CAMBRIDGE, Mass. (June 10, 2024) – GE Vernova Inc. (NYSE: GEV) and Seatrium Limited (Seatrium or the Group) today announced that, they have been awarded a third contract by TenneT TSO B.V. (TenneT) for the construction of a 2-gigawatt (GW) High Voltage Direct Current (HVDC) electric offshore transmission system in the Netherlands. The project is slated to begin in June 2024, with commissioning expected by 2031.

This contract is part of the five-year Framework Cooperation Agreement with TenneT announced by the GE Vernova-Seatrium consortium in March 2023. The agreement was signed to cover three projects, each valued at approximately EURO 2 billion: IJmuiden Ver Beta, IJmuiden Ver Gamma, and Nederwiek 2. The current contract is for Nederwiek 2, TenneT’s third project with this consortium. The contracts for IJmuiden Ver Beta and IJmuiden Ver Gamma were awarded to the consortium in March 2023.

The HVDC system will support TenneT's sustainability goal of connecting 40 GW of offshore wind energy in the German and Dutch North Sea and will serve the Nederwiek 2 offshore wind farm, located approximately 95 kilometers off the coast of the Netherlands.

Dr. Johannes Kammer, Associate Director of Large Projects Offshore - 2GW, TenneT, said: “With the successful call-off of Nederwiek 2 from the Framework Cooperation Agreement with our Partners GE Vernova and Seatrium, we are now starting into the delivery of the third project with this consortium. We are pleased with the progress we made already in the first two projects with these partners. Now we experience the benefits of using the works from the initial two projects on the next one as we design one and build it many times.”

GE Vernova's Grid Solutions, the consortium leader, will be responsible for the engineering, procurement, construction, installation, and commissioning (EPCI) of the HVDC converter stations. Seatrium’s scope of work will include the engineering, procurement, construction, transportation, installation, and commissioning of the 2 GW HVDC Offshore Converter Platform.

Mr. Johan Bindele, Head of Grid Systems Integration at GE Vernova’s Grid Solutions business, added: “TenneT is playing a crucial role in the energy transition, and we are honored to support their efforts with our advanced HVDC system. GE Vernova is dedicated to decarbonizing and electrifying the world, and the TenneT projects exemplify our commitment to advancing renewable energy infrastructure.”

Mr. Samuel Wong, Executive Vice President, Fixed Platforms at Seatrium, said: "We are pleased to partner with TenneT and GE Vernova to deliver this transformative offshore wind solution. This project underscores our commitment to helping our customers achieve their renewable energy goals by providing innovative and cost-effective solutions that help accelerate the energy transition. With valuable experience from working on the first two platforms, we are confident of delivering a high-quality end product to our customer, as well as achieving greater synergies through project repeatability in our series-build strategy with the One Seatrium Global Delivery Model.”

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About TenneT
TenneT is a leading European grid operator. We are committed to providing a secure and reliable supply of electricity 24 hours a day, 365 days a year, while helping to drive the energy transition in our pursuit of a brighter energy future – more sustainable, reliable and affordable than ever before. In our role as the first cross-border Transmission System Operator (TSO) we design, build, maintain and operate over 25,000 kilometres of high-voltage electricity grid in the Netherlands and large parts of Germany, and facilitate the European energy market through our 17 interconnectors to neighbouring countries. We are one of the largest investors in national and international onshore and offshore electricity grids, with a turnover of EUR 9.2 billion and a total asset value of EUR 45 billion. Every day our 8,300 employees take ownership, show courage and make and maintain connections to ensure that the supply and demand of electricity is balanced for over 43 million people.

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

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

About Seatrium Limited
Seatrium Limited provides innovative engineering solutions to the global offshore, marine and energy industries. Headquartered in Singapore, the Group has over 60 years of track record in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as in the repair, upgrading and conversion of different ship types.

The Group’s key business segments include Oil & Gas Newbuilds and Conversions, Offshore Renewables, Repairs & Upgrades, and New Energies, with a growing focus on sustainable solutions to advance the global energy transition and maritime decarbonisation.

