to growing Japanese offshore wind marketEach company brings strengths critical to success in serving Japan's offshore wind needsOffshore wind is projected to grow 30 to 45 GW by 2040

Tokyo -- GE Renewable Energy and Toshiba Energy Systems and Solutions Corporation today announced that they have signed a strategic partnership agreement to localize critical phases of the manufacturing process of GE's Haliade-X offshore wind turbine and to support its commercialization in the country. Based on the long-lasting relationship between GE and Toshiba in Japan and beyond, this strategic agreement will help GE's offshore wind technology to be more competitive in upcoming auctions in Japan. Financial terms and specific details were not disclosed. The two companies said that they will leverage their collective technology, manufacturing facilities and skills, construction, operation, and maintenance expertise as part of the agreement.

GE Renewable Energy and Toshiba are well positioned to contribute to and benefit from the success of offshore wind in Japan. Toshiba brings local manufacturing capabilities, a highly skilled workforce, strong energy domain expertise including in wind power, and an in-depth knowledge of the Japanese offshore market. GE has the most powerful offshore wind turbine in operation, the engineering and project management experience needed to support complex offshore wind projects, and extensive experience in Japan.

As part of the strategic partnership, GE will provide the Haliade-X technology, provide parts and components for nacelle assembly, and support Toshiba in jointly developing a local supply chain as well as completing assembly of the nacelles with best-in-class quality standards. Toshiba will assemble, warehouse, transport Haliade-X nacelles, provide preventative maintenance services and have critical sales and commercial responsibilities for the Japanese market.

John Lavelle, President & CEO, Offshore Wind at GE Renewable Energy, said, "GE and Toshiba have known each other for decades and have proven their successful collaboration through numerous partnerships. Toshiba is the strategic partner to help us bring the benefits of offshore wind to Japan. Their local manufacturing capabilities, experience in the energy sector, and outstanding reputation in the market make them an invaluable strategic partner. Together, we are well positioned to support Japan's ambitions to be a leader in renewable energy and offshore wind in particular."

Mamoru Hatazawa, President & CEO of Toshiba Energy Systems and Solutions Corporation, said, "We are pleased to announce this partnership with GE. As a long-lasting business partner of GE for decades on power systems businesses, Toshiba is best suited to support GE to create another global leader in offshore wind market. GE's Haliade-X is the most powerful offshore wind turbine built and helps to make offshore wind a more cost-effective and competitive source of clean energy. Through this strategic alliance, Toshiba will actively participate in offshore wind projects by supplying reliable products and contribute to the spread of renewable energy in Japan."

As part of its green growth strategy for becoming carbon neutral by 2050 the Japanese government plans to award 10 GW of offshore wind capacity by 2030 with tenders of 1 GW per year. The plan's calls for installing 30 to 45 GW of offshore wind turbines, including floating offshore wind turbines, by 2040 in part through the development of a competitive domestic supply chain.

GE has a long history, over 100 years, serving the Japanese market across several GE businesses, including Aviation, Healthcare, Power, and Renewable Energy. Toshiba has the manufacturing know-how of large-capacity generators cultivated for nuclear power and thermal power generation, construction experience, maintenance know-how for onshore wind power, and advanced wind resource analysis technology.

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About GE Renewable Energy

GE Renewable Energy is a $15.7 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.

Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on www.twitter.com/GErenewables

About Toshiba Energy Systems and Solutions Corporation

Toshiba Energy Systems & Solutions Corporation is a leading supplier of integrated energy solutions. With its long experience and expertise in wide range of power generating and transmitting systems and energy management technology, the company delivers innovative, reliable and efficient energy solutions across the globe. Split off from Toshiba Corporation (TOKYO: 6502) in October 2017.

https://www.toshiba-energy.com/en/index.htm

For media inquiries, please contact: Sebastien Duchamp

Communications Director

GE Renewable Energy

+33 6 73 19 59 64

Tim Brown

Communications, Americas

GE Renewable Energy

+1 302 509 9352

Tomoyuki Kaku

Corporate Communications

Toshiba Energy Systems and Solutions Corporation

+81 44 331 7200

.

(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Sales 2021 3 076 B 27 771 M 27 771 M
Net income 2021 84 063 M 759 M 759 M
Net Debt 2021 70 157 M 633 M 633 M
P/E ratio 2021 26,0x
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Nbr of Employees 125 648
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Masayoshi Hirata Chief Financial Officer & Head-Accounting
Satoshi Tsunakawa President & Chief Executive Officer
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Yoshimitsu Kobayashi Independent Outside Director
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