CAMBRIDGE, Mass. (June 26, 2024) – GE Vernova Inc. (NYSE: GEV) today announced it has been awarded a contract by National Grid’s upstate New York business to supply and construct two separate 115 kV synchronous condenser sites at the company’s Coffeen and Taylorville substations.

GE Vernova will install three synchronous condenser machines including Prolec GE generator step-up (GSU) transformers at each site. Synchronous condensers play a vital role in managing reactive power and voltage levels, helping strengthen the grid and ensuring efficient flow of electricity. They are expected to help manage the flow of electricity and prevent power outages by increasing the short-circuit strength, which is crucial for providing consistent and reliable power to homes and businesses.

“These projects are a key part of New York’s Climate Leadership and Community Protection Act (CLCPA), a larger effort to meet New York State’s ambitious goals to reduce carbon emissions by 85% by 2050 from 1990 levels", said Olivier Ruiz, Regional General Manager for Grid Systems Integration – NAM at GE Vernova. “These new substations are expected to help enhance grid stability and reliability which is vital for supporting the state's transition to a low-carbon future.”

“GE Vernova is proud to support National Grid on this important initiative,” continues Olivier. “We are honored that our advanced technology was selected to play a key role in making New York’s power grid more stable and reliable, which is vital for integrating renewable energy sources and accelerating decarbonization."

GE Vernova will handle all aspects of the project, including studies, engineering, project management, building construction, equipment installation, and commissioning. The Coffeen site, located near Watertown, New York, is expected to be completed by August 2028, with the Taylorville site following in March 2029.

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Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

About Prolec GE
Prolec GE is a joint venture between Xignux and GE, internationally recognized for quality manufacturing and reliable performance for over 25 years. The company is an electric industry leader in the Americas with six manufacturing facilities strategically located in Mexico, the United States, and Brazil and an installed product base in more than 35 countries. Its broad power transformer services offering in the U.S., as well as its wide variety of high voltage transformer components, complement Prolec GE’s full line of transformer solutions for the generation, transmission, and distribution of electrical energy for utilities, co-ops, municipalities, renewable project developers and original equipment manufacturers. As a leading supplier in the industry, Prolec GE embraces its commitment to providing an exceptional customer experience, superior quality products, comprehensive solutions and on-time deliveries while actively developing innovative, responsible, and sustainable solutions to solve the industry’s challenges. www.prolec.energy

CAMBRIDGE, Mass. (June 10, 2024) – GE Vernova Inc. (NYSE: GEV) and Seatrium Limited (Seatrium or the Group) today announced that, they have been awarded a third contract by TenneT TSO B.V. (TenneT) for the construction of a 2-gigawatt (GW) High Voltage Direct Current (HVDC) electric offshore transmission system in the Netherlands. The project is slated to begin in June 2024, with commissioning expected by 2031.

This contract is part of the five-year Framework Cooperation Agreement with TenneT announced by the GE Vernova-Seatrium consortium in March 2023. The agreement was signed to cover three projects, each valued at approximately EURO 2 billion: IJmuiden Ver Beta, IJmuiden Ver Gamma, and Nederwiek 2. The current contract is for Nederwiek 2, TenneT’s third project with this consortium. The contracts for IJmuiden Ver Beta and IJmuiden Ver Gamma were awarded to the consortium in March 2023.

The HVDC system will support TenneT's sustainability goal of connecting 40 GW of offshore wind energy in the German and Dutch North Sea and will serve the Nederwiek 2 offshore wind farm, located approximately 95 kilometers off the coast of the Netherlands.

Dr. Johannes Kammer, Associate Director of Large Projects Offshore - 2GW, TenneT, said: “With the successful call-off of Nederwiek 2 from the Framework Cooperation Agreement with our Partners GE Vernova and Seatrium, we are now starting into the delivery of the third project with this consortium. We are pleased with the progress we made already in the first two projects with these partners. Now we experience the benefits of using the works from the initial two projects on the next one as we design one and build it many times.”