As a premier global player offering offshore renewables, new energies and cleaner offshore & marine solutions, Seatrium is committed to delivering high standards of safety, quality and performance to its customers which include major energy companies, vessel owners and operators, shipping companies, and cruise and ferry operators. Seatrium operates shipyards, engineering & technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, the United Arab Emirates, the United Kingdom and the United States. Discover more at www.seatrium.com. 

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

[Ishikari Hachinosawa, Hokkaido] (June 6, 2024) - GE Vernova’s Onshore Wind business announced today the start of operations of the Ishikari Hachinosawa Wind Farm located in Ishikari city, in Hokkaido island. The 21 MW wind farm, owned by Ishikari Green Energy Co Ltd, a subsidiary of one of Japan’s largest electric utilities, J-POWER, has been in operation since March 2024, and is powered by 5 units of GE Vernova’s 4.2-117 MW wind turbines, providing the equivalent energy to power approximately 7,400 households.

The project will help 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 project, being GE Vernova’s 2nd 4.2-117 wind turbine project for J-POWER, serves to further strengthen the companies’ relationship following the start of operations of the Esashi Replacement Project in early 2023.

GE Vernova, J-POWER and project construction partners have been working closely to achieve start of operations since the arrival and delivery of the main wind turbine components at Ishikari Shinko Port in May 2023. A unique challenge of the project was coping with snow. Ishikari is a location that experiences heavy snow and blizzards and had undergone incidents of white-outs with severe lightning and thunderstorms during the commissioning of the project. This posed challenges for the project team, who had to stop work periodically to prioritize safety. Daily snow removal work, close collaboration with the customer, and proper last-mile planning enabled the project to be constructed safely, and on-schedule.

Gilan Sabatier, Chief Commercial Officer, GE Vernova’s Onshore Wind business said, “We appreciate the confidence that J-POWER continues to show us in choosing our 4 MW class turbine line for their projects in the county. This is their 23rd wind project in the country, and we are committed to helping to ensure the success of their operations to deliver the power needs of Japan, which is a strategically important country in Asia.”

Katsuya Toda, Department Director of Onshore Wind Power Business Dept. of J-POWER said, “J-POWER is proud to announce the implementation of a new Clean Energy Project in Ishikari Hachinosawa as a joint venture with SymEnergy Inc. We thank GE Vernova and everyone who helped make this project a reality. We will continue to provide many clean energy solutions in Japan to achieve the carbon neutrality goals set forth in J-POWER “BLUE MISSION 2050”.”

GE Vernova's onshore wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to customer success for more than two decades, its product portfolio offers proven, next-generation technology that leads with high-power turbines to enable high-quality scale and drive decarbonisation through more affordable and sustainable renewable energy generation. This includes more than 1,200 operational units of its 6 MW platform, the most widely deployed onshore wind turbine among all OEMs offering nameplates above 5 MW.

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About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses and is supported by its accelerator businesses. 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 Onshore Wind business is a world leader in onshore wind technology. With an installed base of approximately 56,000 turbines around the world, it offers a high-tech product portfolio of turbines for a broad range of site conditions.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Supported by the Company Purpose, The Energy to Change the World, GE Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GREENVILLE, N.C. (June 5, 2024) - Next Engineers, a global college - and career - readiness program working to increase the diversity of young people in engineering, celebrated the graduation of its first-ever Engineering Academy students in Greenville, South Carolina.

The 49 students from 24 high schools across the Upstate South Carolina area who completed the program – many of whom plan to enroll as engineering students at Clemson University this fall – were joined by family and friends at The Owens Pavilion at the Clemson University Conference Center and Inn for a celebration to honor their achievements. Clemson University is the educational partner for the local Next Engineers program, which was established in 2021, and GE Vernova engineers and employees from Greenville, S.C. actively engage with the program through skill-based volunteering.

John Intile, Vice President, Engineering, GE Vernova, told the graduates that they carry the legacy of Next Engineers and that they are part of a lineage going back to GE's founder, Thomas Edison.

"Your canvas is broader, your tools more advanced," he said. "You’ll build bridges that connect continents, design sustainable energy systems, and perhaps even send humans to Mars. As you step into this vast universe of possibilities, remember that you’re not alone. The GE Vernova family stands with you. We believe in your potential, your audacity and your ability to change the trajectory of humanity."

