Delhi, India (September 27, 2024) - Powerica Limited, a prominent player in both the Independent Power Producer (IPP) and Engineering Procurement and Construction (EPC) segments of the wind industry with a pan-India wind energy portfolio of 280 MW, has selected to install 19 GE Vernova 2.7 MW -132 wind turbine generators (WTGs) at its 51.3 MW project at Devbhumi Dwarka, Gujarat (“Project”). The Project will be covered under the SECI XVI tranche. The Project, which reflects India’s growing interest in bringing online more renewable energy, is expected to both benefit the local community and contribute to India’s renewable portfolio.

Current plans expect the WTGs for the Project, which was booked in the second quarter of 2024, to be supplied starting in November 2024.

Mr. Bharat Oberoi, Joint Managing Director, Powerica Limited said: "We are pleased to utilize GE Vernova WTGs for our third consecutive Project in the state of Gujarat. The WTGs, designed for high performance and reliability, are expected to generate about 160 million units of power annually. This Project will generate enough energy to power the equivalent of thousands of homes and contribute to the adoption of renewable energy across the country.”

Mr. Deepak Maloo, General Manager of GE Vernova’s Onshore Wind business in Asia Pacific, said: “We are pleased to work with Powerica Limited on their Project at Devbhumi Dwarka, Gujarat. We value our historical relationship and are proud to again be working with them to supply renewable energy. Our GE Vernova 2.7 MW workhorse WTGs are ideally suited to help Powerica Limited meet their ambitious clean energy goals.”

Note:

The agreement has been signed between Powerica Limited and legal entity GE India Industrial Private Limited.

###

About Powerica
Established in 1984, Powerica Limited has grown into a leading provider of power solutions, specializing in diesel-based standby and prime power applications. With expertise in manufacturing, marketing, installation, and commissioning, Powerica has become a trusted name in the industry.

In 2006, the company expanded into the renewable energy sector, commissioning its first wind power project as an Independent Power Producer in 2008. Today, Powerica owns and operates over 280 MW of wind energy projects, with plans to increase capacity to 400 MW by 2025 and 1000 MW by 2030.

Committed to utilizing cutting-edge technology and working with global leaders in wind energy, Powerica is dedicated to making renewable energy a viable, affordable solution for a greener future. Learn more: Powerica Limited and LinkedIn.

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 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.

Disclaimer: "This report was prepared as an account of work sponsored by an agency of the United States Government. Neither the United States Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States Government or any agency thereof."

GREENVILLE, USA (September 26, 2024) — GE Vernova Inc. (NYSE: GEV) announced today that GE Vernova was selected for award negotiations by the U.S. Department Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office (HFTO) to lead a project aiming to enable permitting and safety for hydrogen deployment. The project has the objective to identify the primary challenges to siting, permitting, and installation across the value chain from hydrogen production through end-use. GE Vernova will lead a diverse project team named “H2Net”, including Clemson University, and Roper Mountain Science Center based in Greenville, SC, USA. GE Vernova will enter award negotiations valued in $1 million in US federal funding with the DOE to finalize the terms and the scope of the project.  

As part of this program, H2Net is expected to develop an AI Assistant that is trained specifically on the relevant, critical documents for safe H2 handling and permitting. The AI Assistant, called HySAGE, Hydrogen Smart Assistant for Governance Execution, will be validated against requirements and lessons learned at GE Vernova’s Gas Turbine Manufacturing and Technology Center in Greenville, SC. HySAGE will aim to enable state-of-the-art modeling capability and flexibility for incorporating all necessary codes and standards and environmental scenarios to increase the versatility and accuracy of the tool.

“These investments in clean hydrogen showcase the Administration’s commitment to making clean energy a win-win for all Americans—by contributing to a sustainable zero-carbon future, while boosting economic opportunities across the country,” said U.S. Secretary of Energy Jennifer M. Granholm. “These projects will work hand in hand with historic investments in the Hydrogen Hubs and electrolysis technologies to accelerate progress towards a clean hydrogen economy that will deliver good-paying, high-quality jobs and accelerate a renaissance of American manufacturing.”

