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

Built a strong foundation in 2024 with solid growth, significant margin expansion and cash generation

CAMBRIDGE, Mass., (January 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2024.

“GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins,” said GE Vernova CEO Scott Strazik. “Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

In 2024, GE Vernova orders of $44.1 billion increased +7% organically, with robust equipment growth in Power and Electrification and double-digit services growth in each segment. Revenue of $34.9 billion was up +5%, +7% organically*, driven by higher services and equipment volume, with positive price in all segments. Margins expanded significantly from higher volume, price, and productivity, more than offsetting inflation. Cash flow improved by over $1 billion year-over-year, primarily from adjusted EBITDA* growth.

Power

• Total year orders of $21.8 billion increased +28% organically, from strong demand for Gas Power equipment and double-digit services growth. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA margin grew +260 basis points, +180 basis points organically*.
• Secured a major contract for the Net Zero Teesside Power project in the United Kingdom in the fourth quarter, which is expected to be the world’s first gas-fired power station with carbon capture and storage.

Wind

• Total year orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion were down (1)% on a U.S. GAAP basis and organically*, driven primarily by Offshore Wind. Segment EBITDA losses improved by $0.4 billion.
• Secured more than 1 gigawatt of U.S. Onshore Wind repowering orders in 2024, an increase of 76% from 2023.

Electrification

• Total year orders of $15.7 billion increased +19% organically, driven by growing demand for grid equipment and services. Revenues of $7.5 billion increased +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA margin grew +530 basis points, +520 basis points organically*.
• Expanded its rapidly growing backlog, which included two HVDC orders in Germany and Korea in the fourth quarter.

Company Updates:

In the fourth quarter of 2024, GE Vernova:

• Achieved fatality-free operations, which remains a top priority.
• Declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of December 20, 2024.
• Approved an initial $6 billion share repurchase authorization, with 8,000 shares repurchased in late December 2024 for approximately $3 million.
• Monetized an incremental 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in China XD Electric Co Ltd., both part of the Electrification segment, resulting in approximately $0.6 billion of pre-tax proceeds.
• Invested $0.3 billion in capital expenditures including initiatives to expand capacity in Power and Electrification.
• Funded $0.3 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.

"We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded margins in each segment,” said GE Vernova CFO Ken Parks. “We closed the year with over $8 billion in cash, driven by positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our 2025 financial guidance.”

Guidance:

GE Vernova is reaffirming its 2025 financial guidance of revenue of $36-$37 billion, high-single digits adjusted EBITDA margin*, free cash flow* of $2.0-$2.5 billion, and segment guidance of:

• Power: Mid-single digit organic revenue* growth and 13%-14% segment EBITDA margin.
• Wind: Organic revenue* down mid-single digits and $200-$400 million of segment EBITDA losses.
• Electrification: Mid-to-high-teens organic revenue* growth and 11%-13% segment EBITDA margin.

Total Company Results

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the Company participated in various GE stock-based compensation plans. For periods prior to the Spin-Off, there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results. Downloadable historical segment expense financial information can be accessed here.

Power

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $6.6 billion increased +24% organically, led by Gas Power equipment with 24 heavy-duty units, and Hydro. Services orders decreased (6)% organically due, to strong prior year comparisons driven by the timing of transactional orders. Revenues of $5.4 billion decreased (3)%, increased +2% organically*, with Power services growth and higher HA deliveries more than offsetting lower aeroderivative shipments. Segment EBITDA was $0.8 billion and segment EBITDA margin was 14.9%, up +60 basis points, +30 basis points organically*, led by Gas Power with services volume, productivity, and price more than offsetting inflation.

Full Year 2024 Performance:
Orders of $21.8 billion increased +28% organically, led by robust demand for Gas Power equipment, and Power services growth of +10% organically. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA was $2.3 billion and segment EBITDA margin was 12.5%, up +260 basis points, +180 basis points organically*, driven by services strength, more profitable equipment volume, and continued productivity more than offsetting inflation.