Students who complete the Engineering Academy program and enroll in a qualified engineering or engineering-related degree program receive scholarships to support their education towards becoming engineers.

Serita Acker, the executive director of Clemson University’s PEER & WISE, said that the skills and knowledge students have developed have laid a strong foundation.

"I extend my heartfelt congratulations to each and every graduate," she said. "Their commitment and hard work inspires us all, and I have every confidence they will continue to make a positive impact in the field of engineering and beyond.

"I also want to express my sincere gratitude to GE Vernova in Greenville for their unwavering support and partnership throughout this journey. Together, we have laid the groundwork for a brighter future in engineering, and I am excited to see the continued success of Next Engineers in empowering young minds."

The Next Engineers: Engineering Academy is a transformative learning experience designed for students aged 15 to 18. Through a rigorous curriculum, immersive design challenges, and career coaching, participants learn to think and act like engineers.

Key program highlights:

• Dedication: The Engineering Academy spans three years, with students dedicating 220 hours outside of regular school hours to participate.
• Design challenges: In small teams, students tackle increasingly complex design challenges, mastering the engineering design process.
• Foundational skills: Beyond technical knowledge, students develop essential skills such as communication, teamwork, persistence, time management, and presentation abilities.
• Education and career exploration: Workshops and activities prepare students for their next steps, including university campus tours and interactions with company volunteers.
• Scholarships: Students who complete the program and enroll in post-secondary engineering degree programs receive partial scholarships. Next Engineers anticipates granting at least $2 million in scholarships to the inaugural classes of Engineering Academy students worldwide.

Greenville, South Carolina was among the first four locations to launch Next Engineers, with a $5M investment from the GE Foundation in 2021. To date, Next Engineers, which also includes middle school programming, has reached more than 4,600 students across the Upstate.

Next Engineers is not the only way the Upstate community has committed to producing the next generation of STEM talent. The GE John Lammas Annual Scholarship, funded by GE Vernova,  provides $8,000 scholarships to underrepresented students majoring in general engineering, chemical engineering, computer engineering, computer information systems, electrical engineering, industrial engineering, mechanical engineering and materials science and engineering.

For more information about Next Engineers and the Engineering Academy, visit NextEngineers.org.

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Caption for photograph
(Left to right) Brittany Fatima Sanders, Clemson University Program Manager, Next Engineers; Jennifer Edwards, GE Vernova Foundation Director; Clemson Tiger; John Intile, GE Vernova VP, Engineering; Serita Acker, Clemson University Executive Director, Peer and Wise

About Next Engineers
Next Engineers, a program originally funded by the GE Foundation in 2021, now known as the GE Aerospace Foundation, is a college and career readiness program dedicated to inspiring and preparing the next generation of engineers. Through innovative programs, mentorship, and community partnerships, we empower young minds to shape a better future through engineering.

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 Clemson University
One of the most productive public research universities in the nation, Clemson University attracts and powerfully unites students and faculty whose greatest desire is to make a difference in the lives of others. Ranked among the best national public universities by U.S. News & World Report, Clemson is dedicated to teaching, research and service. Our main campus, located in Upstate South Carolina, sits on 1,400 acres in the foothills of the Blue Ridge Mountains, along the shores of Lake Hartwell. We have a presence in every South Carolina county through research facilities, economic development hubs and Innovation Campuses. Through the research, outreach and entrepreneurial projects led by our faculty and students, Clemson University is driving economic development and improving quality of life in South Carolina and beyond.

CAMBRIDGE, Mass. (May 31, 2024) – GE Vernova Inc. (NYSE:GEV) today announced that it completed the sale of a portion of its Steam Power business to EDF. The transaction includes the manufacturing of conventional island equipment for new nuclear power plants as well as related maintenance and upgrade activities for existing nuclear plants outside of the Americas. As part of the EDF, this business will be called Arabelle Solutions.

GE Vernova CEO Scott Strazik said “Completing this transaction is an important milestone for GE Vernova. I’d like to thank our teams for their efforts to bring this transaction to a successful conclusion. Going forward, GE Vernova plans to continue to be a best-in-class services partner for our other Steam Power customers and is focused on advancing the future of nuclear power with our small modular reactor technology.”

