The two companies have signed a memorandum of understanding (MOU) to form a global strategic alliance.

Under the partnership, both the companies will jointly develop select combined-cycle power generation projects across the world.

GE Power & Water president and CEO Steve Bolze stated, "Today’s MOU significantly enhances 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 president and CEO Norio Sasaki commented, "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."

In 2012, the two firms had won a contract to supply the new FlexEfficiency technology to Chubu Electric Power’s Nishi Nagoya Thermal Power Plant in Japan.

Since 1982, GE and Toshiba have cooperated in gas turbine combined-cycle power generation systems and currently they have signed deals to pursue 50Hz and 60Hz projects together in Japan and other Asian regions.