Seoul, South Korea (December 23, 2024)— GE Vernova Inc. (NYSE: GEV) today announced that it has been chosen through its joint venture, KAPES, by Korea Electric Power Corporation (KEPCO) to deliver its advanced High Voltage Direct Current (HVDC) system, based on Line Commutated Converter (LCC) technology,  for the 500 kV Donghaean #2 to Dong-Seoul HVDC converter station project (EP2). This project, part of a larger 4 GW HVDC transmission link, is planned to connect South Korea’s power generation complex on the east coast to the Seoul metropolitan area and is intended to be the largest power grid infrastructure initiative in the country’s history.

The EP2 project complements the EP1 project, which is also being executed by GE Vernova through KAPES. Together, EP1 and EP2 projects are designed to provide a stable and reliable power supply to the Seoul metropolitan area, which accounts for approximately 40% of South Korea’s energy demand. Both projects are expected to benefit from GE Vernova’s advanced HVDC technology, designed for efficient long-distance power transmission and enhancing grid resilience to meet growing energy needs.

GE Vernova’s scope for the EP2 project includes the engineering and delivery of HVDC Valves and Control Systems based on LCC technology, essential for the stable transmission of large-scale power. The project underscores the increasing demand for technology from GE Vernova’s Electrification segment, which continues to grow rapidly.

KEPCO’s Vision for a Sustainable Energy Future

KEPCO is prioritizing advanced HVDC technology as a critical enabler of South Korea’s energy transition. The EP2 project is designed to provide efficient and stable power transmission to key industrial regions while laying the groundwork for a sustainable and resilient energy network.

Mr. Yu-won Kang, CEO of KAPES,said, "The EP2 project reinforces KAPES' position as the leading HVDC provider in Korea in collaboration with GE Vernova, further demonstrating its proven technological expertise and project management capabilities. KAPES is proud to support KEPCO in Korea's energy transition and play a pivotal role in stabilizing the nation's power grid.”

“Our Electrification segment is the fastest-growing part of GE Vernova, with significant growth ahead,” said Johan Bindele, Business Leader at GE Vernova’s Electrification Systems. “We are committed to delivering innovative solutions that electrify the world while decarbonizing it, as electrification becomes critical for enabling a sustainable and resilient energy future in Asia and beyond. We are proud of our 26-year relationship with KEPCO, our continued collaboration reflects our shared commitment to providing advanced solutions that address the evolving needs of power infrastructure.”

"Projects like EP2 are pivotal in enabling South Korea’s energy transition,” said Shailesh Mishra, Regional Leader of Grid Systems Integration in Asia Pacific at GE Vernova. “By deploying advanced HVDC technology, we are not only enhancing the efficiency and reliability of the country’s grid but also laying the foundation for greater integration of renewable energy. Collaborating with KEPCO through KAPES allows us to deliver transformative solutions that align with South Korea’s vision for a sustainable energy future.

KAPES: Strengthening South Korea’s Power Grid

KAPES, the joint venture between KEPCO and GE Vernova established in 2012, has been instrumental in delivering various important projects that address South Korea’s unique energy needs. In addition to EP1 and EP2, key initiatives include the Buk-Dangjin-Godeok HVDC Connection, a 3 GW transmission link supplying power from the Dangjin power plant to Seoul and its surrounding regions, and the Shin-Bupyeong HVDC Link, a 500 MW Back-to-Back Voltage Sourced Converter (VSC) system in Incheon designed to alleviate grid overloads. These projects collectively underscore KAPES’ role in strengthening South Korea’s power grid and advancing its energy infrastructure.

The Role of HVDC in Korea’s Energy Transition

High Voltage Direct Current (HVDC) technology is essential in the global shift toward sustainable energy systems as it supports efficient and reliable power transmission over long distances. HVDC system based on the Line Commutated Converter (LCC) technology uses thyristor-based power semiconductors to transfer large amounts of power—up to 8 GW—with low energy losses. Its ability to handle bulk power transmission while providing built-in protection against faults makes it ideal for strengthening South Korea’s power grid and supporting the integration of renewable energy.

In South Korea, HVDC aims for enhanced efficiency and stability in transmitting power over long distances, supporting bi-directional energy flow and facilitating renewable energy integration. EP2 is intended to provide a reliable link between the East Coast’s power generation facilities and the high-demand metropolitan area, including semiconductor manufacturing hubs in Yongin, Incheon, and Pyeongtaek.

