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

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

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

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

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

-ENDS-

Forward Looking Statements

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

About GE Vernova

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

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

Media Contact

Anshul Madaan

GE Vernova

Media Relations

[email protected]

+91 8377880468

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[1] Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure 

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

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

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

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

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

CAMBRIDGE, Mass. (September 11, 2024) – GE Vernova Inc. (NYSE: GEV) today announced the launch of its new 6 MVA, 2000-volt direct current utility-scale inverter, with a multi-megawatt pilot installation in North America. This initiative is aimed at further reducing solar energy costs and accelerating the transition to renewable energy and decarbonization.

A History of Innovation in Solar Inverters
In 2012, GE Vernova was the first to introduce the 1500 Vdc inverter to the market, helping customers reduce the cost of renewable energy through more efficient solar farm layouts. Now, with the 2000 Vdc architecture, the company is once again leading the way by further reducing the levelized cost of energy (LCoE) for solar PV installations. The inverter can boost power output by 30% within the same footprint, reducing costs and improving scalability for solar farms.

“At GE Vernova, we are driving the next generation of utility-scale solar solutions,” said Ed Torres, Business Leader, GE Vernova Solar & Storage Solutions business. “Inverters are critical to increasing solar capacity and ensuring efficient energy conversion. Our latest innovations will help solar farms maximize output and reliability, playing a key role in meeting growing energy demands and advancing renewable energy adoption.”

Solar inverters are key components of photovoltaic (PV) plants. The technology converts DC power produced by solar panels to AC power, which is then fed into the main grid. The FLEXINVERTER 2000 Vdc (also known as FLEXINVERTER 2 kVdc) is the latest addition to GE Vernova’s FLEXINVERTER portfolio.

Collaborating for a Renewable Future
GE Vernova’s FLEXINVERTER 2000 Vdc is set to debut in a multi-megawatt solar park as a pilot installation in North America, expected to be operational by Q1 2025. The company is collaborating with Shoals Technologies Group™ and an industry PV module supplier on this project. GE Vernova will provide the 2000 Vdc inverter for the solar park, while Shoals Technologies will supply the electrical balance of system solutions. The other collaborating supplier will provide the PV modules.

“We’re thrilled to be part of this collaboration with other solar innovation leaders,” said Jeff Tolnar, President of Shoals Technologies Group. “We believe this effort moves the market towards an even lower cost of solar deployments which we anticipate will spur adoption and further advance solar as the most economical alternative to fossil fuels.”

###

Notes to Editors:

More details about GE Vernova’s FLEXINVERTER 2000 Vdc can be found here.

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 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 Shoals Technologies
Shoals Technologies Group is a leading provider of electrical balance of systems (“EBOS”) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: https://www.shoals.com.

CAMBRIDGE, Mass. (September 10, 2024) – GE Vernova Inc. (NYSE: GEV) today announced the launch of its advanced containerized solution for Battery Enabled Energy Storage (BESS) - the RESTORE DC Block - which offers enhanced safety, efficiency, flexibility, and long-term performance. With a capacity of 5MWh and enhanced duration range of 2-8 hours, the solution offers the ability to support multiple grid use cases for utility-scale renewable and energy storage projects.

RESTORE DC Block is a core component of GE Vernova’s FLEXRESERVOIR solution - an integrated system combining battery storage, power electronics, and advanced controls - that is designed to support seamless integration of renewable energy sources like solar and wind. By storing surplus energy during periods of high generation and releasing it when demand peaks, it ensures a more reliable and efficient grid.

“Our new RESTORE DC Block is engineered not only to meet the stringent technical requirements of modern grids but also to prioritize safety, quality, delivery, and cost,” said Ed Torres, Business Leader, GE Vernova’s Solar & Storage Solutions business. “This solution demonstrates our ongoing commitment to driving the energy transition by offering flexible, high-performance storage solutions that enhance renewable energy integration while driving down the Levelized Cost of Storage (LCOS).”

