SHEFFIELD, South Yorkshire: March 21, 2024 - GE Vernova’s Nuclear business, GE Hitachi Nuclear Energy (GEH), met with potential UK suppliers in Sheffield yesterday to discuss opportunities associated with the UK deployment of the BWRX-300 small modular reactor (SMR).

More than 150 UK-based businesses covering all elements of the nuclear supply chain – from manufacturing, construction and engineering – participated in the all-day conference with guest speakers including South Yorkshire Mayor Oliver Coppard and representatives from the Nuclear Industry Association and Synthos Green Energy (SGE), an investor and developer from Poland.

The event was hosted by the Nuclear Advanced Manufacturing Research Centre (Nuclear AMRC) in Rotherham and included presentations on the BWRX-300, how deployment can help contribute to the Government’s target of 24 GW of new nuclear capacity by 2050, associated supply chain opportunities and the benefits of supply chain localization.

Sean Sexstone, Executive Vice President, Advanced Nuclear, GEH said: “Our BWRX-300 SMR technology is an ideal solution for meeting the UK’s decarbonization and energy security goals. It is based on tried, tested and reliable technology and partners in Canada, the US and Poland are already investing in our technology. We believe this makes our reactor the lowest risk and highest reward choice for Great British Nuclear. We have assembled a first-class team to deliver the BWRX-300 in the UK and we look forward to working with the local companies who have attended today’s conference as we continue to develop a robust UK supply chain.”

Oliver Coppard, Mayor, South Yorkshire said: “In South Yorkshire we are determined to be at the heart of the next energy revolution. Not simply because we’re building on our history at the heart of the first and second industrial revolutions, but because our wealth of talent, creativity and innovation will put us at the centre of the coming industrial and green economy revolutions. We’re investing in our infrastructure. We’re home to the world’s first Advanced Manufacturing District. We’ve got a plan for good growth focussed on a corridor of high skills, high pay, high tech and high productivity. And we’ve got a Skills strategy that will give our people the opportunity to stay near and go far. “

Andrew Storer, CEO, Nuclear AMRC said: “We’re delighted to bring together the UK’s nuclear manufacturers with GE Hitachi to discuss the opportunities around the BWRX-300 and help launch supply chain engagement for this nationally important programme. An SMR programme in the UK will present huge opportunities for the domestic supply chain, and information-sharing and networking event like this are an essential first step to maximizing UK content and making the most of the economic benefits of investment in low-carbon power.”

Tom Greatrex, Chief Executive Officer, Nuclear Industry Association said: “SMRs like the BWRX-300 will be vital in the UK’s efforts to strengthen energy security and meet net zero goals by providing reliable, clean power 24/7. The impressive turnout at today’s conference shows there is real appetite in the supply chain for these new exciting nuclear projects and is testament to the work being done by GE Hitachi Nuclear Energy to deliver its goal to develop here in the UK."

The UK Government has ambitions for 24 GW of nuclear energy by 2050 to help in providing energy security for the UK and for meeting net zero. It was recently announced that GEH been awarded a £33.6 million UK Future Nuclear Enabling Fund (FNEF) grant from the Department for Energy Security & Net Zero (DESNZ). In conjunction with this grant, GEH has entered the Generic Design Assessment (GDA) process for the BWRX-300.

There is significant global interest in the BWRX-300. In Canada, Ontario Power Generation (OPG) has partnered with GEH to deliver the BWRX-300 at the Darlington site, along with AtkinsRéalis and Aecon Construction Group. OPG's decades of operating experience and proven track record of delivering on-time, on-budget nuclear refurbishment, combined with GEH's nuclear expertise, sets the stage for success in advancing the energy landscape in other regions.

The Province of Ontario is working with OPG on planning and licensing for three additional BWRX-300s at the Darlington site. OPG, Tennessee Valley Authority, Synthos Greeen Energy and GEH are teaming up to invest in the development of the BWRX-300 standard design and detailed design for key components.