GE Vernova's Grid Solutions, the consortium leader, will be responsible for the engineering, procurement, construction, installation, and commissioning (EPCI) of the HVDC converter stations. Seatrium’s scope of work will include the engineering, procurement, construction, transportation, installation, and commissioning of the 2 GW HVDC Offshore Converter Platform.

Mr. Johan Bindele, Head of Grid Systems Integration at GE Vernova’s Grid Solutions business, added: “TenneT is playing a crucial role in the energy transition, and we are honored to support their efforts with our advanced HVDC system. GE Vernova is dedicated to decarbonizing and electrifying the world, and the TenneT projects exemplify our commitment to advancing renewable energy infrastructure.”

Mr. Samuel Wong, Executive Vice President, Fixed Platforms at Seatrium, said: "We are pleased to partner with TenneT and GE Vernova to deliver this transformative offshore wind solution. This project underscores our commitment to helping our customers achieve their renewable energy goals by providing innovative and cost-effective solutions that help accelerate the energy transition. With valuable experience from working on the first two platforms, we are confident of delivering a high-quality end product to our customer, as well as achieving greater synergies through project repeatability in our series-build strategy with the One Seatrium Global Delivery Model.”

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About TenneT
TenneT is a leading European grid operator. We are committed to providing a secure and reliable supply of electricity 24 hours a day, 365 days a year, while helping to drive the energy transition in our pursuit of a brighter energy future – more sustainable, reliable and affordable than ever before. In our role as the first cross-border Transmission System Operator (TSO) we design, build, maintain and operate over 25,000 kilometres of high-voltage electricity grid in the Netherlands and large parts of Germany, and facilitate the European energy market through our 17 interconnectors to neighbouring countries. We are one of the largest investors in national and international onshore and offshore electricity grids, with a turnover of EUR 9.2 billion and a total asset value of EUR 45 billion. Every day our 8,300 employees take ownership, show courage and make and maintain connections to ensure that the supply and demand of electricity is balanced for over 43 million people.

About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

About Seatrium Limited
Seatrium Limited provides innovative engineering solutions to the global offshore, marine and energy industries. Headquartered in Singapore, the Group has over 60 years of track record in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as in the repair, upgrading and conversion of different ship types.

The Group’s key business segments include Oil & Gas Newbuilds and Conversions, Offshore Renewables, Repairs & Upgrades, and New Energies, with a growing focus on sustainable solutions to advance the global energy transition and maritime decarbonisation.

As a premier global player offering offshore renewables, new energies and cleaner offshore & marine solutions, Seatrium is committed to delivering high standards of safety, quality and performance to its customers which include major energy companies, vessel owners and operators, shipping companies, and cruise and ferry operators. Seatrium operates shipyards, engineering & technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, the United Arab Emirates, the United Kingdom and the United States. Discover more at www.seatrium.com. 

Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova and TenneT TSO B.V.'s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

Changua County, TAIWAN (May 7, 2024) - GE Vernova’s Grid Solutions business (NYSE:GEV), together with TECO Electric and Machinery Co (TECO) celebrated the ground breaking of the ZhangGong Step-up Substation and the YongXing Switchyard in central Taiwan in Changhua County. The substations, owned by Taiwan Power Company will be installed with two units of GE Vernova’s ±200 Mvar STATCOM (Static Synchronous Compensator) systems, following the closure of a deal between the company and TECO in early 2024.

GE Vernova plans to deliver the STATCOM system and transformer solution, while TECO will manage civil work and overall site operations. The STATCOMs installed at these substations, which are connected via a 161 kV transmission line, are intended to facilitate the integration of more renewable energy into the area, as well as other regions in Taiwan, while enhancing the overall stability of Taiwan’s grid.

Changhua County is a key hub for diverse renewable energy projects—solar, wind, and hydro power. Beyond renewables, the county is home to a number of major electronics manufacturers, as well as food processing and agricultural industries.¹ With the increasing proportion of renewable energy, STATCOMs are expected to assume a crucial role in maintaining the stability of power flow within the region.