“The success of our regional clean hydrogen hubs—and the national clean hydrogen strategy—hinges in large part on advances in technology that will grow clean hydrogen’s economic potential,” noted Dr. Sunita Satyapal, director of the U.S. Department of Energy’s (DOE’s) Hydrogen and Fuel Cell Technologies Office and coordinator of the DOE Hydrogen Program. “At the same time, we need to ensure that siting and permitting are done in the safest, most efficient way possible as hydrogen infrastructure expands across domestic markets. By identifying ways to address siting and permitting challenges, these projects will complement other large-scale investments in clean hydrogen by the Biden-Harris administration and will play a vital role in contributing to our nation’s clean energy future.”

“We are proud to be a part of the DOE’s commitments to reduce CO₂ emissions and accelerate the progress towards a more sustainable economy with less carbon emissions,” said Jeremee Wetherby Carbon Solutions Leader at GE Vernova. “Our project proposes to reap the benefits from artificial intelligence and explore new and innovative ways to handle hydrogen deployment safely, while investing in trainings for the community and our workforce. We are grateful for the collaboration with Clemson University and Roper Mountain Science Center, which will bring their expertise respectively in the development of AI applications and in K-12 science curriculum and exhibit development.

“We are excited to collaborate with GE Vernova on this DOE project,” said Xiaoyong (Brian) Yuan, Assistant Professor, Holcombe Department of Electrical and Computer Engineering at Clemson University. “Leveraging our expertise in AI and large language models, we will work together to develop innovative solutions that overcome technical and operational barriers to the safe deployment of hydrogen technologies.”

“Roper Mountain is thrilled to share the innovative advancements in hydrogen energy with the next generation of our workforce through hands-on exhibits, curriculum, and instruction,” said Michael Weeks, Director of Roper Mountain Science Center. “This investment will help us to build and to educate a more sustainable future.” 

###

Notes to editors

© 2024 GE Vernova and/or its affiliates. All rights reserved.
GE and the GE Monogram are trademarks of General Electric Company used under trademark license. 

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 more than 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 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. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

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.

Disclaimer: "This report was prepared as an account of work sponsored by an agency of the United States Government. Neither the United States Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States Government or any agency thereof."

LONDON (September 26, 2024) — GE Vernova’s Nuclear business, GE Hitachi Nuclear Energy (GEH), has progressed to the next stage of Great British Nuclear’s (GBN) Small Modular Reactor (SMR) competition.

The SMR competition is part of the government’s plan to revive nuclear power and for the UK to lead the global race to develop cutting-edge nuclear technologies. The shortlist has been narrowed to four candidates and in the next phase, successful companies will have the opportunity to bid for government contracts.

GEH’s 10th generation SMR design – the BWRX-300 – builds on decades of real-world operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration. GEH and Ontario Power Generation (OPG) are developing the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed, with construction expected to start in 2025 and commercial operation to commence by the end of 2029. A total of four 300 MW units are planned for the Darlington site.

Andy Champ, GEH UK Country Leader, said: "We have big ambitions for deploying our SMR technology in the UK, so we are proud to advance to the next stage of GBN’s competition. With site works already underway in Canada for our first BWRX-300 – the most advanced SMR project in the G7 – we are in a strong position to lead SMR deployment in the UK by leveraging our expertise in other markets.

Sean Sexstone, Executive Vice President, Advanced Nuclear, GEH said: “As the UK looks to deliver cleaner, cheaper and reliable energy solutions, the BWRX-300 offers a simplified, safer and scalable design that is tried and tested. We are ready to partner with GBN and the UK Government to deliver on our shared nuclear ambitions in the UK, accelerating the energy transition at pace.”

Building on a long and deep history in the UK, GE Vernova has a significant local footprint with four manufacturing facilities and more than 30 percent of the country’s electricity currently powered by its technology.

GEH is committed to developing its robust UK supply chain further for its BWRX-300, having recently signed a series of Memorandum of Understanding (MoUs) with Aecon, AtkinsRéalis, Jacobs and Laing O’Rourke. These agreements build on GEH’s previously announced collaboration with Sheffield Forgemasters to discuss how the Sheffield-based company’s forgings could help contribute to BWRX-300 deployment in the UK. GEH also held a SMR supply chain conference in Sheffield earlier this year, which was attended by over 150 UK businesses.