Wind

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $2.0 billion decreased (41)% organically, primarily driven by a large U.S. Onshore Wind order in the fourth quarter of 2023. Revenues of $3.1 billion increased +20%, +21% organically*, driven by higher Onshore Wind equipment deliveries and price, partially offset by Offshore Wind. Segment EBITDA was modestly profitable and segment EBITDA margin was 0.6%, up +1,180 basis points, +1,100 basis points organically*, driven by Onshore Wind delivering its most profitable quarter in three years and decreased losses at Offshore Wind.

Full Year 2024 Performance:
Orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion decreased (1)% on a U.S. GAAP basis and organically*, primarily due to Offshore Wind. Segment EBITDA was $(0.6) billion and segment EBITDA margin was (6.1)%, up +440 basis points, +380 basis points organically*, primarily due to improvement at Onshore Wind.

Electrification

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $4.8 billion increased +122% organically, driven by higher demand for grid equipment and services. Revenues of $2.2 billion grew +11%, +12% organically*, driven by higher volume and price at Grid Solutions. Segment EBITDA was $0.3 billion and segment EBITDA margin was 13.0%, up +440 basis points, +500 basis points organically*, due to higher volume, price, and productivity.

Full Year 2024 Performance:
Orders of $15.7 billion increased +19% organically, driven by higher demand for grid equipment and Electrification services. Revenues of $7.5 billion grew +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA was $0.7 billion and segment EBITDA margin was 9.0%, up +530 basis points, +520 basis points organically*, due to higher volume, price, and productivity.

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions.

We believe the organic measures presented below provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

(a) Includes intersegment sales of $166 million and $103 million for the three months ended December 31, 2024 and 2023, respectively.

(a) Includes intersegment sales of $483 million and $414 million for the years ended December 31, 2024 and 2023, respectively.

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust.

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities.

2025 GUIDANCE: FREE CASH FLOW (NON-GAAP) 
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties.  These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the benefits we expect from our Lean operating model; our expectations regarding the energy transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer orders and projects; our actual and planned investments; our expected cash generation; our capital allocation framework, including share repurchases and dividends; operational safety; and our restructuring programs and strategies to reduce operational costs.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

• Our ability to successfully execute our Lean operating model;
• Our ability to innovate and successfully identity and meet customer demands and needs;
• Our ability to successfully compete;
• Market changes resulting in reduced demand for electricity and less carbon-intensive energy;
• Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business;
• Significant disruptions to our manufacturing and production facilities and distribution networks;
• Changes in government policies and priorities that impact funding and demand for energy;
• Geopolitical risks, including conflicts, trade policies, and other constraints on economic activity;
• Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services, the time required to address them, costs associated with related project delays, repairs or replacements, and the impact of any contractual claims for damages or other legal claims asserted in connection therewith, some of which may be for significant amounts, on our financial results, competitive position or reputation;
• Our ability to obtain required permits, licenses, and registrations and successfully execute our projects;
• Our ability to attract and retain highly qualified personnel;
• Our ability to develop, deploy, and protect our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Our ability to successfully identify, complete and integrate any acquisitions, obtain benefits we expect from our joint ventures and other investments, and redeploy proceeds we may receive from any dispositions;   
• The price, availability and trading volumes of our common stock, which will affect the timing and size of any share repurchases;
• Downgrades of our credit ratings or ratings outlooks;
• The amount and timing of our cash flows and earnings;
• Our ability to meet our sustainability goals and related market expectations and governmental requirements;
• The impact from cybersecurity or data security breaches;
• Legal and regulatory requirements that may restrict our business and projects or impose additional costs;   
• Natural disasters, weather conditions and events like hurricanes, floods, droughts, wildfires, and sea level rise, public health events or other emergencies;
• Tax law and policy changes;
• Adverse rulings and awards in legal and administrative proceedings; and
• Other changes in macroeconomic and market conditions and market volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections included in our information statement dated March 8, 2024, as may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Additional Information
GE Vernova’s website at 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.

Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

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 approximately 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.

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.

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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.

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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 (January 16, 2025) - GE Vernova Inc.’s (NYSE: GEV) Advanced Research has completed the independent verification and validation milestone of the Department of Defense, Defense Advanced Research Projects Agency (DARPA) AIR2WATER project, demonstrating the successful completion of the Atmospheric Water Extraction (AWE) program awarded to GE Vernova.