GE Vernova in Korea

GE Vernova is a major player in the power sector in South Korea. The company has been present in South Korea since 1976, working closely with local companies to support the country’s growth in the energy sector.

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Notes to Editors:

Forward Looking Statements

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

About GE Vernova

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

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

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

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

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

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

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

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

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About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Advanced Research business is an innovation powerhouse, operating at the intersection of science and creativity to turn cutting edge research into impactful realities. Advanced Research collaborates with GE Vernova’s businesses across a broad range of technical disciplines to accelerate the energy transition.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy.

Learn more: GE Vernova and LinkedIn.

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

ATLANTA, GA (December 16, 2024) - GE Vernova Inc. (NYSE: GEV) today announced it has secured an order to provide its H-Class natural gas-fired combined cycle power generation equipment for Generadora San Felipe Limited (GSF)’s Sant Felipe 470 megawatts (MW) plant power station in Punta Caucedo, Boca Chica, Dominican Republic. This project marks GE Vernova’s first H-Class gas turbine order in the Caribbean. It will contribute to the implementation of Dominican Republic’s climate ambitions and sustainable development goals by supporting the rapid expansion of renewable energy through its dispatchable power profile.

The Caribbean country, one of the fastest growing economies in Latin America, has in recent years managed to switch most of its oil-fired generation capacity to natural gas. Natural gas accounts for nearly half of all energy generated in the Dominican Republic and plays a crucial role in the country’s energy transition, as it supports and complements the expansion of renewable sources. Natural gas-fired combined cycle power plants are the lowest emitting fossil fuel power plants, whether measured based on CO2, SOx, NOx, particulate matter, or mercury.

“Our new plant, powered by GE Vernova’s highly efficient H-Class technology, will support our efforts to deliver less carbon-intensive and more reliable electricity, which is fundamental for the country’s productivity growth, and people’s wellbeing” said Antonio Ramirez, General Manager of Generadora San Felipe. “We trusted the solid reputation of HA technology and turned to GE Vernova, an innovation leader in the path towards decarbonization, based on a longtime collaboration between our two companies.”

The new San Felipe power plant features one multi-shaft generating block, equipped with GE Vernova 7HA.02 gas turbine coupled to an H65 generator, an STF-A650 steam turbine coupled to an H35 generator, a triple pressure with reheat Heat Recovery Steam Generator (HRSG), and a condenser.

“The development of San Felipe power plant is a very ambitious project, and we are proud to support it,” said Dave Ross, President of GE Vernova’s Gas Power in the Americas region. “Once completed, the power plant is expected to be among the most efficient power plant in the Caribbean and can be configured with post-combustion carbon capture systems to significantly reduce carbon dioxide emissions. In addition, our GE Vernova HA gas turbine is highly fuel flexible and able to operate on a variety of fuels, including blends of hydrogen and natural gas to offer multiple pathways to reduce carbon emissions and work towards near-zero operations in the next decade.”

With the highest number of H-Class units achieving commercial operation, GE Vernova’s HA gas turbines have accumulated more than 2.5 million commercial operating hours continuing to be the fastest growing fleet in the heavy-duty gas turbine H-Class segment. The fleet boasts an installed capacity of more than 53 gigawatts (GW) of power, the equivalent capacity needed to power nearly 40 million American homes. HA gas turbines can save over 3.3 metric tonnes of CO2 emissions per year, per unit compared to an average coal-fired plant of the same size. This is equivalent to removing 680,000 cars off the road for every HA unit deployed.

San Felipe power plant, built by the Spanish engineering procurement construction (EPC) company TSK Electrónica y Electricidad S.A. (Grupo TSK), is expected to start its operation in 2027.  The plant is located next to AES/ENADOM LNG terminal, with a total storage capacity of LNG of 250,000 m3.

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Notes to editors

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

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. Learn more: GE Vernova and LinkedIn.

CAMBRIDGE, Mass. (December 16, 2024) – GE Vernova Inc. (NYSE: GEV) today announced that, in consortium with Drydocks World, it has been awarded the Ostwind 4 project by 50Hertz, a leading German Transmission System Operator (TSO). The project involves the design, construction, and commissioning of a 2-gigawatt (GW) High-Voltage Direct Current (HVDC) electric transmission system—the first of its kind in the German Baltic Sea—connecting an offshore wind farm to the German grid.