###

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 planned and potential transactions, contract and project proposals and bidding processes, 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.

Hamburg, Germany (September 25, 2024) - GE Vernova Inc. (NYSE: GEV) announced today that it has been selected by IVPC Group to repower five wind turbines at its Montefalcone wind farm in Italy. Repowering involves replacing older units with new, higher capacity turbines or retrofitting them with more efficient components – in both cases, significantly increasing wind farm production while extending the wind farm life.

As part of this repowering project, GE Vernova will provide five units of its workhorse 6.1 MW–158m* onshore wind turbine. The deal, which was booked in second quarter of 2024, includes a service agreement where IVPC Group will lead the performance of maintenance work with engineering support from GE Vernova. Deliveries are scheduled to begin in early 2025 and the project is expected to be completed by the end of next year.

This project supports GE Vernova’s efforts to support its customers in driving the energy transition in the European Union and marks the first use of GE Vernova’s 6 MW workhorse turbine in Italy, where its two-piece blade technology allows access to complicated sites in the country. The increase in production at the site is expected to help contribute to Italy’s target of 30% renewables in total energy consumption and 55% of renewables in electricity generation by 2030.

Gilan Sabatier, Chief Commercial Officer for GE Vernova’s Onshore Wind business in International Markets, said: “GE Vernova is proud to have been selected by IVPC Group, a company with a strong trajectory for wind energy in Italy. Utilizing our latest and most powerful onshore wind turbine will increase the wind farm’s energy output and deliver even more affordable and sustainable renewable energy to the country.”

Oreste Vigorito, Owner and President of the IVPC Group said: “We are glad to open this new partnership with GEV and we envision a brilliant future together.”

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 customer success for more than two decades, its product portfolio offers proven, next-generation technology that leads with high-power turbines to enable high-quality scale and drive decarbonization through more affordable and sustainable renewable energy generation. The company’s Cypress platform is the most widely deployed onshore wind turbine above 5MW outside China.

* *Note to Editors: GE’s Vernova’s 6.1 MW turbine with a 158 meter rotor is what we refer to as the 6.1 MW-158m.

###

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.

Stafford, UK (September 24, 2024) – GE Vernova Inc. (NYSE: GEV) today announced the expansion of its existing manufacturing facilities in Stafford, UK. The expansion is aimed at supporting the fast-growing demand for High-Voltage Direct Current (HVDC) transmission systems that will help power renewable energy projects throughout Europe, Asia and North America, while also supporting the UK’s energy transition.

The expansion focuses on two key sites of its Electrification Systems’ Grid Solutions business in Stafford:

• Stafford HVDC Facility at Redhill – HVDC and Flexible AC Transmission Systems (FACTS) valves: This facility is anticipated to double its valve manufacturing capacity to support the growing demand for HVDC systems with the installation of an additional Voltage-Sourced Converter (VSC) valve assembly line. The valves, considered the "heart" of an HVDC converter station, enable the optimal transmission of power from offshore wind farms and other renewable energy sources to the grid.
• Stafford Transformer Facility at Lichfield Rd – HVDC converter transformers: This site will undergo significant upgrades to boost capacity and enhance its ability to produce HVDC converter transformers, critical for integrating renewable energy into the grid. Transformers produced at this site have recently been installed in the North Sea to support the 1.4 GW Sofia Offshore Wind Farm.  

"Helping our customers deliver sustainable, affordable, and reliable energy to people worldwide is central to GE Vernova’s mission," said Philippe Piron, CEO of GE Vernova’s Electrification Systems business. "By expanding our Stafford operations, we are strengthening our ability to support the energy transition in the UK and the rest of the world and creating new jobs as a result.”

This expansion marks GE Vernova’s second major round of investment in its Stafford site. In 2018, the company constructed one of the world’s most advanced HVDC valve test facilities and a control system testing facility, which now supports large-scale testing and validation of HVDC systems for projects across Europe and beyond.

As part of this expansion, GE Vernova’s Grid Solutions business expects to have created around 600 new jobs in the UK from 2023 to the end of 2025, including hundreds of engineers and skilled craftsmen to support the assembly and testing of the valves.