Today, soldiers in arid regions get water through bottled water, which is often transported by caravan. This causes significant logistical hurdles. To address water scarcity and the cost and logistics burden of water supply, DARPA created the Atmospheric Water Extraction (AWE) program, of which GE Vernova Advanced Research was a performer.

The 4-year project delivered a transformation in atmospheric water extraction by developing an “Advanced-manufactured, Integrated Reservoir To extract Water using Adsorbents and Thermally Enhanced Recovery (AIR2WATER)” technology. The AIR2WATER project has now concluded, following the successful independent verification and validation (IV&V) of GE Vernova’s standalone, sorbent integrated AIR2WATER system.

“The DARPA AWE-funded AIR2WATER project has been a catalyst to accelerate GE Vernova’s development of solid sorbent technologies,” says David Moore, Carbon Capture Technology Leader with GE Vernova’s Advanced Research Center. “Our technical differentiation is derived from the exquisite coupling of sorbent plus process in a modular, scalable system that produces potable water. Not only is the integrated sorbent the beating heart of the AIR2WATER system for atmospheric water harvesting, but it is also the enabling technology for several adjacent applications, including HVAC and carbon capture (direct air capture and point source capture of CO₂).”

Working closely with collaborators, including the University of California, Berkeley (UCB), the University of Chicago, and the University of South Alabama, GE Vernova’s Advanced Research Center successfully designed, constructed, and tested the AIR2WATER system. The AIR2WATER prototype utilizes advanced solid sorbents, which are crystalline sponges with affinity for water, including pioneering metal-organic frameworks (MOFs) developed by Prof. Omar Yaghi at UCB and computationally investigated by Prof. Laura Gagliardi, professor at the UChicago Pritzker School of Molecular Engineering and Chemistry Department. To move these innovations in chemistry towards system scale application, detailed measurements describing the speed of water capture in these materials were completed by Prof. T. Grant Glover at the University of South Alabama. The revolutionary MOF sorbent is integrated into a heat exchanger, which is contained in a device the size of a refrigerator. Together, they capture water vapor from thin air. The system is powered by a fuel source to capture and release the water vapor, ultimately precipitating distilled, potable liquid water.

The IV&V team tested the AIR2WATER prototype device and resultant water quality across a wide range of relevant environmental conditions, including outdoor and exhaust exposure conditions, at the Aberdeen Proving Ground in Aberdeen, Maryland. The AIR2WATER tabletop unit produces distilled water 24-hours a day, 7-days a week. Through AirJoule® LLC, a 50/50 joint venture between GE Vernova and AirJoule Technologies Corporation (Nasdaq: AIRJ), this technology is being commercialized at scale across a wide breadth of applications including atmospheric water harvesting for military and humanitarian uses, along with industrial dehumidification and commercial air conditioning. AirJoule LLC’s commercial deployment of the technology underpinning the AIR2WATER unit has the potential to address water scarcity around the world.

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Acknowledgement and Disclaimer
This material is based upon work supported by the Defense Advanced Research Projects Agency (DARPA) under Contract No. HR0011-21-C-0020. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the DARPA.

Greenville, SC (January 15, 2025) – GE Vernova Inc. (NYSE: GEV) announced today the completion of the validation test campaign for its advanced Dry Low NOx (DLN) hydrogen combustion technology for B- and E-class gas turbines. The test campaign conducted at GE Vernova’s Global Technology Center in Greenville, South Carolina, demonstrated successful operation on natural gas and hydrogen blends and on 100% hydrogen with dry emissions below 25ppm NOx. GE Vernova currently plans to make the new DLN system available for new and existing B- and E- gas turbines as early as 2026.

GE Vernova is a world leader in gas turbine fuel flexibility, including over 120 gas turbines that have the capacity to operate or are currently operating on fuels that contain hydrogen, producing more than 530 Terawatt-hours of electricity over 8.5 million hours. This technology milestone announcement underscores GE Vernova’s continuous commitment to reduce the carbon emissions of its gas turbine generation fleet.

