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    6330   JP3607800004

TOYO ENGINEERING CORPORATION

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Toyo Engineering Corporation : - Awarded 50MW class Biomass-fired Power Plant Project in Japan

09/28/2021 | 08:25am EDT

Toyo Engineering Corporation (TOYO, President and CEO Haruo Nagamatsu) and Nippon Steel Engineering Co., Ltd. (NSE, Representative Director and President Yukito Ishiwa) have been awarded a contract for a project to construct a 49,900kW biomass power plant. This plant will be built in Karatsu-shi, Saga, Japan for KaratsuBiomass Energy G.K.

This project is to construct a dedicated biomass-fired power plant using fuels such as wood pellets and PKS (Palm Kernel Shells). This power generation facility is a highly efficient biomass-fired plant based on the reheat system (*).Joint Venture between TOYO and NSE will carry out the EPC contract on a full turn-key basis that includes engineering, procurement, construction and commissioning services for a power generation unit.

Since TOYO and NSE signed a comprehensive collaboration agreement in 2017, both companies have been collaborating in mutual support of engineering resource as wide range as practical, including business initiatives that would be able to raise corporate value. This is the second Joint Venture project awarded in the biomass-fired power plant, which is realized through competitive solutions that leverage the strengths of both companies.

TOYO has positioned the infrastructure field centered on power plants as one of its core businesses and is actively working on renewable energy projects such as biomass power generation, following photovoltaic generation projects in Japan which TOYO has ten project experiences. Regarding biomass power generation, this project is the ninth project, after the six 50 MW class and two 75 MW class projects currently under construction.

NSE has been actively engaged in and contributing to the realization of a carbon-neutral society through the businesses such as renewable energy facilities (i.e. biomass power generation, offshore wind power generation, geothermal power generation), hydrogen infrastructure, and Energy-Saving CO2 Absorption Process. Regarding biomass power generation, this project is the fourth project following Kanda Biomass Power Plant (75MW class)started commercial operation inJune2021 (located in Kanda, Fukuoka, Japan).

TOYO and NSE will continue to contribute to creating a carbon-neutral society by expanding our approach to renewable energy projects through competitive solutions that leverage the strengths of both companies.

Contact:

T: +91-22-25422527

T: +91-22-25424368

T: +91- 9004196416

T: +91- 9820012165

Email: info@toyoengineering.co.in

E: sales@toyoengineering.co.in.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
NIPPON STEEL CORPORATION -1.13% 1964 End-of-day quote.47.89%
TOYO ENGINEERING CORPORATION -1.24% 873 End-of-day quote.115.02%
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Financials
Sales 2022 229 B 2 008 M 2 008 M
Net income 2022 2 067 M 18,1 M 18,1 M
Net Debt 2022 - - -
P/E ratio 2022 21,3x
Yield 2022 -
Capitalization 51 160 M 450 M 449 M
Capi. / Sales 2022 0,22x
Capi. / Sales 2023 0,22x
Nbr of Employees 3 943
Free-Float 48,5%
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Number of Analysts 3
Last Close Price 873,00 JPY
Average target price 880,00 JPY
Spread / Average Target 0,80%
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Managers and Directors
Haruo Nagamatsu President & Representative Director
Kensuke Waki CFO, Director, Head-Finance & Accounting
Tomohisa Abe Chairman
Keisuke Ishii Chief Technology Officer
Masami Tashiro Independent Non-Executive Outside Director