LAGOS, Nigeria, October 24, 2024 – GE Vernova Inc. (NYSE: GEV) today announced that its GridOS® orchestration software is deployed in the newly completed Information and Coordination Centre (ICC) in Abomey-Calavi, Benin for the West African Power Pool (WAPP), a groundbreaking initiative aimed at transforming the region’s energy landscape. The recently inaugurated ICC will serve as the centralized command centre for the mainland member countries of the Economic Community of West Africa States (ECOWAS), overseeing the interconnected power grids of 14 nations, namely Benin, Burkina-Faso, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This milestone marks a significant step towards establishing a unified power market across the region, paving the way for a more reliable, sustainable, and affordable energy infrastructure for West Africa.

According to the International Energy Agency (IEA) Africa Energy Outlook 2022 report¹, Africa's GDP is expected to grow by an average of 4.6% per year between 2022 and 2040. This economic growth is expected to drive up energy demand by 2.8% per year, with electricity consumption expected to double by 2040. By expanding power capacity, enhancing forecasting capabilities, and ensuring a seamless balance between generation and demand across borders, the West Africa Power Pool powered by the ICC is bridging the gap between energy needs and reliable supply.

The ICC is a state-of-the art facility equipped with the latest electric grid management technologies. Elements of GE Vernova’s GridOS software portfolio are deployed in the facility to enable more secure, reliable grid orchestration. The software is designed to help utilities achieve the resiliency and flexibility needed for a more sustainable energy grid. The ICC is using several of the portfolio’s intelligent grid applications, including:

• Energy Management System (EMS) engineered for dispatching
• Wide Area Monitoring System (WAMS) designed for grid stability
• Advanced Market Management System designed to support the trading of power among ECOWAS countries

The ICC technology platform has also been upgraded with GE Vernova’s GridOS forecasting solution to enhance the value of Variable Renewable Energy (VRE) on the electricity market with advanced forecasting and ramping tools. Through this integration, engineers will have near real-time access to data on energy flow across the WAPP interconnected network, enabling them to monitor, analyze, and optimize the distribution of power.

"We are honored to partner with WAPP in their mission to promote and develop power generation and transmission infrastructures, as well as to coordinate power exchange among the ECOWAS member states. Our GridOS portfolio provides the ICC with modern software capabilities to automate grid operations and help increase the energy transaction rate across the region, helping overcome energy challenges in the ECOWAS zone," said Mahesh Sudhakaran, General Manager for GE Vernova’s Grid Software business.

GE Vernova has long worked with national electric utilities and regional power pools from the region, helping them adopt best-in-class technologies for grid modernization. In November 2022, the Southern African Power Pool (SAPP) inaugurated a new Coordination Control Center equipped with the latest Energy Management System (EMS) from GE Vernova’s Grid Software business. With more projects underway, GE Vernova is proud to be contributing to the energy transition in Africa.

¹https://www.iea.org/reports/africa-energy-outlook-2022

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Forward-Looking Statements

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

About GE Vernova

GE Vernova 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 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. Learn more: GE Vernova and LinkedIn. GE Vernova’s Electrification Software business is focused on delivering the intelligent applications and insights needed to accelerate electrification and decarbonization across the entire energy ecosystem – from how it’s created, how it’s orchestrated, to how it’s consumed. Its Grid Software business and GridOS® portfolio is trusted by global utilities to orchestrate a more sustainable energy grid and help deliver reliable and affordable electricity to their customers.

GUANGDONG PROVINCE, CHINA (October 24, 2024) – On the heels of GE Vernova’s announcement of Chinese state-owned power utility Guandong Energy Group Co.,Ltd Huizhou power plant achieving a successful start of operation, GE Vernova Inc (NYSE: GEV) today announced the utility’s Dongguan Ningzhou combined cycle power plant achieved the start of operations in the Guangdong province, China.  The plant, powered by three 9HA.02 gas turbines, is expected to inject up to 2.4 gigawatts (GW) of power in addition to the 1.34 GW of power already delivered into the grid by the GE Vernova HA-powered Huizhou power plant.

“GE Vernova has long been our company of choice when transitioning our power plants from coal to natural gas and we trust that in the future GE Vernova technology will help transition to nearly net-zero carbon emissions,” said a representative from Guangdong Energy Group.

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 Dongguan Ningzhou power plant. Dongguan Ningzhou project is also aligned to local government policy reform in the Greater Bay Area focused on the coal-to-gas energy transition.