“We are proud to celebrate this technological advancement aiming to enable the decarbonization of our B- and E-Class fleet across the world,” said Jeremee Wetherby, Carbon Solutions leader, GE Vernova. “Developing a DLN combustion system able to burn 100% hydrogen safely and reliably is an engineering challenge. One of the ways hydrogen fuel differs from natural gas is that it burns much faster. Its flame speed is roughly eight times higher and presents risk of flashback. Through the test campaign, the GE Vernova team demonstrated very robust operation for the new DLN technology, without flash- back across a range of loads and fuel from pure natural gas to 100% hydrogen.”

Combustion dynamics or noise can be a challenge as well with hydrogen operation. The prototype performed very well in that category with relatively low levels even when operating on pure hydrogen. Test results also indicate that the technology can deliver higher availability and longer maintenance intervals comparable to current DLN combustors operating on natural gas. This is of particular importance for industrial customers who depend on gas turbines to power their operations reliably.

A new micromixer-based fuel air pre-mixer is foundational to the prototype combustor capability. GE Vernova’s research on micromixer technology started in 2005 as part of collaboration with the US Department of Energy. Micromixer-based fuel premixers have been part of the product portfolio for over 7 years notably on GE Vernova’s H Class gas turbine fleet. Recent research conducted at GE Vernova’s Advanced Research Center in NY and at the Global Technology Center in Greenville, SC focused on improving micromixer and axial fuel staging for hydrogen capability. This research culminated with the construction of a full size 6B DLN combustor prototype and testing in full scale conditions (pressure, flow, temperature) in the combustion test facility in Greenville, SC.

GE Vernova’s industrial gas turbines (B- and E-Class) are highly robust fleets, with an installed base of approximately 2800 units around the world powering industrial processes and operations around the clock. Hydrogen combustor options already exist today with ratings up to 100% hydrogen, however existing combustors use a diluent like water to manage emissions. The new H₂ DLN combustor technology is expected to present several benefits versus the existing systems:

• Eliminated use of water or other diluent
• Increased efficiency: 4 to 7% improvement in combined cycle heat rate
• Improved availability and longer maintenance intervals
• Reduced NOx emissions

“Through successful tests GE Vernova validated this new 100% hydrogen capable combustion technology, aiming to provide our B- and E-class industrial gas turbines owners with the maximum flexible operability range on natural gas, hydrogen or blends of both without the use of diluent like water for emissions abatement,” concluded Jeremee Wetherby.

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Notes to editors 
Decarbonization as used in this article is intended to mean the reduction of carbon emissions on a kilogram per megawatt hour basis.

TOKYO (January 9, 2025) - GE Vernova’s Onshore Wind business announced today that it has signed an order to provide 14 4.2MW-117m* turbines for the Iwaya and Shitsukari wind farms being developed by Eurus near Higashidori, Aomori Japan. The order was secured in the fourth quarter of 2024 and the projects are expected to reach commercial operations in 2028.

The projects will enable both companies to support Japan’s goal of increasing the share of the national electricity mix from renewable energy from 36% to 38% by 2030, as outlined by the Ministry of Economy, Trade and Industry’s 6th National Electricity Mix. The announcement represents the fourth time that GE Vernova has announced an order or milestone in Japan since the beginning of 2024, and will bring the total amount of energy being supplied in the country by GE Vernova wind turbines to 1.8 GW.

Gilan Sabatier, Chief Commercial Officer, GE Vernova’s Onshore Wind business said, “We appreciate the trust that Eurus has shown in our GE Vernova technology. We are pleased to be able to support them on this project and look forward to continuing to enhance our relationship with them as they work to bring online more renewable energy both in Japan and globally.”

Masaru Akiyoshi, Executive Vice President, Eurus Energy Holdings said, “We are excited to deliver another operating renewable energy project in Japan. We are grateful for the people of Higashidori Village, Aomori, the administrative agencies, all partners and stakeholders who support this project. We look forward to working with GE Vernova to build this new wind farm in Aomori to provide renewable energy, building on our existing collaboration”.

GE Vernova's Onshore wind business has a total installed base of more than 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 next-generation high-powered turbines at scale that drives decarbonization through high-quality, affordable, and sustainable renewable energy.

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*Note to Editors: GE Vernova’s 4.2 MW turbine with a 117-meter rotor is what we refer to as the 4.2 MW-117m.

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.