GE Vernova’s Grid Solutions business recently signed an agreement to supply HVDC systems for five of TenneT’s offshore wind projects. These projects are part of the Dutch-German Transmission System Operator’s goal to connect 40 GW of offshore wind farms to the high voltage grids in the Netherlands and Germany. The valves and the transformers technology for these projects are planned to be manufactured at the Stafford facilities, further emphasizing the strategic role of these sites in Europe’s energy transition.

GE Vernova operates three manufacturing sites in Stafford. In addition to the HVDC site and the Transformer site, the UK’s only large-scale grid manufacturing facility, it also has a Grid Automation site at Redhill. The ongoing expansion ensures that Stafford continues to be a critical hub for the production of clean energy technologies, supporting both local and overseas energy needs.

GE Vernova has 120 years of experience in the UK, with more than 30% of the UK’s electricity generation through its equipment. Outside of Stafford, GE Vernova runs another major manufacturing facility in Rugby.  

-ENDS-

Notes to Editors: 

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.

Hamburg, Germany (September 24, 2024) - GE Vernova Inc. (NYSE: GEV) announced today it has signed multiple wind agreements in Spain during the second quarter of 2024. These projects, outlined below, will help support Spain's ambitious renewable energy targets and continue to contribute to the Spanish wind industry, where GE Vernova has the second highest installed base across OEMs according to the Spanish Wind Energy Association.

• ERBI
  For the third time, ERBI has selected GE Vernova for two wind farms in Castilla León, where GE Vernova also has a blade manufacturing facility. GE Vernova will supply and commission a total of 16 units of the company’s 6.1 MW-158m* workhorse wind turbines to the Casa Vieja wind farm and the Pedrejones wind farm, with eight turbines going to each project. Deliveries are expected to start at the end of this year.
   
• Enervent
  GE Vernova will repower one wind farm in Catalonia, Spain, which is also home to one of GE Vernova’s engineering centers of excellence. Les Colladetes wind farm will be upgraded with six of GE Vernova’s 6.1 MW-158M wind turbines. In addition, GE Vernova will provide two new turbines of the same size to the wind farm.
   
• Greenvolt
  GE Vernova will supply, install, and commission five units of GE Vernova’s 6.1 MW-158m for the Barranco del Agua windfarm located in Andalucia, Spain. This marks GE Vernova’s first order with the company.

Gilan Sabatier, Chief Commercial Officer for GE Vernova’s Onshore Wind business in International Markets, said: "We are honored to be entrusted with helping to bring more wind power online in Spain, supporting our customers’ efforts to drive the acceleration of the energy transition. These projects will take advantage of GE Vernova's strong presence in the country where the Company already has more than 4.3 GW in operation, an engineering center of excellence in Barcelona, and two wind turbine blade production factories.”

These agreements reinforce how we can use our workhorse product strategy to provide our customers with proven technology that enables them to build high-quality, high-performance fleets at scale to meet the demands of the energy transition."

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 customer success for more than two decades, its product portfolio offers proven, next-generation technology that leads with high-power turbines to enable high-quality scale and drive decarbonization through more affordable and sustainable renewable energy generation. The company’s Cypress platform is the most widely deployed onshore wind turbine above 5MW outside China.

*Note to Editors: GE’s Vernova’s 6.1 MW turbine with a 158 meter rotor is what we refer to as the 6.1 MW-158m.

###

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.

CAMBRIDGE, Mass. (September 18, 2024) – GE Vernova Inc. (NYSE: GEV) today released its first-ever sustainability report as a stand-alone company, detailing how it is making progress on its mission to electrify and decarbonize the world. The report explains GE Vernova’s innovative approach to sustainability and outlines ambitious goals built around a four-pillar framework – Electrify, Decarbonize, Conserve, and Thrive. The report also offers an overview of GE Vernova’s broad portfolio of energy solutions across Power, Wind, and Electrification segments, as well as its Accelerator businesses.

“GE Vernova’s purpose and mission to electrify and decarbonize the world has never been clearer or more urgent,” said Scott Strazik, CEO of GE Vernova. “Sustainability is at our core as a company and as a team. We see incredible opportunities for our sustainability framework to create economic value, growth, and performance while at the same time serving the world.”