GE Vernova HA technology offers among the lowest carbon emissions emissions per amount of fuel in the industry to give power plant operators, like Guandong Energy Group, the ability to reduce fuel consumption and lower carbon emissions.

“Dongguan Ningzhou plant plays a significant role in supporting a lower-carbon and more sustainable power generation in the Guangdong province, north of Hong Kong in the Greater Bay Area,” said Xu Xin, Gas Power Services China ITR Leader, GE Vernova. “We celebrated today the start of the operation of one of the largest gas plants in China. This plant will help boost the megapolis’ transition from coal to gas power generation to lower emissions. This milestone was achieved on time and safely, with the highest standards of quality, also thanks to the superb collaboration with our local partner, Harbin Electric who provided steam turbine, generator and balance-of-plant equipment.”

By using natural gas in a highly efficient way with GE Vernova’s H-class leading technology, the plant has a lower emissions impact with up to 60% less carbon emissions compared to plants of the same size powered by coal. In addition, to further advance decarbonization utilizing gas power, GE Vernova’s H-Class gas turbine portfolio currently has the capability to burn up to 50% by volume of hydrogen when blended with natural gas and with a future technology pathway to 100%,

Built on over 130 years of heritage, expertise and industry leadership, GE Vernova was the first international manufacturer and supplier of gas turbine technology entering China, serves over 110 gas power plants in China, and offers gas power producers and engineering, procurement, and construction companies (EPC) a world-class portfolio of technology and services for gas power plants in China, encompassing the entire lifecycle of their assets.

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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.

Forward Looking Statements

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

About GE Vernova

GE Vernova (NYSE: GEV) is 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.

Third Quarter 2024 highlights:

• Total orders of $9.4B, +17% organically, led by services
• Total revenue of $8.9B, +8%, +10% organically* with growth in both equipment and services
• Net income (loss) of $(0.1)B, +$0.1B; net income (loss) margin of (1.1)%, +110 bps
• Adjusted EBITDA* of $0.2B and adjusted EBITDA margin* of 2.7%, both slightly down organically*
• Cash from operating activities of $1.1B, +$0.9B; positive free cash flow* (FCF) of $1.0B, +$0.9B
• $7.4B cash balance, up from $5.8B in the second quarter of 2024
• Reaffirming GE Vernova 2024 financial guidance

CAMBRIDGE, Mass., (October 23, 2024) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2024.

“GE Vernova had a solid third quarter, delivering double-digit orders and continued revenue growth with services strength across all segments, significant margin expansion in Power and Electrification, and substantial cash generation,” said GE Vernova CEO Scott Strazik. “We continued to leverage lean to drive operational improvements across safety, quality, delivery and cost, and released our first GE Vernova sustainability report, outlining our progress in helping to electrify and decarbonize the world. It is an exciting time in our industry and I appreciate the work our team is doing to serve growing customer demand for energy transition technologies and services, while creating value for our stakeholders.”

In the third quarter, GE Vernova orders of $9.4 billion increased +17% organically, driven by services growth +28% organically, with strength across all segments, and equipment growth in Power and Electrification. Revenue of $8.9 billion was up +8%, +10% organically*, with growth in equipment and services and continued positive price in all three segments. Services revenue grew +7%, +10% organically*. Margins expanded in Power, Electrification and Onshore Wind, offset primarily by incremental contract losses in Offshore Wind. Cash flow improved meaningfully by approximately $0.9 billion, primarily driven by strong working capital management.

Power

• Orders of $5.2 billion increased +34% organically and revenues of $4.2 billion increased +8%, +13% organically*, led by higher Gas Power services and equipment. Segment EBITDA margin grew +470 basis points, +240 basis points organically*.
• Secured a 1.8 GW order for three H-class gas turbines, to modernize the Nanko power station in Osaka, Japan.

Wind

• Orders of $1.7 billion decreased (19)% organically due to lower Onshore Wind equipment, and revenues of $2.9 billion were flat, down (1)% organically*, driven by Offshore Wind. Segment EBITDA losses increased due to incremental Offshore Wind contract losses, partially offset by a settlement agreement regarding a previously canceled offshore project and Onshore Wind, which delivered its most profitable quarter in a number of years.
• Signed an agreement to supply 38 workhorse turbines for the 228 MW Boulder Creek Wind Farm in Queensland, Australia.