Located in the Arkona Basin, approximately 30 kilometers northeast of Rügen Island, the Ostwind 4 project will transport up to 2 GW of offshore wind energy via the HVDC system to the mainland, delivering renewable electricity equivalent to the amount needed to power nearly two million households. Provisionally scheduled for completion by the end of 2031, the project is expected to feature an advanced bipolar HVDC transmission system operating at 525 kilovolts (kV), ensuring efficient energy transport with minimal losses over long distances.

Collaborating to Drive Germany’s Renewable Energy Ambitions

The GE Vernova–Drydocks World consortium is responsible for delivering both the offshore converter platform and the onshore converter station, enabling seamless transmission of electricity from offshore wind farms in the Baltic Sea to the German transmission grid. As the consortium leader, GE Vernova will supply advanced HVDC technology, including voltage-sourced converters (VSC), high-voltage transformers, g³ gas-insulated switchgear (GIS), air-core reactors, as well as civil works for the onshore converter station and grid automation telecommunications equipment.

The project will also benefit from GE Vernova’s new HVDC Competence Center in Berlin, which is focused on developing leading-edge technology to improve grid stability and integrate more renewable energy.

Drydocks World will be responsible for designing, fabricating, and installing the offshore converter platform, including the jacket substructure and topside. This advanced infrastructure, built at Drydocks World’s Dubai facility, features a U-shaped jacket substructure with integrated nature-inclusive scour protection to enhance marine biodiversity while minimizing environmental impact.

Germany’s Energy Transition Goals

Germany is at the forefront of the global energy transition with its ambitious Energiewende framework, which aims to phase out coal entirely by 2030 and achieve net zero emissions by 2045. As per the German Climate Law, 80% of electricity supply must come from renewable sources by 2030, with a target of 100% by 2035. Projects like Ostwind 4 are crucial in meeting these goals, enabling the efficient transmission of renewable energy from offshore wind farms to the national grid and reducing dependence on fossil fuels.

Stefan Kapferer, CEO 50Hertz, said, “The awarding of the contract to GE Vernova and Drydock World marks the beginning of a new chapter in the use of wind energy in the Baltic Sea. 50Hertz is the first transmission system operator to deploy 2 GW / 525 kV technology in this sea area. This is pioneering work. We want to ensure that the entirety of the technically and economically viable offshore wind energy potential in the Baltic Sea is exploited, primarily with the help of direct current technology. To do this, we need to think and act in an even more networked way across national borders. One prerequisite for this is the creation of legal and regulatory conditions that enable wind farms in the waters of other EU states to be connected to the German transmission grid. “

Philippe Piron, CEO of GE Vernova's Electrification business, said, “Ostwind 4 represents a crucial milestone in our mission to electrify and decarbonize with the energy to change the world. By leveraging our advanced HVDC technology, this key infrastructure project underscores the essential role of offshore wind to ensure European energy security and to accelerate the global energy transition. This order also highlights the rapid growth in GE Vernova's Electrification segment, our fastest growing business, as our customers invest in the grid. We are very proud to collaborate with 50Hertz and Drydocks World to advance Germany’s renewable energy goals and set a new standard for a resilient and sustainable grid infrastructure.”

Johan Bindele, Leader of Grid Systems Integration at GE Vernova’s Grid Solutions business, added, “Ostwind 4 demonstrates the advancements in HVDC technology that GE Vernova delivers to support the integration of renewable energy sources at transformative scales. The use of our Voltage-Sourced Converters, g³ gas-insulated switchgear, and robust system design ensures not only efficient power transmission but also operational reliability over long distances. We are honored to lead this project in collaboration with our consortium partner Drydocks World and support 50Hertz in pushing the boundaries of energy innovation.”

Sultan Ahmed Bin Sulayem, Group Chairman & Chief Executive Officer, DP World, said: " We are pleased to see Drydocks World playing a pivotal role in the Ostwind 4 Project, a testament to its technical excellence and commitment to advancing renewable energy infrastructure. This reflects DP World’s ongoing commitment to enabling a clean energy future by supporting innovative projects that drive sustainability and economic growth. As the global energy landscape evolves, we remain dedicated to leveraging our expertise and innovative capabilities to support initiatives that drive clean energy transitions and economic development.”