Some key highlights from the four-pillar sustainability framework include:

• Electrify:
  • As a company whose technology base helps generate approximately 25 percent of the world’s electricity, the company brought online an additional 29 GW of generating capacity in 2023, roughly equivalent to the total installed generating capacity of Massachusetts, Connecticut and Rhode Island combined, with 42% in emerging economies.
  • Energized 64 GW of new power transformers, enabling new transmission capacity roughly equivalent to the installed generating capacity of Thailand.
• Decarbonize:
  • Introduced for the first time, metrics to demonstrate near term progress on improving the trajectory of carbon intensity. These metrics include avoiding approximately 20 million metric tons of CO₂ emissions in first full year of operation from generating capacity brought online last year by using lower-carbon technology[i]. This is roughly equivalent to taking 4.8 million gasoline-powered passenger vehicles off the road for one year.
  • Updated the company’s progress toward its 2050 net zero ambition and its efforts on four breakthrough technologies - hydrogen, carbon capture, direct air capture, and small modular reactors - aiming to be brought into service by the early 2030s. The report also highlights GE Vernova’s more than 150 current Research and Development projects, with over 420 technology collaborators and 84 programs either funded by or in collaboration with the U.S. Department of Energy.
• Conserve:
  • Reduced Scope 1 and 2 (market-based) emissions by 39% through its own operations achieved by implementing energy efficiency projects at the site level and renewable energy purchases.
  • Introduced circularity approach, centered around our 4R circularity framework (rethink, reduce, reuse, and recycle), which accounts for the full product life-cycle phases of our products, with a goal to have 90% of its top products covered under Framework by 2030.
• Thrive:
  • Conducted more than 600 total global audits, approving approximately 580 suppliers following its Supplier Responsibility Governance (SRG) program, which assesses a potential supplier’s practices regarding ethics, compliance, sustainability, human rights, and EHS issues.
  • Donated over 20,000 GE Vernova employee volunteer hours, with more than 1,300 global non/profits supported. In addition, the Next Engineers program successfully facilitated over 7,500 student engagements across cities across the world including, South Carolina, U.S.; Johannesburg, South Africa; and Staffordshire, UK.

The new report expands on the company’s sustainability efforts and its approach to sustainability operations through a new management system called “Control Room.” Modeled after the complex nerve centers that manage the world’s most complex machine, electrical grids, this sustainability management system builds on a rigorous corporate DNA of lean, governance, impact assessments, and sustainability education, all targeting goals aligned to the United Nations Sustainable Development Goals (UN SDGs).

“We recognized that we needed to build a new, modern sustainability program for a new, modern sustainability company.” said Roger Martella, GE Vernova’s Chief Sustainability Officer and head of Global Policy. “Our new Control Room encompasses our comprehensive approach to sustainability, including our Sustainability Framework, guiding principles, stakeholder engagement, and employs Lean to accelerate and sustain higher levels of performance through continuous improvement.”

Along with the company’s approach to sustainability, the new report offers a comprehensive overview of GE Vernova, its three business segments and accelerators:

GE Vernova

• ~25% of the world's electricity is generated with the help of GE Vernova's technology base (as of June 2024)
• ~75,000 global employees in 100+ countries
• 2,324 GW global installed base across our Power and Wind segments in 2023
• ~$1 billion invested each year in R&D, focused on decarbonization and electrification
• $33 billion 2023 revenue

Power

Businesses: Gas Power, Hydro Power, Steam Power, Nuclear

• ~7,000 gas turbines installed – the world’s largest fleet
• Over 2.5 million total operating hours by our HA gas turbine technology (as of July 2024)
• First commercial contract for a small nuclear modular reactor in North America signed in 2023
• ~$17 billion 2023 revenue

Wind

Businesses: Onshore Wind, Offshore Wind, LM Wind Power

• ~55,000 wind turbines installed in 50+ countries
• 117+ GW global installed generating capacity
• #1 U.S. onshore wind turbine installs for the fifth year in a row[ii]
• ~$10 billion 2023 revenue

Electrification

Businesses: Grid Solutions, Electrification Software, Power Conversion, Solar & Storage Solutions

• 90% of global power transmission utilities have been equipped with GE Vernova technologies
• 30% of the world’s utilities are served by our software
• 40,000 m³ (on average) of methane emissions avoided per year from our advanced centrifugal compressor technology
• ~$6 billion 2023 revenue

Accelerators

Businesses: Advanced Research, Consulting Services, Financial Services

• 420+ technology partners
• 8.5 million operating hours from our hydrogen fueled gas turbines through 2023
• $4 billion+ orders for GE Vernova technologies enabled by Financial Services in 2023

For more information, please visit gevernova.com/sustainability and read the full Sustainability Report.