Key features of the RESTORE DC Block include:

Safety First: Equipped with comprehensive fire protection systems, the RESTORE DC Block ensures a high standard of safety. The system is designed to mitigate potential hazards while offering defense against cyber threats, ensuring more secure and reliable operations in all environments.

Advanced Digital Technology: Integrated intelligent thermal management and high-speed edge analytics provide precise monitoring of the system’s state-of-charge, state-of-health, and state-of-safety, enhancing operational efficiency and reliability. The system also features zero-touch commissioning for quick, hassle-free deployment.

Performance and Longevity: Powered by liquid-cooled LFP (Lithium Iron Phosphate) cells, the RESTORE DC Block delivers an industry-leading 93%+ round-trip efficiency (RTE), is capable of executing multiple back-to-back cycles, and is designed to offer consistent performance over a 25-year life. It operates reliably in a broad range of temperatures from -30°C to 50°C, making it suitable for diverse climates and geographies.

Flexible Installation & Augmentation: The system is designed for versatility, supporting back-to-back and side-to-side configurations to optimize space. It also features both AC and DC augmentation options, allowing for customized scalability with a usage-based capacity guarantee.

The RESTORE DC Block can empower utility companies, renewable energy developers, and grid operators by delivering greater grid resilience, reducing energy costs, and optimizing renewable energy integration, thereby accelerating the transition to a dispatchable clean energy future.

For more information about the RESTORE DC Block and how it can support energy needs, visit our website

-ENDS-

Notes to Editors:

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

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

GE Vernova’s 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.

Athens / Bucharest (September 10, 2024) - GE Vernova Inc. (NYSE: GEV) announced today that it has entered into an agreement with Public Power Corporation Renewables (PPC R) to supply, install and commission 23 of GE Vernova's 6.1 MW - 158m* turbines for a wind farm in Vaslui County, Romania. The deal, which was booked in the second quarter of 2024, expands the presence of GE Vernova’s Onshore Wind business in Romania by adding 140 MW to the company’s existing installed base of more than 700 MW in the country.

Initial deliveries for the project are scheduled for the first half of 2025, and the project is expected to achieve full operation by the end of next year. When completed, the project is expected to provide enough energy to power the equivalent of approximately 62,000 households.

The agreement aims to enable both companies to support Romania in its goal of adding significantly more renewable energy by 2030.

Gilan Sabatier, Chief Commercial Officer for GE Vernova’s Onshore Wind business in International Markets, said: “We are honored that PPC Renewables has chosen GE Vernova turbines for their Vaslui project in Romania. The project is expected to support Romania’s energy strategy and the country’s plans to install an additional 5 GW of wind by 2030, while enabling GE Vernova to achieve its mission of delivering industry leading technology to electrify and decarbonize the world. This project reinforces our ongoing commitment to help lead the energy transition in the European Union, where we have a long history, have installed thousands of wind turbines, and are using our latest technology in projects like this.”

Konstantinos Mavros, PPC Renewables CEO & PPC Group Deputy CEO of RES, said: “We are grateful for signing a new supply agreement with GE Vernova, for the implementation of our emblematic wind park in Vaslui County (Romania), which consists of 23 wind turbines of total installed power of 140 MW. Our energy portfolio is gradually expanding into new countries setting PPC as the largest clean energy company in Southeast Europe with 4.7 GW production capacity from renewables, projects of 2.8 GW under construction or at the Ready to Build stage, and a project pipeline of 20 GW.”

GE Vernova's Onshore Wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to its customers' success for more than two decades, its product portfolio offers next-generation technology that leads with high-powered turbines to enable high-quality scale and drive decarbonization through affordable and sustainable generation of renewable energy.

###

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

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

GE Vernova’s Wind segment is focused on delivering a suite of wind products and services to help accelerate a new era of energy by harnessing the power of wind. The business comprises the Offshore Wind, Onshore Wind, and LM Wind Power businesses. Technologies provided to customers include the Haliade-X platform, our offshore wind turbine, and the next generation high efficiency 3-megawatt onshore wind turbine, as well as maintenance solutions and life extension optionality.