GE Vernova retains a services-focused Steam Power business, including services for more than 100 gigawatts of nuclear turbine islands in the Americas region. It also retains GE Hitachi Nuclear Energy, a leading lifecycle provider for reactor islands, global nuclear fuels, and services, which is working to deploy commercial, grid-scale SMR technologies. GE Vernova remains committed to the nuclear sector and continues to invest in next-generation technology, which plays an important role in today’s energy transition.

Financial terms are not being disclosed.

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, such as the continued success of GE Vernova’s Steam Power business following the sale of a portion of its business to EDF. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.gevernova.com/investors/fls as well as our SEC filings. We do not undertake to update our forward-looking statements.

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

GE Vernova’s mission is embedded in its name – it retains its legacy, “GEV,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Supported by the Company Purpose, The Energy to Change the World, GE Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

CAMBRIDGE, Mass. (May 28, 2024) – Copenhagen Infrastructure Partners (CIP) and GE Vernova's Onshore Wind division announced today the signing of an agreement worth more than EUR 700 million for the delivery, installation and commissioning of 125 GE Vernova 6.1-158 wind turbines at the Teruel wind project that CIP has been promoting through contracts with the developer in that province and which is expected to start the construction phase shortly. The agreement also includes a 15-year full service contract. The 125 wind turbines will be destined for the Teruel project which, with a combined installed capacity of approximately 760 MW, is expected to become the largest wind farm in Spain, contributing significantly to the acceleration of the energy transition and the decarbonisation of the national electricity system by reducing CO₂ emissions by an expected 320,000 tonnes per year.

CIP has foreseen an investment of around 1 billion euros for the construction of this wind farm, to which a further 1.4 billion euros will be added in operation and maintenance costs throughout the life of the project, according to the socio-economic impact report of the project carried out by an independent consultancy firm.

The order, which was booked by GE Vernova in Q4 of 2023, represents one of the largest contracts for wind projects ever in Spain and is expected to provide a significant boost to the Spanish wind industry.  The project will take advantage of GE Vernova's strong presence in Spain where the Company already has more than 4.3 GW in operation, an engineering center of excellence in Barcelona, and two wind turbine blade production factories. Specifically, the blades for the 125 wind turbines are expected to be manufactured at its plant in Les Coves de Vinromà, Castellón. The wind turbine towers are also expected to be manufactured at other companies' Spanish plants located in Albacete, Burgos and Galicia.

The contract builds on previous agreements through which GE Vernova has previously supplied 490 MW to CIP for onshore wind power in Aragon, Spain.

Vic Abate, CEO of GE Vernova Wind, said: "We are delighted to be able to again support CIP in its goals to bring more wind power online to meet Spain's ambitious renewable energy targets and continue to contribute to the Spanish wind industry. This agreement reinforces how we can use our workhorse product strategy to provide our customers with proven technology that enables them to build high quality, high performance fleets at scale to meet the demands of the energy transition."

Nischal Agarwal, partner at CIP said: "The Maestrazgo cluster is expected to have a very positive socio-economic impact on job creation and on the Aragonese and Valencian economy, but also on the value chain of the entire Spanish wind industry. The wind turbines will be manufactured in production plants located in Spain, such as GE Vernova's plant in Castellón and others from different suppliers in Albacete, Burgos and Galicia, where the towers are expected to be manufactured. The expected impact of investment and job creation figures make the Teruel project a benchmark for the sector in Europe".

The project is only awaiting the Administrative Authorisation for Construction (AAC) in order to start the installation works, with CIP having already committed all the necessary funds to undertake the construction.

The project will enable CIP, which has been developing one of the leading renewable energy project portfolios in Spain for the past five years, to accelerate the achievement of ambitious energy transition targets. In June 2023, the Spanish Ministry for Ecological Transition and Demographic Challenge (MITECO) announced that it aims to produce 62 GW of wind power by 2030, up from a previous target of 50 GW, as part of a broader plan to maximise the amount of the country's electricity generated from renewable sources. In addition, the project is expected to contribute to the maintenance of more than 3,540 jobs, some 400 million euros in taxes, and enough electricity to supply the equivalent of approximately 570,000 homes per year.

