TOKYO - Monday, September 29th 2014 [ME NewsWire]

(BUSINESS WIRE)--Toshiba Corporation (TOKYO: 6502) today announced that the company has concluded a memorandum of understanding (MOU) with Ethiopian Electric Power on a comprehensive partnership in geothermal power that will see the parties collaborate in power generation projects and personnel development.

Ethiopian Electric Power (EEP), a publicly owned utility, engages in the development of geothermal resources and the construction of power plants. Through the partnership with EEP, Toshiba will draw on its long-standing experience and expertise in geothermal systems to contribute to projects in Ethiopia. More specifically, the company will develop and manufacture major equipment, create operation and management guidelines, cooperate in personnel development, and start a waste heat utilization business.

Ethiopia is geothermal rich, with resources estimated at equivalent to 6,000 megawatts. However, this potential has yet to be explored and developed, and over 90 percent of the country’s electricity is from hydropower sources. Looking to the future, Ethiopia plans to increase its current installed generating capacity of 2,268 megawatts to 37,000 megawatts by 2037, and the development of geothermal power will play a significant role in reaching that target.

Toshiba commands the world’s largest market share for geothermal equipment with 24% of total installed capacity*. The company delivered Japan’s first geothermal turbine and generator, with a capacity of 20 megawatts, to the Matsukawa Geothermal Power Plant in Iwate in 1966. Since then, Toshiba has delivered 52 geothermal turbines and generators with a total installed capacity of approx. 2,800 megawatts to North America, Southeast Asia, Iceland and elsewhere around the world.

Toshiba will continue to promote various forms of renewable energy generation in the global market, including geothermal, wind, hydro and photovoltaic energy, to contribute to a reliable supply of renewable energy worldwide.

* Toshiba data

About Toshiba

Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations towards securing “Growth Through Creativity and Innovation”, and is contributing to the achievement of a world in which people everywhere live safe, secure and fulfilled lives.

Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 590 consolidated companies employing over 200,000 people worldwide, with annual sales surpassing 6.5 trillion yen (US$63 billion).

To find out more about Toshiba, visit www.toshiba.co.jp/index.htm

Contacts

Toshiba Corporation

Yuu Takase, 81-3-3457-2105

Corporate Communications Division

Public Relations & Investor Relations Office

yuu.takase@toshiba.co.jp

Fax: 81-3-5444-9202

http://www.toshiba.co.jp/about/press/index.htm

Permalink: http://www.me-newswire.net/news/12257/en