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

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

LONDON (September 9, 2024) - GE Vernova’s nuclear business, GE Hitachi Nuclear Energy (GEH), has signed a series of Memorandum of Understanding (MoUs) with Aecon, AtkinsRéalis, Jacobs and Laing O’Rourke.

These arrangements mark another step forward in GEH’s potential deployment of its BWRX-300 technology in the UK, as it continues to progress through Great British Nuclear’s (GBN) ongoing small modular reactor (SMR) selection competition.

Aecon is the provider of construction services, including project management, construction planning and execution for Ontario Power Generation’s Darlington New Nuclear Project while AtkinsRéalis is serving as architect and engineer for the project. Construction at Darlington is expected to start in 2025 with commercial operation to commence by the end of 2029. These MoUs enable GEH to leverage lessons learned from the project to enhance progress in the UK.  

Additionally, GEH’s ongoing collaboration with Jacobs can facilitate best-in-class design capabilities tailored to the UK environment while the MoU with UK-based Laing O’Rourke will see it support the development of the programme, drawing on its sector leading knowledge of modern methods of construction.

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.

Andy Champ, GEH UK Country Leader said: “Strategic relationships like these lay further foundations for the successful roll-out of our BWRX-300 technology in the UK. These MoUs underscore our desire to work closely with the UK nuclear supply chain as the SMR competition progresses, which can play a key role in helping Britain become a clean energy superpower.

“Given our BWRX-300 reactor is planned for deployment in Canada, collaborating with best-in-class experts across the industry puts us in an even stronger position to reliably deliver this technology for the best value for money. It also furthers our confidence in our ability to work with Great British Nuclear to bring our SMR technology to market.”

Thomas Clochard, Executive Vice President, Nuclear & Civil, Aecon Group Inc. said: “Aecon’s extensive nuclear experience and technical knowledge spans five decades and we are well positioned to play an important role in building the next generation of nuclear infrastructure to ensure clean, reliable and affordable electricity for future generations. Aecon is at the forefront of advancing the energy transition, including through nuclear power, as the Canadian constructor of North America’s first grid-scale SMR – building the first-of-a-kind GEH BWRX-300 SMR and delivering the two largest ongoing nuclear refurbishment projects in North America. Aecon is proud to bring its full spectrum of nuclear construction and project management services, as well as unique fabrication and execution solutions to support the future deployment of SMRs in the UK working with GEH, Great British Nuclear and our partners.”

Joe St Julian, President, Nuclear, AtkinsRéalis, said: “AtkinsRéalis has been working closely with GEH and our partners at Darlington to deliver the first commercial, land-based SMR in the western world. As a global partner to GEH, we look forward to leveraging our experience at Darlington and bringing our broader knowledge and experience in new nuclear build programmes to ensure GEH’s nth-of-a-kind UK project delivers efficiently and safely to support UK government’s aspirations of 24GWs of nuclear before 2050.”

Dawn James, Jacobs Vice President, said: “We will assist GEH to build relationships of trust with government and regulators, de-risk the program and secure the GDA statements on time. We have held trusted supplier status on all major UK nuclear licensing applications since 2007, drawing on a deep understanding of both the GDA process and the associated site-specific regulatory requirements for new nuclear power stations. Our work with GEH will progress our joint aim of ensuring the UK’s energy security and building a more connected and sustainable world.”

Allan Gregory, Laing O’Rourke’s Nuclear Delivery Director, said: “As a proud member of the UK’s new nuclear supply chain, we are committed to helping the UK Government achieve its 2030 clean energy mission. We are delighted to be working with GEH to support its plans to deploy its BWRX-300 small modular reactor in the UK. We will harness our knowledge of modern methods of construction, as well as our established supply chain partnerships, to provide delivery certainty for GEH’s technology.”

Building on a long and deep history in the UK, GE Vernova has a significant local footprint with four manufacturing facilities and more than 30 percent of the country’s electricity currently powered by its technology. GEH is committed to developing a robust UK supply chain for its BWRX-300 deployment having held a SMR supply chain conference in Sheffield earlier this year, which was attended by over 150 UK businesses.