Electrification

• Orders of $2.5 billion increased +17% organically, driven by growing demand for grid equipment and services, and revenues of $1.9 billion increased +22%, +24% organically*, primarily driven by Grid Solutions. Segment EBITDA margin grew +630 basis points, +660 basis points organically*.
• Launched a new valve manufacturing line in Stafford, UK to begin increasing production capacity to nearly double and support growing demand for HVDC technology.

Company Updates:

In the third quarter of 2024, GE Vernova:

• Experienced one fatality; remains committed to fatality-free operations and deploying Life Saving Rules.
• Released its first 2023 Sustainability Report, outlining goals for its four-pillar sustainability framework and introducing its “Control Room,” a new sustainability management system.
• Monetized a 16% ownership stake in GE Vernova T&D India Limited, part of the Electrification segment, in an ongoing process to simplify entity shareholding structure and capitalize on strong equity valuations in India, resulting in approximately $0.7 billion of pre-tax proceeds.
• Invested $0.2 billion in capital expenditures including initiatives to expand capacity.
• Funded $0.2 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.

"We’re encouraged by our results this year as we execute on our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the third quarter, we increased our already solid cash balance to $7.4 billion from substantial positive free cash flow and proceeds from the value-accretive sale of a stake in a business in India, and we remain committed to maintaining our investment grade balance sheet,” said GE Vernova CFO Ken Parks. “With strong performance in Power and Electrification offsetting additional losses in Wind this quarter, we are reaffirming our GE Vernova 2024 financial guidance. We look forward to providing an update on strategic capital allocation and our multi-year financial outlook at our investor update event in December.”

Guidance:

GE Vernova is reaffirming its 2024 financial guidance of 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, now trending towards the higher end of the free cash flow* range. Segment guidance is:

• Power: maintain mid-single digit organic revenue* growth and higher end of ~150-200 basis points of organic segment EBITDA margin* expansion.
• Wind: maintain flat organic revenue* and approaching profitability with nearly 50% segment EBITDA improvement.

• Electrification: now expect high-teens organic revenue* growth, up from mid-to high-teens, and maintain higher end of high single-digit 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 prior to Spin-Off.

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.

Power

Third Quarter 2024 Power Performance
Orders of $5.2 billion increased +34% organically, led by Gas Power equipment and services, with 9 HA and 15 aeroderivative units, and services growth +29% organically. Revenues of $4.2 billion increased +8%, +13% organically*, led by Gas Power, with increased services, largely from higher outage volume, and equipment growth on higher HA deliveries. Segment EBITDA was $0.5 billion and segment EBITDA margin was 11.9%, up +470 basis points, +240 basis points organically*, with higher volume, productivity, and price more than offsetting inflation.

Wind

Third Quarter 2024 Wind Performance
Orders of $1.7 billion decreased (19)% organically, due to lower Onshore Wind equipment orders outside of North America. Revenues of $2.9 billion were flat, down (1)% organically*, due to slower execution in Offshore Wind, partially offset by an approximately $0.5 billion settlement, which included recovery of costs previously incurred on the canceled offshore project. Onshore Wind revenues increased from higher repower deliveries. Segment EBITDA was $(0.3) billion and segment EBITDA margin was (11.0)%, down (320) basis points, (410) basis points organically*, primarily due to incremental contract losses of approximately $(0.7) billion in Offshore Wind, partially offset by a gain recorded on the settlement of the canceled offshore project, which positively impacted segment EBITDA by $0.3 billion, and increases at Onshore Wind.

Electrification

Third Quarter 2024 Electrification Performance
Orders of $2.5 billion increased +17% organically, driven by higher demand for grid equipment and services. Revenues of $1.9 billion grew +22%, +24% organically*, driven by Grid Solutions and Power Conversion. Segment EBITDA was $0.2 billion and segment EBITDA margin was 10.4%, up +630 basis points, +660 basis points organically*, due to strong volume and continued price and productivity. The Electrification segment delivered its first quarter of double-digit EBITDA margin, with expansion in each business.

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 $120 million and $106 million for the three months ended September 30, 2024 and 2023, respectively.

(a) Includes intersegment sales of $317 million and $311 million for the nine months ended September 30, 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.

2024 GUIDANCE: ADJUSTED EBITDA MARGIN* AND POWER SEGMENT ORGANIC EBITDA MARGIN*
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 Power segment organic EBITDA margin* in the 2024 guidance without unreasonable effort in either case due to, as applicable, the uncertainty of foreign exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization.