Accelerating The Energy Transition Through Advanced Grid Technology

HVDC technology is critical in supporting the efficient and reliable transmission of renewable energy across long distances. Unlike the AC systems, HVDC can transmit three times the power with up to 50% fewer losses. HVDC systems equipped with Voltage-Sourced Converter (VSC) technology further enhance the controllability and stability of power flows, making them ideal for integrating variable energy sources such as wind and solar into the grid.

GE Vernova’s g³ gas-insulated switchgear further supports the energy transition by providing a more environmentally sustainable alternative to SF₆ gas, a potent greenhouse gas traditionally used in high-voltage equipment. The g³ technology is part of company’s GRiDEA portfolio, a suite of decarbonization solutions that empower grid operators to address their net-zero objectives. Launched in 2014, g³ shows an approximately 99% reduction of greenhouse gas contribution to global warming, compared to SF₆, aligning with the decarbonization goals of the global energy sector. Together, HVDC and SF₆-free solutions represent key innovations necessary to decarbonize and modernize the grid infrastructure for a more sustainable energy future.

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Image: After the symbolic signing of the contract: Standing f.l.t.r.: Stefan Hartge (GE Vernova), Marco Nix (50Hertz), Capt. Rado Antolovic (Drydocks World). Sitting f.l.t.r.: Johann Bindele (GE Vernova), Stefan Kapferer (50Hertz), HE Sultan Admed Bin Sulayem (Dubai Port World). 50Hertz / Kathrin Heller.

Forward Looking Statements

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

About GE Vernova

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

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

Last April, GE Vernova launched as a standalone company with a mission to electrify and decarbonize the world. The catalyst behind the change the company is creating is its 75,000-strong global team — their ideas, their energy, and their commitment. Meet a dozen of the people who helped GE Vernova get off to a running start.

The Enlightener: Vera Silva

“In my mind, there are no two letters that better embody the spirit of innovation — and have always embodied the spirit of innovation, in the past and the future of this country — than ‘GE,’” said Scott Strazik, CEO of GE Vernova, as his company officially completed its spin-off from the GE Corporation in April. In the eight months since, GE Vernova has continued to make good on its commitment to electrify and decarbonize the world. As the company looks forward to another year leading the energy transition, here’s a glance back at the biggest milestones of 2024.

LONDON (December 12, 2024) - GE Vernova’s nuclear business, GE Hitachi Nuclear Energy (GEH), has progressed to the next step of the Generic Design Assessment (GDA) with its BWRX-300 Small Modular Reactor (SMR) technology.

Step 1 of GEH’s GDA began in January 2024 and focused on agreeing the scope and schedule for Step 2, which has now been successfully completed. Today marks the start of Step 2.

The GDA process ensures that new reactor designs meet the highest standards for safety, security, and environmental protection.

GEH’s 10th generation SMR design – the BWRX-300 – leverages a unique combination of a new, patented safety breakthrough and proven components. The BWRX-300 builds on decades of real-world boiling water reactor operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration.

GEH and Ontario Power Generation (OPG) are developing the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed, with construction expected to start in 2025 and commercial operation to commence by the end of 2029. A total of four 300 MW units are planned for the Darlington site.

Andy Champ, GEH UK Country Leader, said: “Progressing to Step 2 of the GDA demonstrates our unwavering desire to deliver a fleet of nuclear reactors in the UK. Our design will be tried and tested through our partnership with OPG to deploy the first civil SMR in the G7. This means we have extensive experience across the full nuclear lifecycle, with a proven track record deploying reactor technology on time and on budget.”

Chris Southern, Senior Project Director, GEH, said: "This significant milestone underscores GEH’s commitment to advancing SMR technology safely in the UK. Our BWRX-300 technology builds on our already proven BWR design, offering not only a smaller but simpler modular reactor, without sacrificing safety responses or operational performance. We remain dedicated to demonstrating the feasibility and reliability of our SMR technology as we progress through Great British Nuclear’s SMR competition.”

Rafał Kasprów, CEO of ORLEN Synthos Green Energy (OSGE), said: “Congratulations to GEH on the successful and on-schedule completion of GDA Step 1 and the transition to the GDA Step 2 of the BWRX-300 in the UK. In the European market, pan-European SMR platforms are beginning to emerge, based on GEH's proven technology. This allows for leveraging invaluable licensing experience in the nuclear industry, utilizing existing supply chains, and simplifying access to financing.