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About GE Vernova
GE Vernova 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.

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’s website and LinkedIn.

CAMBRIDGE, Mass. (September 16, 2024)– GE Vernova Inc. (NYSE: GEV) has been chosen by Quinbrook Infrastructure Partners (Quinbrook) as the Battery Energy Storage System (BESS) integration provider for the second stage, comprising 250 MW/1,000 MWh of storage, of their Supernode BESS project in Queensland, Australia.

Quinbrook’s Supernode project, involves the creation of a BESS and data center complex in Queensland. Once complete, the 750 MW (2–4 Hour) BESS site is expected to be one of the largest battery storage installations in the Australian national electricity market. Construction of this 250 MW/1,000MWh battery storage system is the second stage of a proposed three-stage project. In early 2024, GE Vernova was also awarded the contract for BESS integration for Stage 1 of the project comprising 250 MW/500 MWh, which is already underway.

“We believe GE Vernova’s product portfolio, engineering expertise, and project delivery capabilities align perfectly with the needs of the Supernode project,” said Ed Torres, Business Leader of GE Vernova’s Solar & Storage Solutions business. “This project is a testament to the strength of our value proposition and capabilities in this space. We expect to continue to be a valued and trusted collaborator for large grid-scale integrated BESS projects in the region and around the world. We thank Quinbrook for their continued trust in GE Vernova as a technology partner for the Supernode project.’

GE Vernova is responsible for the supply and commissioning of the power conditioning systems, power plant controller SCADA systems, and capacitor bank\harmonic filter as well as integration engineering and GPS connection support.

Quinbrook is a specialist investment manager focused on the energy transition through renewables, energy storage, and grid infrastructure. Quinbrook has projects in the U.S., UK, and Australia.

-ENDS-

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 Quinbrook'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.

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 Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls to drive dispatchable and reliable renewable energy solutions and to help with the transition to a cleaner energy future.

Media Contact

Anshul Madaan

GE Vernova

Media Relations

Anshul.madaan@ge.com

+91 8377880468

LONDON, UK (September 16, 2024) – GE Vernova’s (NYSE: GEV) Financial Services business and Lizard Renewables S.p.A. (“Lizard”), a prominent renewable energy company in Italy, today announced the establishment of Alva Power, a strategic 50-50 Joint Venture (“JV”), to support Italy in its electrification and decarbonisation goals by funding renewable energy project development.

As the demand for energy increases, Italy is looking to decarbonise its energy ecosystem through continued investment and capacity buildout to meet its targets of 30% renewables in total energy consumption, and 55% of renewables in electricity generation by 2030.[1]

Alva Power’s initial goal is to progress development of over one gigawatt (GW) of project capacity to a ready-to-build stage across wind, battery energy storage systems (“BESS”) and photovoltaic (“PV”) solar, which Lizard has already selected and prepared for this venture.

In the near-term, the JV will focus on co-development of renewable energy projects including onshore wind in Italy, with GE Vernova having a priority right to supply equipment and services to the projects. The JV will also explore further project development opportunities outside of the country in the medium to long-term future.

Alva Power is expected to benefit from GE Vernova’s global financial and technology expertise and from Lizard’s extensive network of strategic regional collaborations with leading companies, to support new renewable energy project initiatives.

Guilherme Carvalho, European Renewables Leader at GE Vernova’s Financial Services business, said: “We will collaborate with Lizard to harness our collective energy portfolio across our Wind and Electrification segments to support development of renewable energy projects to a shovel-ready stage in Italy. We have vast experience in providing technology solutions supported by co-development and financing solutions throughout a renewable energy project lifecycle. We look forward to supporting Italy in its electrification and decarbonisation goals through our energy finance and technology expertise.”