Separately, in January 2024 GEH received a £33.6 million Future Nuclear Enabling Fund (FNEF) grant from the UK Department for Energy Security & Net Zero (DESNZ). In conjunction with the awarding of this grant, GEH entered the Generic Design Assessment (GDA) process for the BWRX-300.

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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.

Waukesha, WI – September 3, 2024 – Prolec-GE Waukesha, Inc., a business unit of global energy infrastructure leader Prolec GE, today announced its acquisition of the remaining equity stake in Menk USA LLC, a leading North American manufacturer of cooling radiators for power grid transformers. 
Having been a partial owner of the company since 2002, Prolec GE Waukesha has now acquired complete ownership of Menk USA from Germany-based Menk-Schmehmann Group, one of the world’s leading specialists for complex tube forming, welded assemblies and steel structures for mobile cranes. This acquisition will allow Menk USA to become fully integrated into Prolec GE’s components portfolio, bolstering the company's supply chain resiliency and enhancing its strategic capabilities.​

​Prolec GE has enjoyed a successful relationship with Menk USA since 2002, with Menk being a high quality, reliable supplier. The decision to acquire full ownership aligns with Prolec GE's strategic vision 
to secure critical supply chains and collaborate with customers and suppliers to strengthen the U.S. market’s availability of key transformer components.​ Menk-Schmehmann Group’s shareholders expressed gratitude for the Menk USA team’s achievements over the last 20 years and excitement for what this acquisition means for the company and its employees.

​Ricardo Suarez, CEO of Prolec GE, stated, “This acquisition marks another milestone in our evolution. Menk USA ​has been a valuable ally, and now, as a fully integrated entity, we are excited to leverage our combined strengths to drive innovation and deliver enhanced value to our customers. We are confident that this strategic move will further solidify our position as industry leaders and generate new business opportunities for our company.”​

​Chip Donahue, CEO of Menk USA, commented, “We have had a productive and successful relationship with Prolec GE for over 20 years. Now, by integrating into the Prolec GE business, Menk USA is in an optimal position to better serve our existing customers while exploring new opportunities for expansion and development. We look forward to continuing our mission of providing the highest quality radiators in the market under the guidance and resources of Prolec GE.”

About Prolec GE​

Prolec GE is a joint venture between Xignux and GE Vernova, internationally recognized for quality manufacturing and reliable performance for over 25 years. The company is an electric industry leader 
in the Americas with eight manufacturing facilities strategically located in Mexico, the United States, and Brazil and an installed product base in over 35 countries. Its broad power transformer services offering 
in the U.S., as well as its wide variety of high voltage transformer components, complement Prolec GE’s full line of transformer solutions for the generation, transmission, and distribution of electrical energy for utilities, co-ops, municipalities, renewable project developers, data centers and original equipment manufacturers. ​

​As a leading supplier in the industry, Prolec GE embraces its commitment to providing an exceptional customer experience, superior quality products, comprehensive solutions and on-time deliveries while actively developing innovative, responsible, and sustainable solutions to solve the industry’s challenges. To learn more, visit www.prolec.energy/prolecge or follow us on LinkedIn.​

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About Xignux 

Xignux is a leader in the energy and food industries. Based in Monterrey, Mexico, we manage a variety of companies that energize life and society to contribute to a better world, thanks to the hard work and talent of more than 30,000 employees in Mexico, the United States, and Brazil.​

​In the energy industry, Viakable offers electrical conductors, and Prolec specializes in energy transformation and delivery. In the food sector, Qualtia provides a wide portfolio of cheeses, cold cuts, meats, and food service, while BYDSA produces savory snacks. Through its Social Responsibility model and the Xignux Foundation, the company also contributes to society´s sustainable development with active participation in four priority areas: energy, nutrition, education, and community development.​

​Xignux was founded 68 years ago and the solutions from its companies reach over 35 countries. Learn more about us at www.xignux.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 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 Menk-Schmehmann Group

Menk-Schmehmann Group: Over 75 years of innovation and precision in metalworking

The Menk-Schmehmann Group, consisting alongside Menk, of the companies Schmehmann and Schäfer-Menk, has stood for outstanding expertise and innovative solutions in metal processing for over seven decades. With deep-rooted expertise and state-of-the-art machinery, the group has established itself as one of the leading specialists for complex tube forming, welded assemblies and steel structures for mobile cranes.