2024 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 2024 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release and certain of our other public communications and SEC filings may constitute “forward-looking statements” that involve risks and uncertainties. Forward-looking statements are based on our current assumptions regarding future business and financial performance and condition. These statements by their nature address matters that are uncertain to different degrees, such as our expected future business and operating results and opportunities; our progress as an independent company; the demand for our products and services, the roles we expect them to play in the energy transition and our ability to meet those demands and execute those roles; our business strategy and the benefits we expect to realize; our expected operational and safety efficiencies and improvements, including from our lean operating model; our expectations regarding the energy transition; our actual and planned investments, including in breakthrough technologies; our ability to increase production capacity, efficiencies, and quality; the ability of us and others to innovate breakthrough technologies that enable us to meet our sustainability goals and targets; the ability of us and others to deploy such technologies at scale; our expected cash generation; our capital allocation strategies; and our commitment to maintaining an investment grade rated balance sheet. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “estimates,” “intends,” “plans,” “projects,” and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this release speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this release are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results, cash flows, or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to:

• Changes in macroeconomic and market conditions and market volatility, including risk of recession, inflation, supply chain constraints or disruptions, interest rates, the value of securities and other financial assets, oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on the Company’s business operations, financial results and financial position;
• Global economic trends, competition and geopolitical risks, including impacts from the ongoing geopolitical conflicts (such as the Russia-Ukraine conflict and conflict in the Middle East), demand or supply shocks from events such as a major terrorist attack, natural disasters, actual or threatened public health pandemics or other emergencies, or an escalation of sanctions, tariffs or other trade tensions, and related impacts on our supply chains and strategies;
• Actual or perceived 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;
• Market developments or customer actions that may affect our ability to achieve our anticipated operational cost savings and implement initiatives to control or reduce operating costs;
• Significant disruptions in the Company’s supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business, and significant disruptions to our manufacturing and production facilities and distribution networks;
• Our ability to attract and retain highly qualified personnel;
• Our ability to obtain, maintain, protect and effectively enforce our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Downgrades of our credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on the Company’s funding profile, costs, liquidity and competitive position;
• Shifts in market and other dynamics related to electrification, decarbonization or sustainability;
• The amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
• Actions by our joint venture arrangements, consortiums, and similar collaborations with third parties for certain projects that result in additional costs and obligations;
• Any reductions or modifications to, or the elimination of, governmental incentives or policies that support renewable energy and energy transition innovation and technology;
• Our ability to develop and introduce new technologies to meet market demand and evolving customer needs;
• Our ability to obtain required permits, licenses and registrations;
• Changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to sustainability, climate change, environmental, health and safety laws, and tax law changes;
• Our ability and challenges to manage the transition as a newly stand-alone public company or achieve some or all of the benefits we expect to achieve from such transition;
• The risk of an active trading market not being sustained for our securities or significant volatility in our stock price; and
• The impact related to information technology, cybersecurity or data security breaches at GE Vernova or third parties.

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 Operations” sections included in our 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 as may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls. There may be other factors not presently known to GE Vernova or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statement that we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable 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 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.

ATLANTA, GA (October 15, 2024) - GE Vernova Inc (NYSE: GEV) today announced the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management released the official findings of the GE Vernova-led front-end engineering design (FEED) study, “Retrofittable Advanced Combined-Cycle Integration for Flexible Decarbonized Generation.”

The study evaluated retrofitting Southern Company subsidiary Alabama Power’s James M. Barry Electric Generating Plant, located in Bucks, Alabama, with technology capable of capturing up to 95% of the plant’s CO₂ emissions. It demonstrated that the integration of GE Vernova’s Exhaust Gas Recirculation (EGR) system could lead to a reduction of more than 6% of the total cost of the carbon capture facility, as compared to installing carbon capture without the EGR system.

The GE Vernova-led study was completed in collaboration with Southern Company, Linde, BASF, and Kiewit, and explored the benefits of close integration between a natural gas combined-cycle (NGCC) plant and a carbon capture system.

GE Vernova’s measures and technologies explored in the study included the use of NGCC steam in the carbon capture system facility, potential gas turbine upgrades, installing NGCC and carbon capture control systems, and employing GE Vernova’s EGR system, which reintroduces part of the exhaust gas back into the gas turbine inlet.

