Tennessee Valley Authority, Bechtel, Sargent & Lundy and GE Hitachi plan initial construction and design for potential Clinch River SMR

WILMINGTON, NC (January 17, 2025) - GE Vernova’s nuclear business, GE Hitachi Nuclear Energy (GEH), today announced that it is part of a coalition of utility companies and supply chain partners that are collaborating to accelerate the deployment of the BWRX-300 small modular reactor (SMR) in the U.S.

Led by Tennessee Valley Authority (TVA), the coalition, which has submitted an application for $800 million in funding from the U.S. Department of Energy’s Generation III+ SMR program, includes Bechtel, BWX Technologies (BWXT), Duke Energy, Electric Power Research Institute (EPRI), GEH, Indiana Michigan Power – an AEP company, Oak Ridge Associated Universities, Sargent & Lundy, Scot Forge, other utilities and advanced nuclear project developers and the State of Tennessee.

“Nuclear power has a key role to play in reaching a cleaner and more secure energy future,” said Scott Strazik, CEO, GE Vernova. “Funding from this grant would play a critical role in the path forward, and we look forward to working with TVA and this strong team of utility and supply chain partners to accelerate the roll-out of small modular reactors in the United States.”

TVA has selected the BWRX-300 SMR for potential deployment at the Clinch River Site near Oak Ridge, Tennessee. If awarded DOE funding, TVA plans to accelerate construction of the first SMR at the site by two years with commercial operation planned for 2033.

“Nuclear is the most reliable and efficient energy the world has ever known,” said Jeff Lyash, TVA President and CEO. “It is the energy that will have a strong American-based supply chain and power the global economy.”

GEH also announced today that Duke Energy has entered into an agreement to invest in activities to advance the standard design and licensing of the BWRX-300 SMR technology and that American Electric Power (AEP) has selected the BWRX-300 for potential deployment at the Indiana Michigan Power Rockport Plant in Spencer County, Indiana, pending approval of the DOE funding request.

“On the heels of the significant progress that is occurring with the deployment of the first BWRX-300 at Ontario Power Generation’s Darlington site, these announcements signify the growing confidence the industry has in our SMR technology,” said Maví Zingoni, CEO, GE Vernova’s Power businesses.

Momentum continues to build around the global deployment of the BWRX-300. In March 2023, it was announced that Ontario Power Generation (OPG), TVA and Synthos Green Energy were joining GEH in a technical collaboration agreement through which contributors are funding a portion of the costs to design the BWRX-300, with the purpose of ensuring that the design is deployable in many jurisdictions.

OPG’s collaboration with GEH signifies a power synergy, merging OPG’s successful legacy in nuclear operations with GEH’s experience in boiling water reactor technology to drive a major energy initiative in Ontario, to deploy the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed with construction of the first unit expected to start later this year and commercial operations expected to commence by the end of 2029. A total of four units are planned for the site.

The BWRX-300, a 10^th generation design, is a key pillar of GE Vernova’s energy transition leadership. In addition to helping customers achieve decarbonization goals, the BWRX-300 is designed to reduce construction and operating costs by leveraging a unique combination of existing, certified nuclear fuel, plant simplifications, proven components and a design based on an NRC-certified reactor. Further, the BWRX-300 builds on decades of real-world boiling water reactor operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration.

###

About GE Vernova
GE Vernova (NYSE: GEV) is 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.

GE Vernova’s Nuclear energy business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan.

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. Learn more: GE Vernova and LinkedIn.

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 memoranda of understanding and the expected impact of the relationships created thereunder, contract and project proposals, bidding processes, government review processes and competitions, 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.

SCHENECTADY, NY. (January 17, 2025) - GE Vernova’s Onshore Wind business announced that it received orders in 2024 to repower over 1 gigawatt of wind turbines in the U.S. The projects will use nacelles and drive trains manufactured in the U.S. at GE Vernova’s Pensacola, Florida facility, where approximately 20 percent of the workforce are veterans, to support U.S. energy abundancy, affordability, and security.

“As the United States works to meet the doubling of projected demand for more energy, repower projects like these help U.S. workers in U.S. factories take advantage of what we already have, where we already have it. Employees in our Pensacola facility and at the locations of partners across the supply chain are working to help us get the most out of our valuable energy assets already in the ground,” said Matt Lynch, General Manager of Repower at GE Vernova.