Marco Salvato, General Manager of Lizard Renewables, commented: “Being able to announce a joint venture with GE Vernova is a source of great pride for us and a concrete testimony to the attractiveness of our offering and what we have built over the years. Alva Power will enter an already solid market with strong growth prospects, benefiting from the synergies between the two companies and the tailwinds of national and European energy policies. Our goal is to further strengthen European renewables growth trajectory with a specific focus in Italy.”

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Notes to Editors
The joint venture agreement was supported by lawyers Gianni & Origoni for Lizard and Legance Avvocati Associati for GE Vernova’s Financial Services business and signed in front of Mario Greco notary in Milan.

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 GE Vernova’s 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 accelerators. 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 Financial Services business provides customers with a suite of financing solutions for projects that aim to accelerate a new era of energy. It has deployed sizeable capital into energy projects globally through development financing, direct equity investments, and capital raising from private and public financial institutions.

GE Vernova’s Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls, helping the transition to a cleaner energy future with dispatchable and reliable renewable energy solutions.

GE Vernova’s Onshore Wind business is a world leader in onshore wind technology. With an installed base of approximately 56,000 turbines around the world, it offers a high-tech product portfolio of turbines for a broad range of site conditions.

CAMBRIDGE, Mass. (September 12, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer, Scott Strazik, will present today at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California at 8:10 AM PDT.  Strazik will discuss the company’s strategic progress and the robust demand for power generation, services, and grid equipment.

As part of today’s event, GE Vernova reaffirms its full year 2024 financial guidance, with revenue trending towards the higher end of $34-$35 billion, adjusted EBITDA margin* of 5%-7%, and free cash flow* of $1.3-$1.7 billion. The company expects incremental strength in its Power and Electrification segments, with both trending towards the higher end of EBITDA margin guidance, to offset additional costs in its Wind segment, due to the recent Offshore Wind blade events.

For third quarter 2024, GE Vernova still expects solid year-over-year organic revenue* growth with adjusted EBITDA* now relatively flat versus prior year, as a result of the additional Offshore Wind costs. The Wind segment is now expected to generate an approximately $300 million EBITDA loss in the third quarter 2024 given these costs, despite Onshore Wind delivering a fifth straight quarter of profitability. The company expects the Wind segment to be modestly profitable in the fourth quarter.

Additional updates Strazik will share include how Power is expanding capacity to enable delivery of 70 to 80 heavy duty gas turbine units annually starting in 2026, compared to the recent average of approximately 55 shipments annually. Given the strong demand for grid equipment, GE Vernova expects the Electrification equipment backlog¹ to more than triple by year end 2024, compared to the $6.4 billion backlog at year end 2022.

Finally, GE Vernova will host an investor event on Tuesday, December 10, 2024, in New York City, to provide an update on the company’s financial outlook and capital allocation strategy.

###

Additional information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the company posts information from time to time.

[1] Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure 

Non-GAAP Financial Measures
In this press release, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings press releases and presentations and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as applicable.

2024 Guidance: Adjusted EBITDA margin* & Free Cash Flow*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for each of adjusted EBITDA margin* and free cash flow in our 2024 guidance without unreasonable effort due to, with respect to adjusted EBITDA margin, the uncertainty of foreign exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization, and with respect to free cash flow, the uncertainty of timing for capital expenditures.

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 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 GE Vernova’s expected financial and operating performance, financial condition and guidance, demand for its products and services, its capacity and ability to produce and deliver its products, including gas turbines, direct and indirect financial, operational and reputational impact of recent Offshore Wind blade events, the nature, size and progress with respect to its backlog and capital allocation plans, including the timing and amount of dividends, share repurchases, acquisitions, organic investments and other priorities. Any forward-looking statement in this press release speaks only as of the date on which it is made. Although GE Vernova believes that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect GE Vernova’s actual results and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to factors that are beyond GE Vernova’s control, such as the impacts of macroeconomic and market conditions, the global supply chain and laws and government regulations. For details on the uncertainties that may cause GE Vernova’s actual future results to be materially different than those expressed in its forward-looking statements, please see GE Vernova’s Information Statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission (SEC) on March 8, 2024, its Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2024, filed with the SEC, as well as its other filings with the SEC.

About GE Vernova
GE Vernova 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.

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’s website and LinkedIn.