The study’s integrated approach helped reduce the size and costs of the carbon capture system by halving the number of absorber towers, improving the efficiency and flexibility of the plant, and potentially increasing its power output.

“GE Vernova is grateful for the Department of Energy’s support of this study, the first of its kind to explore EGR technology applied in a gas power carbon capture plant” said Jeremee Wetherby, GE Vernova Carbon Solutions Leader. “We developed a holistic approach considering various integration measures building on our long history and expertise in power plant engineering, operation, upgrades and controls. Carbon capture is a crucial pathway to lowering carbon emissions from power generation to near-zero levels, and we are pleased with the benefits projected by the study – which naturally can vary from site to site but represent a valuable indicator of the possibilities at similar sites.”

The study demonstrated that the effects of adding a carbon capture system to an NGCC power plant could be reduced through a series of integration measures, including the EGR system. GE Vernova has developed EGR systems for two decades, initially for nitrogen oxide (NO_x) control and part-load efficiency benefits. In addition to this study, GE Vernova has demonstrated the commercial readiness of F- and H-class combustors operating with EGR at GE Vernova’s test facility in Greenville, South Carolina.

This study recognized the potential of an EGR system to deliver the following benefits as compared to a non-EGR system:

• Large reduction of carbon capture facility footprint and cost of absorber
• Lower operating costs due to reduced amine degradation
• Less energy-intensive separation due to higher concentration of CO₂ in flue gas directed to the carbon capture system
• More steam turbine power output because of lower steam consumption

The collaboration with Southern Company, Linde, BASF, and Kiewit was crucial for the success of this study, which showed that GE Vernova’s integration techniques can help reduce plant capital costs, energy consumption, and operating expenses.

“Southern Company is pleased this desktop engineering study showed that applying carbon capture for natural gas combined-cycle generation may create options and long-term value for customers in a net-zero future,” said Dr. Mark S. Berry, Southern Company Senior Vice President of Research, Environment And Sustainability. “We congratulate GE and the other members of the FEED study team for employing unique technology approaches that could advance the future deployment of carbon capture as a clean energy solution for the customer and communities we serve.”

"As a provider of CO₂ capture technology, we commend DOE's leadership in advancing gas power decarbonization technology towards a clean and reliable energy future. The results of this FEED study underpin Linde’s belief that a collaborative approach between technology providers, end-users, and other stakeholders is essential in driving innovation and cost reduction in CO₂ capture. We are committed to working with DOE and other partners to help decarbonize industry,” said Dominic Cianchetti, Senior Vice President, Region Americas, Linde.

“Kiewit Engineering Group’s participation in the GE Vernova-led study underscores our dedication to advancing innovative solutions for carbon capture technology. By leveraging our engineering and construction expertise, we contributed to the integration of the Exhaust Gas Recirculation (EGR) system, achieving significant cost reductions and efficiency improvements. This study highlights the potential for retrofitting existing power plants to meet stringent carbon emission standards, a vital step towards sustainable energy,” Kevin Needham, President-Power Engineering, Kiewit Engineering Group Inc.

With the goals of improving affordability, reliability, load flexibility, and significantly reducing carbon emissions, GE Vernova’s NGCC and carbon capture integration techniques can be applied across more than 1,600 F-Class gas turbines worldwide, delivering approximately 300 gigawatts (GW) of electricity daily.

###

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.

Acknowledgment: "This material is based upon work supported by the Department of Energy under Award Number DE-FE0032131."

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."

Forward Looking Statements:

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

About GE Vernova:

GE Vernova (NYSE: GEV) is 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.

About Southern Company

Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers’ and communities’ needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.com.

About Linde
Linde is a leading global industrial gases and engineering company with 2021 sales of $31 billion (€26 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet. The company serves a variety of end markets including chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde’s industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions. 
For more information about the company and its products and services, please visit www.linde.com

About BASF 
With more than 50 years of experience, BASF offers its customers efficient gas treating solutions for a variety of applications such as natural gas, synthesis gas, and biogas. Worldwide, these solutions have been proven and demonstrated in about 500 reference plants. BASF markets its range of gas treating technologies, the corresponding solvents and complete technical services including the digital platform OASE connect under the brand OASE® – Gas Treating Excellence by BASF. 
For more information please visit: www.oase.basf.com

About Kiewit
Kiewit is one of North America’s largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned organization operates through a network of subsidiaries in the United States, Canada and Mexico. Kiewit offers construction and engineering services in a variety of markets including transportation; oil, gas and chemical; power; building; water/wastewater; industrial; mining; and marine. Kiewit had 2023 revenues of $17.1 billion and employs 31,100 staff and craft employees.
For more information please visit: www.kiewit.com

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

MARKHAM, Ontario (October 10, 2024) - GE Vernova’s Nuclear business (NYSE: GEV), GE Hitachi Nuclear Energy (GEH), today announced it has selected Velan Inc, a Montreal-based company, to provide engineering support and manufacture valves for the first BWRX-300 small modular reactor.