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 customer success for more than two decades, its product portfolio offers proven, next-generation technology that leads with high-power turbines to enable high-quality scale and drive decarbonisation through more affordable and sustainable renewable energy generation. This includes more than 1,200 operational units of its 6 MW platform, the most widely deployed onshore wind turbine among all OEMs offering nameplates above 5 MW.

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About Copenhagen Infrastructure Partners (CIP)
Founded in 2012 in Denmark, Copenhagen Infrastructure Partners (CIP) is today the world's largest fund manager dedicated to renewable energy investments and a global leader in offshore wind. The funds managed by CIP invest primarily in offshore and onshore wind, solar PV, biomass and energy from waste, transmission and distribution, reserve capacity, storage, advanced bioenergy and Power-to-X.

CIP currently manages twelve funds and to date has raised approximately EUR 28 billion for global investments in energy and associated infrastructure from more than 160 international institutional investors. CIP has approximately 500 employees and 12 offices worldwide.

With a presence in Spain for five years and offices and a strong management team in Madrid, CIP has been developing one of the leading portfolios of renewable projects in Spain, in excess of 4 GW. Its portfolio includes the operation and construction of several wind farms in Aragon, including the Monegros project (487 MW of wind power), and some of the most important wind farms in Spain today. It is also the promoter of Catalina, a world-leading large-scale green hydrogen project that will develop combined onshore wind and solar photovoltaic power plants of 1.5 GW and a 500 MW electrolyser, located in Andorra (Teruel), which has just received 230 million euros in the first auction of the European Hydrogen Bank, with CIP having received 66% of the total funds available at European level. This project will position Spain as a pioneer and technological leader in the production and management of green hydrogen. CIP also aims to become a key and very active player in the biogas sector in Spain and is currently developing projects for the production of biomethane in our country. Some of these projects have been declared by the authorities as strategic and of general and regional interest.

For more information, visit www.cip.com

About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes power, wind and electrification segments and is backed by its accelerator businesses. With more than 130 years of experience addressing the world's challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety and improved quality of life.

GE Vernova is headquartered in Cambridge, Massachusetts, USA, and has more than 80,000 employees in more than 100 countries around the world. Backed by the company's purpose, 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 providing 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 3 megawatt high efficiency onshore wind turbine, as well as maintenance solutions and life extension option.

GE Vernova's mission is embedded in its name: it preserves its heritage, "GE", as a badge of enduring, hard-won quality and ingenuity. "Ver" / "green" points to the lush green ecosystems of the Earth. "Nova", from the Latin "novus", nods to a new and innovative era of low-carbon energy.

Forward Looking Statements
This document contains forward-looking statements, which are statements regarding future events that, by their nature, address matters that are, to varying degrees, uncertain. These forward-looking statements often address the expected future business and financial performance and financial condition of GE Vernova and CIP, and the expected performance of their products, the impact of their 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 varying 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 overall supply chain and the world economy. More information.

ANKARA, Turkey (May 28, 2024) - GE Vernova Inc. (NYSE: GEV) today announced it has signed a contract with Kalyon PV to supply its FLEXINVERTER^TM solar power station, as well as design and engineering services, to Kalyon PV in Viranşehir, Turkey. Inogen, GE Vernova’s regional solutions provider, will be in charge of the construction and installation of the solar power station.

GE Vernova’s solar power station is expected to power Kalyon Enerji’s 157 megawatt (MW) solar photovoltaics (PV) factory, making Kalyon Enerji one of the first companies in Turkey to produce solar panels using 100% renewable electricity when commissioned.

“We are proud to be a driving force behind Turkey’s transition to clean energy. By investing in solar panel manufacturing and providing these solar panels to large-scale solar power plants, we’re not only providing sustainable energy solutions, but also creating jobs and contributing to Turkey's energy independence,” said Dr. Murtaza Ata, Board Member of Kalyon PV.

"After having executed several Renewable Energy Resources Zones (YEKA) projects in Turkey, we are now focusing on industries that want to produce captive power at a utility scale for their self-consumption through PV projects, such as Kalyon PV’s solar power plant in Viranşehir, and renewable hybrid projects, including large scale storage. We offer a comprehensive financing to support our customers, which includes support from export credit agencies. This financing package enables us to provide competitive financing options to facilitate and scale up the adoption of renewable energy technologies in the energy sector," said Megi Gabriyel, Region Leader Solar & Storage Solutions, Middle East, Africa & Turkey at GE Vernova.