Shenzhen, Guangdong Province, China (January 9, 2025) - GE Vernova Inc. (NYSE:GEV) and Harbin Electric today announced that Chinese state-owned power utility Shenzhen Energy Group Corporation Co., Ltd.‘s Guangming power plant has achieved the start of operation in Shenzhen Guangming, a district of Guangdong province in China. Powered by three GE Vernova 9HA.01 gas turbines, Guangming plant is expected to deliver up to 2 gigawatts (GW) of electricity to the most populous province in the country, with a population of approximately 127 million.

China aims to achieve a carbon emissions peak by 2030 and achieve carbon neutrality by 2060. Driven by these goals, the country is committed to reduce coal’s share of its energy mix and expedite the building of highly efficient gas-powered combined cycle plants, like Guangming power plant. This project is also aligned to local government policy reform in the Greater Bay Area focused on the coal-to-gas energy transition.

GE Vernova has collaborated with Shenzhen Energy Group for two decades, and both are committed to addressing the growing electricity needs while building a lower-carbon, more efficient and safer energy system in Guangdong. GE Vernova H-Class gas turbines not only have the ability to generate significant electrical output in a flexible and efficient way, but also help to ensure reliability of supply. This is crucial for the population of Guangdong province.

“Natural gas-fired generators have the lowest CO2 emissions of all fossil power generation fuels—and are ideal for countries like China where the need to transition from coal at scale while retaining reliability of supply is paramount,” said Xu Xin, President of GE Vernova Gas Power China Services. “We are excited to work together with Harbin Electric and bring our advanced HA technology, which offers among the lowest carbon emissions per amount of fossil fuel in the industry, to give power plant operators, like Shenzen Energy Group, the ability to use fossil fuels more efficiently and lower carbon emissions compared to older coal power plants.”

To further advance on the path towards decarbonization utilizing gas power, GE Vernova 9HA.01 gas turbine has the capability to burn up to 50% by volume of hydrogen when blended with natural gas—offering a pathway for even lower carbon emitting operations.

For this project, Harbin Electric provided steam turbines and generators, and the gas turbines were provided by the Joint Venture called General Harbin Electric Gas Turbine (Qinhuangdao) Co., Ltd (“Joint Venture”), which was formed in 2019 between GE Vernova and Harbin Electric as a joint effort to focus on heavy duty gas turbine localization, aiming to deliver more efficient and reliable support for China natural gas power plants.

Operating in China for over 40 years, GE Vernova has been delivering innovative products and services that create significant value for its gas power generation customers, helping power plant operators to tackle the energy transition challenge. GE Vernova Gas Power serves more than 110 customers and more than 240 gas turbines in China, with an installed power capacity of 50 gigawatts (GW). To date, GE Vernova has secured six HA projects with 13 9HA gas turbines in China, delivering a total capacity of nearly 10 GW.

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Notes to editors
* decarbonization as used in this article is intended to mean the reduction of carbon emissions on a kilogram per megawatt hour basis.

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.

GE Vernova and Harbin Electric
GE Vernova’s Gas Power has continuously deepened its cooperation with its local partner, establishing a strategic partnership with Harbin Electric. The two companies established Qinhuangdao Energy Service Center in 2004, focusing on the maintenance and services of heavy-duty gas turbines hot gas path components. From 2017, GE Vernova entered this strategic partnership to build a gas turbine manufacturing joint venture in Qinhuangdao. GE Vernova has long operated with a commitment to a comprehensive localization structure that effectively increases its responsiveness to customer needs and reduces the cost of new units and services.

CAMBRIDGE, Mass. (January 8, 2025) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its fourth quarter and full year 2024 financial results on Wednesday, January 22, 2025, before market open. GE Vernova CEO Scott Strazik and GE Vernova CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at https://www.gevernova.com/investors/events/ge-vernova-4th-quarter-2024-earnings-webcast.

The earnings press release and supplementary financial information, including reconciliations of non-GAAP financial measures, will also be posted at the same link on the GE Vernova Investor Relations website. A replay of the call will be made available as a direct download on GE Vernova’s website at https://www.gevernova.com/investors/events.

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.