“Our collaboration with Velan will further strengthen the robust and experienced Canadian nuclear supply chain and bring economic benefits to the country,” said Sean Sexstone, Executive Vice President, Advanced Nuclear, GEH. “It also positions Velan to be a strategic supplier as our technology is deployed globally. We will continue to look for opportunities to work with Canadian suppliers to support the deployment of the BWRX-300.”

“Velan’s involvement in this project highlights our decades-long leadership in the nuclear power sector,” said James A. Mannebach, Chairman and CEO of Velan Inc. “As we approach our 75th anniversary in 2025, we are remarkably well-positioned to support this landmark project and help shape the future of Canada’s nuclear energy landscape through Small Modular Reactor technology.”

GEH and Ontario Power Generation are developing the first BWRX-300 at OPG’s Darlington site. 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. OPG's decades of operating experience and proven track record of delivering on-time, on-budget nuclear refurbishment, combined with GEH's nuclear expertise, sets the stage for success in advancing the energy landscape in other regions.

The BWRX-300 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. Specifically, the BWRX-300 leverages a unique combination of existing fuel, plant simplifications, proven components and a design based on an NRC-certified reactor design.

###

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.

© 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.

Dubai, United Arab Emirates (October 10, 2024) — In conjunction with a ceremony held in Dubai, United Arab Emirates, Mass Group Holding (MGH) and GE Vernova Inc. (NYSE: GEV) announced significant progress on the modernization of the 4.5 gigawatts (GW) Besmaya Power Plant in Baghdad, Iraq, the country’s largest power plant. GE Vernova has successfully completed the Phase 1 Advanced Gas Path (AGP) upgrades on four 9F.04 gas turbines and started Phase 2 AGP upgrades on an additional four 9F.04 gas turbines.

During the ceremony, GE Vernova and MGH also announced an eight-year services agreement to support the plant’s Phase 3, which is equipped with four GE Vernova 9F gas turbines. The Phase 3 service agreement was contracted in the second quarter of 2024 and builds on prior operations and maintenance (O&M) and long-term service agreements GE Vernova secured for Phase 1 and Phase 2 of the project.

GE Vernova’s 9F Phase 1 AGP upgrades successfully installed at the Besmaya plant, deliver industry-leading performance and operational flexibility, enhancing efficiency and availability, as well as output by up to 6%, while improving the efficiency of fuel consumption and extending the lifespan of assets. With the completion of Phase 2 expected in the first quarter of 2025, the eight 9F turbines are expected to reduce carbon dioxide (CO₂) emissions by up to 477,000 metric tons annually for the same level of power production.

Ziad Ali Fadhil, Iraqi Minister of Electricity, said: “This modernization project aligns with our strategic goals and represents a significant milestone in Iraq’s energy transition. It enables additional electricity production and improves fuel efficiency, thereby reducing carbon intensity.”

During the ceremony event, Ahmed Ismail Saleh, Chairman of Mass Group Holding, said: “Besmaya power plant, in collaboration with Iraq’s Ministry of Electricity, is crucial in providing electricity to the people of Iraq and various commercial and industrial sectors. We are committed to further enhancing efficiency, flexibility, and sustainability in Iraq’s energy sector. This modernization project is in line with the Iraqi Ministry of Electricity’s strategic plans to provide more reliable and more sustainable electricity, which is essential for the country’s economic development.”

“The upgrades in phase 1 of Besmaya Power Plant marked our first ever “Live Outage” in Iraq, a new digital approach that improves the field execution experience for our teams and our customers,” said Steve Kessinger, Vice President and CEO, GE Vernova’s Gas Power Global Services. “The service work, completed ahead of schedule, has significantly enhanced the efficiency and performance of the plant and we look forward to continuing our collaboration with Mass Group Holding to achieve even greater results.”