With 2.5 GWp/1.9 GWe of combined solar power capacity in Turkey, including commissioned and ongoing projects, GE Vernova’s FLEXINVERTER^TM technology is playing a pivotal role in the development of Turkey’s solar industry.

“Thanks to our strategic relationship with GE Vernova, we ensure seamless coordination of supply chain and field activities, addressing key challenges in project execution. Our professional teams, comprising more than one thousand employees, will provide continuous support, enabling swift intervention during both the installation and operation phases of the Viranşehir power plant,” said Ali Murat SOYDAN, Assoc. Prof. Dr., Chairman Inogen Group.

This collaboration builds upon an existing relationship, leveraging the success of Kalyon Enerji’s 1,347 MWp/1,000 MWe Karapinar solar power plant in the Konya Karapinar province, which deployed GE Vernova's FLEXINVERTER^TM solar technology. Commissioned in 2023, the Karapinar facility is Turkey’s largest single source of solar power to date. The project was part of the first Turkish solar YEKA GES tender launched in 2017 by the Turkish Ministry of Energy under the Renewable Energy Resources Zones (YEKA) program that streamlines the development of large-scale solar and wind farms.

Turkey's rapid expansion of its renewable energy sector, driven by a growing electricity demand and a commitment to reducing carbon emissions, positions solar power as a key driver of this growth. According to the International Energy Agency (IEA), Turkey aims to commission an impressive 10 GW of solar capacity between 2017 and 2027, with projections indicating a surge of approximately 500% to 52.9 GW by 2035. ¹

Additionally, GE Vernova is uniquely positioned to deploy its Battery Energy Storage Solution FLEXRESERVOIR^TM coupled with financing to support Turkey’s next phase of renewable energy projects with storage.

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Notes to Editors
GE Vernova’s Solar and Storage portfolio includes the FLEXINVERTER^TM, the FLEXRESERVOIR^TM and the FLEXIQ^TM technologies. The FLEXINVERTER^TM solar power station is an integrated containerized solution that combines a solar inverter, a medium voltage power transformer, and an optional MV Ring Main Unit, all integrated in a standard 20-feet ISO high cube container. FLEXRESERVOIRTM is a systems integrated battery energy storage and power electronics solution for multiple configurations and market applications. FLEXIQTM is a digital platform that provides design, operation, and fleet management solutions to enable grid compliance and maximize lifetime customer value. These solutions reduce capital and operation costs and enable more reliable plant performance.

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 80,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

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

About Kalyon Enerji

“We produce clean energy for a self-sufficient world in energy. Guided by sustainability principles and development goals, we are working with dedication to continuous improvement and make impact investments.”

Kalyon Energy, emerged from Kalyon İnşaat, the locomotive company operating under the umbrella of Kalyon Holding, during the realization process of 1,350 MWp Karapınar YEKA GES-1 project and 1,000 MW YEKA RES-1 project of which the tenders were made in 2016 and the contracts signed in 2017 and reached to its current shareholding structure in 2022 after the acquisition of 50% of the shares by International Holding Company(IHC) from UAE.

By approaching the escalating energy demands of Türkiye and the world with a sustainability vision, taking into account both the country's targets and global needs, making our impact investments in clean energy, we play a prominent role in the fight against climate change.

Our top priority is to make energy accessible to everyone, including disadvantaged groups, by using clean and renewable energy sources. To this end, we focus our investments on solar and wind power plants. We also invest in energy storage facilities so that renewable energy can become widespread and a part of our daily lives.

CAMBRIDGE, Mass. (May 23, 2024) - GE Vernova Inc. (NYSE: GEV) today announced it has launched ThinkLabs AI, Inc., a new startup focused on developing technology to help enhance grid planning through a combination of intelligent automation and AI. ThinkLabs is the first startup to be launched from GE Vernova. This move highlights the company’s commitment to enhancing the speed at which it brings energy transition innovations to customers.