The orders were booked between the first and fourth quarters of 2024. These repower projects are expected to reach their commercial operation date between 2024 and 2027. The technical benefits of repowering are clear: Repowering increases the size, output, and longevity of existing turbines to capture more reliable renewable energy for a longer period of time. On a repowered project, older units are replaced with new, higher capacity turbines.

Vinayak Tilak, GM, Wind Services Operations, GE Vernova, said, “A repower project enables us to rejuvenate a wind farm to produce more annual energy production, extend life, and improve project availability.”

GE Vernova's Onshore wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to its customers' success for more than two decades, its product portfolio offers the next-generation high-powered turbines at scale that drives decarbonization through high-quality, more affordable, and sustainable renewable energy.

###

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 Wind segment is focused on delivering a suite of wind products and services to help accelerate a new era of energy by harnessing the power of wind. The business comprises the Offshore Wind, Onshore Wind, and LM Wind Power businesses. Technologies provided to customers include the Haliade-X platform, our offshore wind turbine, and the next generation high efficiency 3-megawatt onshore wind turbine, as well as maintenance solutions and life extension optionality.

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.

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.

NISKAYUNA, New York (December 19, 2024) – Signaling a significant alliance in the energy transition landscape, GE Vernova’s (NYSE: GEV) Advanced Research Center (ARC) has supplied a 3.4-140m, 81m hub height wind turbine to the National Renewable Energy Laboratory (NREL). This transaction represents a deeper, strategic relationship aimed at enabling groundbreaking collaborative research using GE Vernova's assets - underscoring the potential for government and private sector cooperation to drive innovation and progress in critical areas of energy research.

GE Vernova’s 3.4 MW-140m wind turbine will serve as the research platform with NREL, the leading US government laboratory on wind research, in a project funded through a Department of Energy (DOE) solicitation. The fields of exploration encompass several critical areas, each aimed at advancing wind technology and energy systems, including grid testing, installation and services technologies, sensors and controls, mechanical systems, advanced aerodynamic solutions, direct current (DC) coupling and battery energy storage systems (BESS), and hydrogen electrolyzers to improve energy efficiency and storage. These areas align with GE Vernova’s strategic priority to facilitate widescale deployment of large-scale wind energy systems – key to which are advancements in sensors that expand observability, advanced models that capture complex atmospheric and structural behaviors, and sophisticated algorithms and analytics that optimize turbine coordination and resilience.

“By integrating GE Vernova’s 3.4 MW-140m wind turbine into ongoing and new joint research projects, NREL and GE Vernova can accelerate the development of these critical technologies,” says Matt Guyette, Strategy and Product Leader of GE Vernova’s Wind business, “with the aim of making large-scale wind energy systems more accessible and efficient.”

This transaction enables both organizations to leverage each other's expertise and resources to drive innovation and advance critical wind technologies - creating a platform for groundbreaking research that would be difficult to achieve independently. “GE Vernova’s Advanced Research Center’s provision of this turbine to NREL for use in energy research is crucial for advancing wind technologies and accelerating decarbonization efforts for both organizations," says Rogier Blom, Renewables Breakthrough Technologies Leader at GE Vernova’s Advanced Research Center. "This strategic research relationship supports cutting-edge research for next-generation wind turbines, cost-effective renewable energy, and grid integration."

This collaboration not only advances wind technology but also renewable energy solutions. NREL is particularly interested in using this turbine to research green hydrogen production. Wind energy, which can be more consistent than solar, can significantly boost the efficiency and scale of hydrogen production, contributing to lower carbon energy alternatives. This research focuses on directly coupling wind turbines into a DC power architecture, enabling smoother integration with electrolysis systems rather than connecting them to the grid. This dedicated approach is particularly crucial for heavy industries like steel manufacturing, where a steady supply of green hydrogen supports decarbonization and creating a more sustainable global economy.

The 3.4 MW-140m turbine will be installed in 2026 at the NREL Flatirons site, home of the National Wind Technology Center, in Colorado, where it will join a fleet of equipment dedicated to advancements in energy research.

###

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. GE Vernova’s Advanced Research business is an innovation powerhouse, operating at the intersection of science and creativity to turn cutting edge research into impactful realities. Advanced Research collaborates with GE Vernova’s businesses across a broad range of technical disciplines to accelerate the energy transition.

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.

Learn more: GE Vernova and LinkedIn.

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.