SINGAPORE (January 6, 2025) - GE Vernova Inc. (NYSE: GEV), with support from the Singapore Economic Development Board (EDB), today announced plans to invest USD$20 million to introduce development of next-generation repair capabilities and technologies for GE Vernova’s High Efficiency, Air-Cooled (HA) gas turbines at its Advanced Manufacturing Repair Technology (AMRT) Center located at the Global Repair Service Center in Singapore. This investment follows GE Vernova’s 2019 announcement to invest up to USD$60 million over 10 years to make the Global Repair Service Center in Singapore a world leader in power generation technology development, implementation and repairs. This commitment is designed to strengthen current HA repair capacity in the region through the introduction and development of repair capabilities and innovative robotic technologies leveraging AI, the implementation of lean methodologies and the hiring of over 100 technical roles in the next five years.

The announcement was unveiled during a signing ceremony for an agreement between GE Repair Solutions Singapore Pte. Ltd. a wholly owned subsidiary of GE Vernova, with EDB and GE Vernova’s leadership attending, including Scott Strazik, GE Vernova’s CEO, and Png Cheong Boon, EDB Chairman, and Cindy Koh, EDB Executive Vice President.

Gas is going to play an incredibly important role this decade and our gas turbine installed base is growing rapidly in Asia. A dollar invested in gas isn't a dollar invested in carbon forever as GE Vernova’s gas power technology is engineered to support the path towards decarbonization adopting pre- or post-combustions solutions.

“With today’s commitment and EDB’s support, our Global Repair Service Center in Singapore is set to become a beacon of innovation in repair capabilities by introducing new and groundbreaking technologies to meet our customer’s needs. We believe that the Singapore-GE Vernova collaboration will lead to another important building block of success for the long-term future of Singapore and the region with more innovative gas turbine repair technology,” said Ramesh Singaram, President and CEO, Asia at GE Vernova’s Gas Power. “Owners of HA gas turbines in the region will benefit from improvements to lead time and delivery of repair components in support of their outage needs. As Asia’s population and power demands continue to grow, GE Vernova intends to expand our capabilities to better support HA repair capabilities in the region with this facility.”

Currently over one-third of GE Vernova’s HA gas turbines are located in or are on order for the region. Asia’s projected continued growth trajectory also means the percentage of HA turbines in the region is expected to grow.

GE Vernova’s H-Class Combined Cycle power plant is engineered to support the path towards decarbonization of gas power. It is the most responsive and flexible in the industry enabling grid operators to dispatch power quickly and a great complement to intermittent renewables sources. Currently, the HA gas turbines have the capability to burn up to 50% by volume of hydrogen when blended with natural gas, with a technology roadmap to achieve 100% hydrogen in this platform in the next decade.

“We welcome GE Vernova’s investment to introduce repair capabilities for new generations of gas turbines and technologies in advanced robotics at its Singapore facility, which is one of its top-performing repair centers globally,” said Cindy Koh, Executive Vice President, EDB. “This reflects the capabilities of our advanced manufacturing ecosystem in supporting companies in new product introduction and manufacturing process development. Singapore continues to invest in innovation so we can be a strong partner for companies in advanced manufacturing.”

The facility is now one of GE Vernova’s largest gas turbine repair facilities globally with special capability for HA gas turbines. GE Vernova’s world-class manufacturing and services facility in Greenville will continue to represent the company’s largest gas turbine manufacturing plant and the HA Repairs Center of Excellence for the Americas Region, with the most powerful off-grid gas turbine validation facility in the world.

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Signing ceremony picture (left to right):
EDB Officials: Stanley Toh, Senior Associate, Mobility & Industrial Solutions (M&I), EDB; Teo Yi Yun, Senior Manager, M&I, EDB; Lim Tse Yong, SVP & Head, (M&I), EDB; Cindy Koh, Executive VP Advanced Manufacturing, EDB; Png Cheong Boon, Chairman, EDB; GE Vernova officials: Scott Strazik, CEO, GE Vernova; Ramesh Singaram, President & CEO, Gas Power Asia, GE Vernova; Zoltan Horvath, Global Supply Chain Development Leader, Gas Power, GE Vernova; Dominic Ang, Executive Plant Director, GRSS, GE Vernova; Venkat Kannan, President Commercial, APAC & China, Gas Power Asia, GE Vernova.