“Our customers and the vital energy challenges we’re solving for demand relentless innovation,” said Limor Spector, President of Ventures and Incubation for GE Vernova. “This initial early-stage investment highlights one of the many ways we are committed to developing an innovative ecosystem in support of changing the trajectory of climate change.”

ThinkLabs is the result of an incubation effort launched by GE Vernova’s Electrification Software business and led by Josh Wong. During his time at GE Vernova, Wong focused on the application of disruptive technologies to help improve the way electric utilities manage, balance, optimize, and coordinate the grid. Wong has left GE Vernova to lead ThinkLabs as its chief executive officer.

ThinkLabs was pre-seeded with an initial early-stage investment by GE Vernova. An additional first-time seed-stage investment of $5 million was co-led by Powerhouse Ventures and Active Impact Investments. Other participants in the round included Blackhorn Ventures, Amplify Capital, Mercuria Energy, and a national US energy company. The company will be privately owned by its founders, GE Vernova, and the other investors.

The software application ThinkLabs is developing uses a combination of intelligent automation and AI to help enhance grid planning. The early-stage application, which is leveraging external funding partners to accelerate development, is planned to complement GE Vernova’s GridOS^® software portfolio. The GridOS portfolio is comprised of a platform and suite of AI and Power Systems-based applications designed to help enable secure, reliable grid orchestration while delivering the resiliency and flexibility utilities need to modernize and transform to a more sustainable energy grid.

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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 more than 80,000 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.

About ThinkLabs AI, Inc.
ThinkLabs AI, Inc. is a specialized AI development and deployment company. Our mission is to empower critical industries and infrastructure with trustworthy AI towards global energy sustainability. We’re developing our flagship product, ThinkLabs Copilot, a digital assistant that understands the real world with proprietary physics-informed AI digital twins that provide a foundation model for engineering systems. For more information on ThinkLabs AI, Inc., visit thinklabs.ai.

CAMBRIDGE, Mass. (May 20, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer, Scott Strazik, will present at the Bernstein 40th Annual Strategic Decisions Conference in New York City on Thursday, May 30, at 3:30 PM ET. Strazik will speak in a fireside chat on managing the energy transition and discuss the outlook for GE Vernova’s Power, Wind, and Electrification segments.

The conference webcast and replay will be available through GE Vernova’s Investor Relations website at https://www.gevernova.com/investors/events/bernstein-40th-annual-strategic-decisions-conference-2024.

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Additional information
GE Vernova’s website at www.gevernova.com/investors, as well as GE Vernova’s LinkedIn and other social media accounts, contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit these websites from time to time, as information is updated, and new information is posted.

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 of Advanced Research, Consulting Services, and Financial Services. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 80,000 employees across 100+ countries around the world.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Supported by the Company Purpose, The Energy to Change the World, GE Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova’s website and LinkedIn.

CAMBRIDGE, Mass. (May 17, 2024) – GE Vernova Inc. (NYSE: GEV) today announced that its Board of Directors has appointed a new member: Martina Hund-Mejean, former chief financial officer of MasterCard Worldwide.

“We are delighted to add Martina Hund-Mejean to the GE Vernova Board of Directors, as she brings exceptionally strong financial expertise and a broad global perspective, having held senior leadership positions at several multinational organizations,” GE Vernova Board of Directors Non-Executive Chairman Stephen Angel said. “In addition to her strong track record leading global corporations, Martina brings extensive governance experience to our boardroom.”

“I am thrilled to work alongside Martina as she joins our Board of Directors,” GE Vernova CEO Scott Strazik said. “Her experience uniquely positions her as a thoughtful counsel and dynamic leader who will help us tackle our mission of electrifying and decarbonizing the world.”

Ms. Hund-Mejean served as Chief Financial Officer of MasterCard Worldwide from 2007 until her retirement in 2019. Prior to joining MasterCard, she served as senior vice president and treasurer at Tyco International Ltd. from 2002 to 2007 and as senior vice president and treasurer at Lucent Technologies Inc. from 2000 to 2002. Previously, Hund-Mejean held multiple finance positions of increasing responsibility at General Motors Company.