GE has a long and deep history in the UK, with a presence dating back 130 years. GE’s energy businesses employ more than 2,500 people at 11 sites across the country, with approximately 35 percent of the country’s electricity currently powered by its technology

• Net-Zero Teesside (NZT) Power is expected to be one of the first gas-fired power stations of its kind - fully integrated with carbon capture technology.
• Consortium and technology selection marks an important next step towards the proposed development of bp’s NZT Power project in the UK, aiming to capture up to 2 million tonnes of CO2 per year.
• Project is expected to provide flexible, dispatchable low-carbon power equivalent to the average electricity requirements of around 1.3 million UK homes, and to progress the deployment of carbon capture technology in line with the UK Government’s net-zero programme.

Technip Energies (PARIS: TE), leader of a consortium with GE Vernova, and construction partner, Balfour Beatty, received a Letter of Intent from bp, on behalf of NZT Power Limited for the execution phase of the Net Zero Teesside Power (NZT Power) in the United Kingdom.

This landmark project is poised to become one of the world’s first commercial scale gas-fired power stations with carbon capture, expected to capture up to 2 million tonnes of CO2 per year. The project is set to provide flexible, dispatchable low-carbon power equivalent to the average electricity requirements of around 1.3 million UK homes, further supporting the nation's transition to a cleaner energy future.

The NZT Power project is also a key component of the Carbon Capture, Usage and Storage (CCUS) East Coast Cluster and has been shortlisted for government funding support as part of the UK's net-zero programme. This selection follows the Development Consent Order recently having been granted by the Secretary of State for the Department for Energy Security and Net Zero.

The Technip Energies and GE Vernova consortium, supported by leading infrastructure group Balfour Beatty, will play an important role constructing a highly efficient combined cycle plant. It will be powered by an advanced GE Vernova 9HA.02 gas turbine, a steam turbine, a generator and a Heat Recovery Steam Generator (HRSG), which will integrate with a state-of-the-art carbon capture plant using Technip Energies’ Canopy by T.ENTM solution powered by the Shell CANSOLV® CO2 capture technology.

Technip Energies, GE Vernova, and Balfour Beatty, supported by Shell in the UK are forming the Carbon Capture Alliance (CCA). The alliance members are deeply committed to long-term investment in the UK, with members already possessing a significant UK footprint and a mature UK supply chain.

In March 2023, the UK government announced up to £20 billion to support the initial deployment of CCUS, focused on creating four clusters by 2030, including the East Coast cluster which includes Teesside. Government analysis shows that up to 10 gigawatts of power CCUS could be needed in order to decarbonise the UK power sector by 2035 (10GW is around 10% of the total UK electricity system today).

Arnaud Pieton, CEO of Technip Energies, commented, “Our selection for the Net Zero Teesside Power project is a testament to Technip Energies growing leadership position as an integrated state-of-the-art CCUS solutions provider. By capturing up to 2 million tonnes of CO2 at a large power plant, we collectively rise to the challenge of scale by providing sustainable and available energy at a large scale. With our partners GE Vernova and Balfour Beatty, we are honoured to contribute to this flagship project that supports bp and the UK in their goal of developing one of the first decarbonised industrial clusters in the world.”

Maví Zingoni, CEO, Power at GE Vernova, commented: “The development of Net Zero Teesside Power, one of the world’s first commercial scale gas-fired power stations with carbon capture, marks a huge step towards supporting the UK government’s commitment to fully decarbonise its power system by 2035. GE Vernova will help bring proven expertise in natural gas combined cycle plant engineering, operability, and full-scale integration to support carbon abatement for this project. We believe post-combustion carbon capture can play a crucial role in reducing emissions and ensuring dispatchable power in the future.”