Mr. Pin Chang, President from Intelligence Energy Business Group of TECO said, “TECO has outstanding electromechanical technology and a proven track record in the field of electromechanical engineering. Through its collaboration with GE Vernova, we can enhance Taiwan's renewable power grid and ensure a more stable electricity supply.”

Shailesh Mishra, Regional Leader for GE Vernova’s Grid System Integration business in Asia Pacific, said, “We are honoured to contribute to Taiwan's renewable energy goals through the deployment of our advanced STATCOM technology. This collaboration with TECO underscores our commitment to sustainable energy solutions that drive positive change on a global scale.”

Renewable energy sources, such as solar and wind power, produce power intermittently. Consequently, when renewable energy sources are not producing power, the power grid can become unbalanced. This volatility can lead to voltage fluctuations that potentially harm equipment and disrupt power supply. Here, the STATCOM, a type of Flexible AC Transmission System (FACTS), comes into play. By regulating voltage and reactive power, the STATCOM ensures the power grid's sustained reliability and efficiency, particularly when utilizing higher amounts of renewable energy.

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Notes to the Editor

Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

About GE Vernova
GE Vernova (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 80,000 employees across 100+ countries around the world. Supported by the Company Purpose, The Energy to Change the World, GE Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn. GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

About TECO
https://www.teco.com.tw/en
Founded in 1956 as a motor manufacturer, TECO Electric & Machinery Co., Ltd. has consistently ranked among the top five motor manufacturers worldwide. The company has evolved into a major business group with interests spanning heavy electric equipment, home appliances, information technology, communications, key electronic components and parts, infrastructural engineering, financial investments, dining, and services. Our business operations extend to over 40 countries across the five major continents. In 1995, TECO acquired the Westinghouse Motor Company and renamed it TECO-Westinghouse Motor Company, based in Texas, USA. In 2015, TECO further expanded by acquiring Motovario S.p.A. in Italy, enhancing our product offerings with gear reducers. In recent years, our conglomerate has diversified into renewable energy businesses, such as electric vehicle powertrain systems, offshore wind power on-shore substation construction, and solar power energy storage system construction.

TECO's company vision is energy conservation, emissions reduction, intelligence, and automation, that are applied to the production of the new plants. We have set a ten-year global group goal to achieve a 50% reduction in emissions by 2030. TECO is committed to driving a more sustainable future for our clients and employees.

About TECO Intelligence Energy Business Group
https://tecoie.teco.com.tw/en 
TECO has been actively engaged in the energy industry for several years. In recent times, it has extended its efforts towards developing intelligent systems for energy harvesting, energy storage, and energy management, with a primary focus on three key green energy sectors: solar energy, energy storage, and offshore wind power.

Algiers, Algeria: April 17, 2024 - GE Vernova's Grid Solutions business (NYSE: GEV), a leader in advanced grid technologies, and Sonelgaz, Algeria's national electricity and gas company, are expanding existing capabilities at GE Algeria Turbines (GEAT) for the deployment of grid solutions. This strategic agreement, effectuated through the amendment of their existing joint venture, represents a significant step towards achieving Algeria's energy objectives. It demonstrates a shared commitment to accelerating sustainable energy development, localizing industrial capabilities, and promoting economic growth.

GEAT is a joint venture founded in 2014 between Sonelgaz and GE Vernova that has manufactured skids and turbine auxiliaries, as well as rolled out gas turbines, steam turbines, and control systems in Algeria from its state-of-the art facility in Ain Yagout, Batna. It is a one-of-a-kind facility for GE Vernova on the African continent.

Given the development needs of Algerian power grids, Sonelgaz and GE Vernova agreed, under an amendment to the shareholders’ agreement entered into in 2014, to diversify GEAT's core business by directing it towards the manufacture of high and extra-high voltage substations. Other power grid automation equipment and solutions for efficient and reliable power transmission are also expected to be supplied by the joint venture, enabling the integration and complementary use of renewable energy sources.