Prolec GE celebrates completion of Shreveport facility expansion in support of U.S. energy transition goals

GE Vernova's nuclear fuel business selected by U.S. Department of Energy for HALEU deconversion

CAMBRIDGE, Mass. (October 8, 2024) – Responding to the devastation left by Hurricane Helene across the southeastern United States, today the GE Vernova Foundation announced a donation of $500,000 to support disaster relief efforts. The donation includes $250,000 to the American Red Cross to support immediate response efforts, and another $250,000 to be deployed as affected communities begin to rebuild.

“No one should face this challenging time alone, and we are honored to support the American Red Cross in their efforts to provide aid to those in need and begin the road to recovery,” said Kristin Carvell, President, GE Vernova Foundation and Chief Communications Officer, GE Vernova. “The region impacted by Hurricane Helene is home to thousands of GE Vernova employees and their families, and our hearts are with them and all of those in need after the storm.”

The American Red Cross has launched a massive response in the region, including sending more than 2,000 Red Cross disaster responders and 60 emergency response vehicles, and managing shelters where residents can get hot meals and emotional support.

“Thanks to GE Vernova Foundation’s generous donation, the American Red Cross, alongside our partners, is able to support families who experienced the heartbreaking devastation from Hurricane Helene,” said Anne McKeough, Chief Development Officer at the American Red Cross. “We are grateful for partners like GE Vernova Foundation as we work together to provide comfort and hope to people when they need it most.”

In addition, GE Vernova employees who donate to relief organizations such as the American Red Cross, Americares, CARE, St. Bernard Project, Team Rubicon and other participating organizations can register for a match with the GE Vernova Foundation’s Matching Gifts program, which supports employees’ personal philanthropy and charitable giving by providing a 1:1 match.

###

About the GE Vernova Foundation
The GE Vernova Foundation, an independent charitable organization funded by GE Vernova, puts the company’s purpose – The Energy to Change the World – into practice across the global communities where employees live and work. Following the spinoff of GE Vernova as an independent company in April 2024 and building on the 100+ year legacy of the GE Foundation, the newly formed GE Vernova Foundation is prioritizing employees through programs such as Matching Gifts and STAR Awards. As the Foundation grows, its strategic philanthropic strategy and programs will focus on growing stronger and more resilient communities and building the workforce needed to drive the energy transition forward. Learn more at www.gevernova.com/about/philanthropy.

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.

About the American Red Cross
The American Red Cross shelters, feeds and provides emotional support to victims of disasters; supplies about 40 percent of the nation's blood; teaches skills that save lives; provides international humanitarian aid; and supports military members and their families. The Red Cross is a not-for-profit organization that depends on volunteers and the generosity of the American public to perform its mission. For more information, please visit redcross.org or cruzrojaamericana.org, or visit us on Twitter at @RedCross.

Schenectady, NY (July 10, 2024) - GE Vernova today announced a new $22 million investment in its historic Schenectady facility to manufacture new advanced generators, helping meet existing and increased global demand from its customers. The new funding is expected to create more than 150 new jobs at the facility.

“This investment will help us deliver for our global customers and allow us to expand our highly skilled work force in the Capital District,” said CEO Scott Strazik. “We are committed to growing our best-in-class facility in Schenectady, and this is another strong step in that direction.”

The new funding will allow for manufacturing of GE Vernova’s H65 and H84 generators, which require the most advanced processes to manufacture the stator bars and stator core system and accompany the company’s most efficient HA gas turbines. 

This latest investment for Schenectady comes on top of $50 million in 2023 to support manufacturing new onshore wind turbines. That funding resulted in approximately 200 new jobs and the successful delivery of 56 units year-to-date. Last year the company also announced another $11 million for the Schenectady facility to support new capacity, facility maintenance, and equipment and tool management.

GE has a 130-year legacy in New York state, which is home to GE Vernova’s Gas Power and Onshore Wind businesses and the company’s Advanced Research Center. As a newly public company, having finalized its spinoff in April, GE Vernova is assessing additional investments in the Capital Region in the future.

“This region is the foundation on which GE Vernova is built,” said Strazik. “We have amazing talent here and we plan to continue to cultivate and invest in them.”

###

About GE Vernova
GE Vernova (NYSE: GEV) is 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.

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. Learn more: GE Vernova and LinkedIn.

Saratoga Performing Arts Center announces GE Vernova as the new lead sponsor of Saratoga Jazz Festival

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.

###

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