Leo Quinn, CEO of Balfour Beatty Group, said: “Today’s announcement takes us a step closer to realising one of the world’s first commercial scale gas-fired power stations with carbon capture . It’s a significant milestone in delivering the critical infrastructure needed to transition the UK to Net Zero. Balfour Beatty’s market leading capabilities, underpinned by our unrivalled experience and proven track record in delivering complex infrastructure projects, means we are perfectly positioned to support the delivery of this critical project alongside Technip Energies and GE Vernova – proving on the world-stage that the UK is primed and ready to lead the way in decarbonising our industrial footprint.”

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About Technip Energies 
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”). For further information: www.ten.com.

About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. 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. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. 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.

About Balfour Beatty 
Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.

We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.

Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.

Important Information for Investors and Securityholders

Forward-Looking Statement

This Press Release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.

All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2022 Annual Financial report filed on March 10, 2023, with the Dutch Authority for the Financial Markets (AFM) and the French Autorité des Marchés Financiers which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates. Please also see Section 1.3 (Principal Risks and Uncertainties) of the Company's 2023 Half-Year Report which was filed with the AFM and the AMF on July 27, 2023.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

• Turbine is one of the first of the next generation 13 MW+ wind turbine generators to become operational at sea and the largest ever installed in European waters
• Milestone follows three years of testing
• Dogger Bank Wind Farm will be largest in the world and capable of supplying the equivalent of 5% of UK’s electricity demand when completed

Teesside, UK: October 10th, 2023 – GE Vernova’s Offshore Wind business announced today that its first ever Haliade-X offshore wind turbine installed at sea began producing power as part of the Dogger Bank Wind Farm located 130 km off the UK coast. The turbine was one of the first of the next generation wind turbine generators at 13 MW+ to become operational at sea and the largest ever installed in European waters.

The 13 MW Haliade-X turbine was the first of 277 turbines that will be installed at the 3.6 GW Dogger Bank Wind Farm that will be the largest in world when completed. The Dogger Bank Wind Farm, which is being built in three phases - Dogger Bank A, B, and C – will use a mix of 13 and 14 MW Haliade-X turbines to power the equivalent of 6 million UK households or about 5% of the UK’s electricity demand.

GE Vernova's Offshore Wind business CEO Jan Kjaersgaard said, "Energizing the first Haliade-X at sea is another important step in the evolution of the offshore wind industry. The Haliade-X was designed to provide clean, reliable renewable energy at scale to projects such as Dogger Bank. It is exactly the kind of innovative technology GE Vernova will rely on to continue to electrify the world while simultaneously working to decarbonize it."

When the Haliade-X was introduced in 2018 it was the first 12MW + offshore wind turbine in the industry. It was designed as part of a platform that enabled it to evolve to meet the industry’s need for more efficient turbines capable of producing more power with the same amount of wind.

In developing the Haliade-X, GE Vernova’s Offshore Wind business relied on unprecedented collaboration across the GE portfolio, leveraging the knowledge of GE Onshore Wind, LM Wind Power, GE Power, GE Aviation, GE Digital and the company’s Global Research Center.

A prototype of the Haliade-X has been operating on land in the port of Rotterdam in the Netherlands for over three years. The Haliade-X received independent certification from DNV to operate at up to 14.7 MW as a result of extensive testing conducted on the prototype.

In addition to supplying power to the historic Dogger Bank Wind Farm, the Haliade-X will also be used as part of the 800 MW Vineyard Wind project that will become the first utility scale wind farm in the US and the Ocean Wind I project in New Jersey.

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About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. 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 140+ countries around the world. GE Vernova’s Offshore Wind business is one of the world’s leading offshore wind energy and services provider, with wind turbines capable of a proven performance up to 14 megawatts.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. 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.

Varco Energy, a pioneering UK-based battery storage asset owner and operator, and GE Vernova’s Solar & Storage Solutions business, are pleased to announce a partnership for the development of a 57 MW / 138 MWh transmission connected Battery Energy Storage System (BESS) south of Liverpool, UK.