The localization of this industrial production has the potential to further strengthen national engineering capacities and create additional job opportunities in Algeria. This collaboration with GE Vernova's Grid Solutions business marks an important step in Algeria's energy transition, as well as in the development of the country's capacity to produce equipment for the transmission grid. It is the cornerstone of contributions by both parties Sonelgaz and GE Vernova to improve the infrastructure of the Algerian network, ensure better access to electricity transmission facilities throughout the country, improve efficiency and enable the connection of renewable energy production facilities.

In his statement, Mr. Mourad Adjal, CEO of Sonelgaz emphasized, "In collaboration with GE Vernova, Sonelgaz is confident in both partners' abilities to build a more resilient and efficient energy grid for the future. This new trajectory of collaboration between the two parties, which is in line with the orientations of the country's highest authorities in terms of national integration, will enable the progressive domiciliation of the manufacture of equipment and materials (high and very high voltages) for electricity transmission structures. This means the transfer of knowledge, know-how and expertise in these fields, which is totally new in our country, as well as an increase in the national potential for exporting this type of equipment in the long term, which will contribute considerably to reducing the country's import bill.”

Philippe Piron, President and CEO of GE Vernova's Electrification Systems businesses, said, “We are honored to expand our relationship with Sonelgaz. Through this collaboration, we aim to roll out advanced Grid Solutions technologies in Algeria, which will modernize the country's grid, enhance its efficiency, and accelerate the country's energy transition. By expanding our relationship to include grid solutions, we are committed not only to localizing grid production but also to fostering the growth of local talent and creating job opportunities.”

With almost 50 million inhabitants spread across Africa’s largest country by area, Algeria is diversifying its energy mix to include renewable sources, such as solar and wind, to meet the growing demand for energy and transition to a lower-carbon future. The grid will play a crucial role by enabling the efficient transmission and distribution of electricity from these renewable sources, ensuring a reliable and sustainable energy supply for Algeria's growing population and economy. The expansion of the GE Vernova and Sonelgaz relationship at GEAT also aligns with Algeria's vision to enhance its grid infrastructure to accommodate increasing power generation capacity and to export excess power to neighboring countries.

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. In addition to the GEAT joint venture with Sonelgaz, the company has a strong legacy of contributions to the development of Algeria’s energy sector, providing power generation, transmission, and distribution solutions, as well as digital applications, and employs over 300 people in the country.

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Forward Looking Statements
This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova’s, GEAT’s and Sonelgaz’s expected future business operations, results and performance and the expected performance of GE Vernova products, the anticipated impact of its products and services, and the results they may generate or produce, and contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

About Sonelgaz
Sonelgaz, created in 1969, is the historic utilities operator of electricity and gas supply in Algeria. Outcome of the recent promulgation of the law on electricity and gas distribution, Sonelgaz went from a vertically integrated company to an industrial group holding company managing a multi-companies and multi-businesses.

Sonelgaz has always played a major role in the economic and social development of Algeria. Its contribution to the implementation of the national energy policy is commensurate with the important programs carried out in terms of rural electrification and public gas distribution, which made it possible to raise the electricity coverage rate to 99% for 11,461,721 customers and a gas penetration rate to 65% for 7,308,462 customers. Today, Sonelgaz group is made up of 11 subsidiaries, managed directly by the holding company and 10 companies in joint ventures with third parties.

Prolec GE, a Prolec subsidiary of a joint venture between GE and Xignux, a Mexico-based private company, today announced additional manufacturing investments of $85 million to meet unprecedented North American demand for single-phase pad-mount transformers. Prolec GE will increase its manufacturing capacity in Monterrey by equipping a new facility capable of annually duplicating the number of transformers produced at its existing Mexico facility. The company will also take this opportunity to incorporate state-of-the-art manufacturing technology to increase productivity and improve ergonomics in key areas throughout the new plant.​

Congressman Paul D. Tonko cheered the announcement that a total of $22,899,840 will be delivered to GE Vernova Advanced Research Center in Niskayuna, NY to drive clean energy research and development, particularly in wind energy. This substantial funding, allocated through the U.S. Department of Energy, includes four projects for GE Vernova.