-- Selected by NEDO as co-researchers for "Research and Development of Ocean Energy Technology" --

TOKYO - Thursday, December 25th 2014 [ME NewsWire]

(BUSINESS WIRE) -- IHI Corporation (TOKYO:7013)(“IHI”) and Toshiba Corporation (TOKYO:6502)(“Toshiba”) have been selected by Japan’s New Energy and Industrial Technology Development Organization (“NEDO”) as co-researchers in the “Research and Development (“R&D”) of Ocean Energy Technology - Demonstration Research of Ocean Energy Power Generation”. After concluding the formal contract with NEDO, we will conduct demonstration research of a turbine system driven by the ocean current.

IHI and Toshiba, together with the University of Tokyo and Mitsui Global Strategic Studies Institute, have conducted R&D financed by NEDO’s “R&D of Ocean Energy Technology - R&D of Next-Generation Ocean Energy Power Generation (Underwater Floating Type Ocean Current Turbine System)” since fiscal year (“FY”) 2011. The demonstration research is based on their achievements to date.

Power generation driven by ocean energy from currents, temperature differences, tidal movements, waves, etc. is undergoing extensive study in Europe and U.S. as a measure to counter global warming, and there are expectations of market growth. NEDO has promoted R&D projects in ocean energy power generation technologies since FY 2011, with the goal of developing world-leading technology and contributing to lower CO2 emissions in Japan.

Within this framework, the unique “underwater floating type ocean current turbine system” developed by IHI and Toshiba will demonstrate power generation in a real ocean environment, in a project expected to continue until FY 2017. The research work is expected to prove the viability of ocean energy power generation and to create the framework for an industry, and also to contribute to improved energy security for Japan.

The underwater floating type ocean current turbine system is a power generation device with two counter-rotating turbines. It is anchored to the sea floor and floats like a kite carried and driven by the ocean current. IHI is the lead company in the co-research project and will manufacture the turbine and floating body. Toshiba will supply electric devices, such as the generator and transformer.

Ocean currents, such as the Kuroshio Current, are a natural energy resource with little fluctuation in flow regardless of time or season. In Japan, an island nation, success in converting the massive power of the ocean current will create a large-scale, stable power source.

IHI and Toshiba will continue R&D of the underwater floating type ocean current turbine system to realize a sustainable renewable energy source.

About IHI

IHI, established in 1853, is a multi-national leader in providing energy and chemical plants, physical distribution systems and steel structures, aero-engine and space technology, industrial machinery, shipbuilding and marine engineering, and mass-produced machinery. The number of employees of the IHI group surpasses 27,000 people, and the annual sales exceed 12,670 million dollars. To find out more about IHI, visit www.ihi.co.jp/en/index.html

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

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141224005313/en

Contacts

IHI Press Contact:

IHI Corporation

Public Relations

ihiprdiv@able.ocn.ne.jp

Toshiba Press Contact:

Toshiba Corporation

Tomoyuki Numata / Aya Oshima,

+81-3-3457-2100

PR & IR Office

media.relations@toshiba.co.jp

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