Schmehmann: Tradition meets high-tech in Bad Marienberg

For over 75 years, Schmehmann (www.menk-schmehmann.de), based in Bad Marienberg Germany, has been a reliable partner for the most demanding projects in pipe forming and welding technology. The company's strength lies in its proven blend of decades of experience and state-of-the-art technology. 
This approach enables Schmehmann to meet even the most complex requirements of its customers and to realize projects with the highest precision and quality.

Schäfer-Menk: Premium solutions for mobile cranes and construction machinery

Schäfer-Menk (www.schmenk.cz), based in Czech Republic, is the premium partner for the manufacture of steel structures for mobile cranes, construction machinery and handling equipment. The company is characterized by its proactive and innovative approach, which enables it to always deliver the best solutions for its customers. Schäfer-Menk's key competencies include innovation and industrialization 
in the field of welding. A lean organizational structure ensures a continuous increase in productivity 
and efficiency.

(formerly a joint venture between Dussur and GE Vernova)

DAMMAM, Saudi Arabia (September 02, 2024) - The Saudi Arabian Industrial Investments Company (“Dussur”) successfully divested its 55% ownership stake in General Electric Saudi Advanced Turbines (“GESAT”) to GE Vernova Inc. (NYSE: GEV), bringing GE Vernova’s ownership to 100% in GESAT.

Since its establishment in 2017, GESAT has played an important role in meeting the Kingdom's demand for gas turbines, specifically through the localized completion of high-performance F-class and H-class gas turbines, and the manufacturing of post cast components and accessory modules.

GESAT is a successful joint venture that is supplying gas turbines and has manufactured more than 200 gas turbine modules to support power generation plants in up to 10 countries around the world, including Saudi Arabia.

In addition to GESAT’s above accomplishments, the company placed a great focus on transferring technological and industrial knowledge through trainings of Saudi cadres on gas turbine assembly and manufacturing processes. The trainings were completed at both GE Vernova’s Greenville site in the United States and the Belfort site in France.

“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents; and transfer knowledge in the field of gas turbine  technology,” said Dr. Raed Alrayes, Chief Executive Officer at Dussur.

He also noted that, “Dussur’s investment policy is to enter partnerships that establish transformational industries that the Kingdom needs or support its supply chains. After ensuring the stability and maturity of these industrial capabilities, Dussur exits with the aim of renewing its investments into new industrial opportunities of greater value to the local economy. Today, we are proud of the industrial capabilities that distinguish GESAT and can further grow under the sole ownership of GE Vernova.”

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa, said, “GE Vernova has been honored to partner with Dussur on GESAT since 2017. We have a strong legacy of almost 90 years of contributions to the development of Saudi Arabia’s energy infrastructure, with up to 580 employees in the Kingdom today. We intend to continue supporting economic diversification, localization, high value exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030. We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.” 

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate approximately 25% of the world's electricity and has a meaningful role to play in the energy transition in Saudi Arabia and around the globe.

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About the Saudi Arabian Industrial Investments Company (Dussur)
The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment Fund (“PIF”), Aramco, and Sabic, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

Visit us at www.dussur.com, LinkedIn & X: @Dussur; For more information, you may contact us through: [email protected]

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

CAMBRIDGE, Mass. (August 30, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer Scott Strazik will present at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California on Thursday, September 12, at 8:10 AM PST. Strazik will speak to investors in a fireside chat, highlighting how GE Vernova is well-positioned to serve growing electricity demand and continue delivering value for stakeholders.

The conference webcast and replay will be available through GE Vernova’s Investor Relations website at https://www.gevernova.com/investors/events/morgan-stanley-laguna-conference-0.

Additional information

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

About GE Vernova

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

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