“For nearly two decades, GE Vernova has collaborated closely with Mass Group Holding in Iraq, supplying advanced technology to four of the group’s power plants located in Besmaya, Erbil, Sulaymaniyah, and Dohuk. These facilities collectively contribute approximately 9 gigawatts to Iraq’s power generation capacity,” said Joseph Anis, President and CEO of Gas Power at GE Vernova for Europe, the Middle East, and Africa. “GE Vernova has been working in Iraq for more than five decades and remains committed to supporting the transition to lower-carbon solutions for the benefit of the people of Iraq. This also includes modernizing the grid, enabling the digital transformation of power generation and transmission.”

Over the past years, GE Vernova has added up to 19 GW to Iraq’s grid, constructed and energized 30 substations, and completed the first phase of Iraq’s electrical grid connection with Jordan. The company has mobilized over US$3 billion in financing for energy projects and continues to invest in local talent development and workforce training. Working closely with Iraq’s Ministry of Electricity and private sector companies like Mass Group Holding, GE Vernova remains dedicated to advancing the country’s energy sector and supporting economic development.

###

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

About GE Vernova 
GE Vernova 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 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. Learn more: GE Vernova and LinkedIn. 

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.

About MASS Group Holding
Mass Group Holding, founded in 2006, is one of the leading global companies in the field of electric power production, with a production capacity of 9,000 MW solely in Iraq. Mass Group plays an effective role in meeting the increasing global demand for energy. Its interest has not been limited to the conventional energy sector but has also extended to renewable energy, as it strives to invest in clean resources, believing in the importance of environmental sustainability.

The company's journey did not stop at energy; it went beyond that to include other vital sectors. In Iraq, where its expansion journey began, Mass Group established a cement factory with a massive production capacity estimated at 6 million tons annually, covering a quarter of the country's needs for this essential building material. Additionally, the company added a steel factory to its achievements, with a production capacity of 1.25 million tons annually, enhancing Iraq's ability to meet its industrial needs. Thus, Mass Group reaffirms its strong commitment to contributing to sustainable development in Iraq.

©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.

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

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

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

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

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

###

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

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

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

TOKYO, JAPAN (October 8, 2024) — GE Vernova Inc. (NYSE: GEV) today announced an order for three GE Vernova 7HA.03 gas turbines to be installed at The Kansai Electric Power Company, Inc.’s (“Kansai Electric”) Nanko power station in Osaka, Japan. GE Vernova’s advanced 7HA.03 power generation equipment will replace the existing aging conventional LNG power generation assets (consisting of three boilers and three steam turbines) and is expected to increase power plant efficiency, while reducing its carbon dioxide emissions.

Japan has set ambitious targets to achieve net zero by 2050 as per the latest Nationally Determined Contribution (NDC) plans.  As recently described in GE Vernova’s “2024 Japan Energy Outlook” White Paper, the Japan’s energy system is in transition, and the country has targeted  achieving this decarbonization goal through setting up investments in lower carbon generation sources and the support of “Economic Efficiency”, one of the three “S+3E” pillars within the revised national 6th Strategic Energy Plan (including also “Safety plus Energy Security”, and “Environmental Sustainability”).

“The plant is expected to deliver up to 1.8 gigawatts (GW) of electricity to the grid in total and to be the among the most efficient in the country,” said Ramesh Singaram, President and CEO, Asia of GE Vernova’s Gas Power. “In addition, 7HA.03 gas turbine technology currently has the capability to burn up to 50% by volume of hydrogen when blended with natural gas, with a technology pathway to 100% over the next decade. We look forward to bringing this advanced technology to Kansai Electric, with whom we have a longstanding relationship built on years of mutual respect and trust, to help revitalize the Japanese power industry with more efficient and more sustainable technology, in alignment with the country’s energy goals.”

In addition, GE Vernova is also expected to provide field services.

GE Vernova is a key player in Japan’s energy transition, having enabled power generation for Japan for more than 130 years. To date, the company delivers more than 50% of Japan’s heavy duty gas power capacity and supports the country’s growing renewable and nuclear energy needs.

-END-

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.

Financial Editors:  Please note this order was booked in the third quarter of 2024.

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 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. Learn more: GE Vernova and LinkedIn. 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.

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, including levels of reduction of carbon dioxide emissions,  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.

CAMBRIDGE, Mass. (October 7, 2024) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its third quarter 2024 financial results on Wednesday, October 23, 2024, 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-3rd-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.

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.