“From our perspective, the simultaneous deployment of BWRX-300 technology in several European countries significantly reduces risk, is attractive to investors, and ensures optimal use of existing production infrastructure, including in the UK and Central and Eastern Europe (CEE).”

OSGE is co-financing part of the licensing of the BWRX-300 with GEH as part of the Future Nuclear Enabling Fund project.

Jon Fowler, Vice President for Nuclear Power at Amentum, said: “It is a great achievement to reach this stage in the GDA process in a relatively short space of time. Amentum was able to draw on our extensive experience with applications for new nuclear plants to provide design capabilities to help achieve this. Our collaboration with GEH on this application is accelerating the UK ambition to achieve greater energy security and meet its net-zero carbon targets.”

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

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

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

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

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. 
Learn more: GE Vernova and LinkedIn.

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

LONDON (December 11, 2024) - Technip Energies (PARIS:TE), leader of a consortium with GE Vernova and construction partner Balfour Beatty – with the support of technology partner Shell Catalysts & Technologies – received Notice to Proceed by NZT Power Limited to execute a major(1) contract for the Net Zero Teesside Power (NZT Power) project in the United Kingdom.

NZT Power has reached financial close and has issued a Full Notice to Proceed to the Technip Energies-led consortium to start the full Engineering Procurement and Construction (EPC) package for the Onshore Power, Capture and Compression contract. Financial close follows the UK government’s recent announcement of a £21.7 billion pledge for projects to capture and store carbon emissions from energy, industry and hydrogen production.

This landmark project aims to be the world’s first gas-fired power station with carbon capture and storage. Up to 2 million tonnes of CO₂ per year will be captured at the plant and transported and permanently stored by the Northern Endurance Partnership. The plant could produce up to 742 megawatts of flexible, low-carbon power, equivalent to the average annual electricity requirements of more than 1 million UK homes, further supporting the UK's transition to a cleaner energy future.

Supported by the UK government, NZT Power could create and support more than 3,000 construction jobs and then generate 1,000 jobs annually during operations. This initiative is expected to attract private investment and help the UK to meet its climate goals and is aligned with the UK plan to reduce carbon emissions to net zero by 2050.

Technip Energies and GE Vernova, with the support of infrastructure group Balfour Beatty, plan to deliver a highly efficient combined cycle plant and associated carbon capture plant. Technip Energies will lead the integration of a state-of-the-art carbon capture plant using its Canopy by T.EN^TM solution, powered by Shell’s CANSOLV* CO₂ Capture System. The plant will be powered by GE Vernova's advanced 9HA.02 gas turbine, a steam turbine, a generator, a Heat Recovery Steam Generator, an Exhaust Gas Recirculation (EGR) system and benefit from GE Vernova’s maintenance service contract for 16 years.

Balfour Beatty, supported by Shell Catalysts & Technologies, together form the Carbon Capture Alliance (CCA). Alliance members are deeply committed to long-term investment in the UK and already possess a significant local footprint and supply chain.

Arnaud Pieton, CEO of Technip Energies, commented, “We are excited to partner with GE Vernova and Balfour Beatty on the first-of-its kind Net Zero Teesside Power project. This award confirms Technip Energies’ leading position as a provider of state-of-the-art integrated CCUS solutions. I would like to thank Net Zero Teesside Power for their trust. This groundbreaking project represents a significant milestone in our collective efforts to advance carbon capture technology at scale and support the UK’s ambitious climate goals through low carbon power generation from gas combined with renewables. By leveraging our Canopy by T.EN™ solution powered by Shell’s CANSOLV CO2 Capture System, we aim to set a new standard for low-carbon power generation. This project not only underscores our commitment to innovation and sustainability but also highlights the critical role of collaboration in driving the energy transition forward.”

Maví Zingoni, CEO, Power at GE Vernova commented : “We believe CCUS technology can be crucial to help decarbonize the planet, and we welcome the commitment from the UK government to invest in its implementation as well as NZT Power’s trust in our technology. Flagship projects like Net Zero Teesside Power can give the industry foundations to grow. We look forward to powering the station with our advanced H-Class combined cycle technology, as well as proceeding with the first commercial use of our Exhaust Gas Recirculation system and integration technologies, which aim to support carbon abatement by boosting the efficiency and performance of carbon capture.”