Ms. Hund-Mejean currently serves as chair of the audit committee and a member of the finance and executive committees for the Prudential Financial, Inc. Board of Directors, as the chair of the finance committee and a member of the audit committee of the Colgate-Palmolive Company Board of Directors. She formerly served as chair of the University of Virginia Darden School’s Foundation Board of Trustees.

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About GE Vernova
GE Vernova is a purpose-built global energy company that includes Power, Wind, and Electrification businesses and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 80,000 employees across 100+ countries around the world.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Supported by the Company Purpose, The Energy to Change the World, GE Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

Project will add same technology already in existence

ANADARKO, Okla. (May 16, 2024) – Western Farmers Electric Cooperative’s (WFEC) and GE Vernova Inc. (NYSE: GEV) today announced the order for two new GE Vernova’s aeroderivative LM6000VELOX* package solutions, each including an LM6000* gas turbine and a generator, to replace aging steam turbines at its Anadarko Plant, Oklahoma. These new units are expected to expand the power plant, currently powered by five LM6000 PC gas turbines (two installed and commissioned in 1999, three units installed ten years later, in 2009). When the expansion will be completed, the Anadarko Plant is expected to deliver up to 350 megawatts (MW) with a total of seven LM6000 gas turbines.

“At WFEC, we continually evaluate capacity needs, while focusing on both the present and future power requirements of our members, and we are committed to maintain a reliable supply of electricity well into the future,” said Justin Soderberg, Western Farmers Electric Cooperative. “We selected GE Vernova’s LM6000VELOX units due to their fast start and quick ramp up/down capabilities. Rapid renewable energy growth presents system operators and energy providers with the increasingly difficult task of continuously ensuring stability of the grid and a reliable power supply, as renewable generation assets like wind turbines and solar farms are slightly less predictable by their very nature. Conversely, the aeroderivative gas turbines, powered by natural gas can help stabilize the grid and reduce the risk of electricity supply shortages.”

These aeroderivative units, derived from jet-engine technology powering the world’s airlines jets and well-known in the power generation industry for their quick start time in as little as 5 minutes to full power, will be a great complement to WFEC’s robust portfolio of almost 1,000 megawatts (MW) of renewable projects already in service or scheduled to be in service by the end of the decade.

WFEC has been working with Sargent & Lundy (S&L) as the owner’s engineer for the expansion of the plant. S&L is an engineering firm based in Chicago, Ill. S&L has worked hand in hand with WFEC staff on selecting the appropriate technology for these new units and developing a turbine specification. Fagen, Inc. has been selected as the EPC Contractor. The works are expected to start in late 2024 and be completed in late 2026.

*Trademark of GE Vernova and/or of its affiliates

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Notes to editors

*The order for the gas turbine power generation equipment for the Anadarko project was booked in Q1 2024

Western Farmers Electric Cooperative (WFEC) is a generation and transmission cooperative, headquartered in Anadarko, Okla. Now in its 83^rd year of operation, WFEC serves the electric needs of 21-member distribution cooperatives, across much of Oklahoma, the eastern parts of New Mexico, and into some areas of Kansas and Texas. WFEC also serves Altus Air Force Base. WFEC has a diverse generation portfolio of coal, natural gas, hydroelectric power, wind and solar.

Sargent & Lundy is one of the world’s longest-standing full-service architect engineering firms. Founded in 1891, the firm is a global leader in power, energy, and decarbonization with expertise in grid modernization, renewable energy, energy storage, nuclear power, fossil power, carbon capture, and hydrogen. Sargent & Lundy delivers comprehensive project services – from consulting, design, and implementation to construction management, commissioning, and operations/maintenance – with an emphasis on quality and safety. The firm serves public and private clients in the power, energy, gas distribution, industrial and government sectors.

GE Vernova (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 80,000 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.

Fagen, Inc. is a full-service EPC contractor headquartered in Granite Falls, Minn. Utilizing a database of over 10,000 direct-hire employees, Fagen, Inc. provides both full EPC wraps and general contractor services to its client base. Fagen self-performs civil, structural, siding, insulation, millwright, piping, instrumentation, electrical, and commissioning. Striving to be the construction company most admired by their customers for their people, partnerships, performance and finished product, Fagen, Inc. is ultimately building a better world for tomorrow.