Leo Quinn, CEO of Balfour Beatty Group, said: “Net Zero Teesside is a transformational project, underpinning the UK’s transition to cleaner and greener energy consumption and driving regional economic growth in Northeast England. Today’s announcement takes us one step closer to realising this ambitious scheme, which will demonstrate collaboration at its finest and see us unite our unique strengths together with Technip Energies’ world-leading engineering and technology integration skills, Shell's state-of-the-art CANSOLV* CO₂ Capture technology and GE Vernova’s unparalleled power generation knowledge."

Elise H. Nowee, President of Shell Catalysts & Technologies, said: “Being selected as the carbon capture technology provider for Net Zero Teesside Power reflects the proven capabilities of Shell’s CANSOLV* CO₂ technology in delivering substantial, reliable emissions reductions at scale. This project also highlights the strength of our alliance with Technip Energies, which combines Shell Catalysts & Technologies’ expertise in technology licensing with Technip Energies’ excellence in project integration and delivery. Together, we are addressing the growing demand for scalable post-combustion carbon capture solutions. With the potential to capture up to 2 million tonnes of CO₂ annually, Net Zero Teesside Power marks a critical milestone in the UK’s journey toward net zero.”

(1) A “major” award for Technip Energies is a contract award representing above €1 billion of revenue. The award will be included in backlog in Q4 2024.

*CANSOLV is a Shell trademark.

About Technip Energies

Technip Energies is a global technology and engineering powerhouse. With leadership positions in LNG, hydrogen, ethylene, sustainable chemistry, and CO₂ management, we are contributing to the development of critical markets such as energy, energy derivatives, decarbonization, and circularity. Our complementary business segments, Technology, Products and Services (TPS) and Project Delivery, turn innovation into scalable and industrial reality. Through collaboration and excellence in execution, our 17,000+ employees across 34 countries are fully committed to bridging prosperity with sustainability for a world designed to last. Technip Energies generated revenues of €6 billion in 2023 and is listed on Euronext Paris. The Company also has American Depositary Receipts trading over the counter. For further information: www.ten.com

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 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 75,000 employees across 100+ countries around the world. 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.

In the UK, the company runs the only large-scale grid manufacturing facility, as well as numerous other major manufacturing sites. GE Vernova already helps to generate more than 30% of the UK’s electricity through its equipment. Its nuclear business, GE Hitachi, is one of the finalists in the Great British Nuclear competition.

About Balfour Beatty

Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.

We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.

Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.

Contacts

Technip Energies

Investor Relations                                         Media Relations

Phillip Lindsay                                                   Jason Hyonne

Vice-President Investor Relations                     Press Relations & Social Media Manager

Tel: +44 207 585 5051                                       Tel: +33 1 47 78 22 89

Email: Phillip Lindsay                                         Email: Jason Hyonne

Balfour Beatty

Antonia Walton 

+44 (0)203 810 2345

[email protected]

Teesside, the urban region perched on the muddy banks of the River Tees in northeast England, used to be a global beacon of industry. In the mid-19th century, the port of Middlesbrough forged its reputation as “Ironopolis,” boasting nearly 100 blast furnaces that roared away round the clock.

NEW YORK (December 10, 2024) – GE Vernova (NYSE: GEV) today announced that its Board of Directors has declared a $0.25 per share quarterly dividend and approved an initial $6 billion share repurchase authorization. The quarterly dividend will be payable on January 28, 2025, to shareholders of record as of December 20, 2024.

Future dividend declarations will be made at the discretion of the Board of Directors and will be based on GE Vernova’s earnings, financial condition, cash requirements, prospects, and other factors. The share repurchase authorization has no expiration date and may be suspended or discontinued at any time.

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.

Caution concerning forward-looking statements
Certain statements contained in this release may constitute “forward-looking statements” that involve risks and uncertainties. These statements by their nature address matters that are uncertain to different degrees, such as statements regarding our possible future capital deployment, including share repurchase activity and dividends, if any. 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 presentation speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this presentation 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. Future dividends, if any, will be subject to factors noted in this release, and any share repurchases will be subject to similar factors as well as the price, availability and trading volumes of shares of the Company's common stock, which will affect the timing and size of any share repurchases. These factors may cause our actual future results to be materially different than those expressed in our forward-looking statements, and are more fully discussed in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) 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, furnished with the SEC, and 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.

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.