Strong financial trajectory from robust demand and better execution

NEW YORK (December 10, 2024) – GE Vernova (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today hosts its 2024 Investor Update event to present its multi-year financial outlook and frame its capital allocation strategy.

“GE Vernova is well-positioned to lead as the investment supercycle for the energy transition gains momentum,” said GE Vernova CEO Scott Strazik. “Robust demand for our technologies and services, along with better execution through our lean culture, is driving improved financial results. We are driving growth and innovation with $9 billion in cumulative capex and R&D investments planned through 2028, including an approximately 20 percent increase in R&D spend expected in 2025. With growing revenue, margins, and free cash flow, we are building on our strong foundation and deploying a disciplined capital allocation strategy for shareholder value creation.”

“We are executing our financial strategy, and we now expect to generate at least $14 billion in cumulative free cash flow by 2028,” said GE Vernova CFO Ken Parks. “Our large and growing backlog, with healthy margins from services and better equipment pricing, is fueling our trajectory as we raise our 2025 guidance and outlook by 2028. We remain committed to maintaining an investment grade balance sheet as we make organic investments, pursue targeted M&A, and return at least one third of cash generation to shareholders through dividends and share repurchases.”

Financial Outlook
Today, GE Vernova reaffirms its 2024 revenue and free cash flow* guidance and narrows its 2024 adjusted EBITDA margin* guidance range. The company also raises its multi-year financial outlook, previously presented at its Investor Day in March 2024.

(a - Compound annual growth rate through 2028; 2025 is the base year
(b - Represents the expected free cash flow* conversion by 2028

Multi-Year Segment Financial Outlook
GE Vernova also reaffirms its 2024 segment guidance and provides additional multi-year guidance.

Capital Allocation
GE Vernova’s strategic principles for capital allocation include incremental organic investments to drive profitable growth, returning at least one third of cash generation to shareholders, and targeted, bolt-on mergers and acquisitions along with select next-generation technology investments. The GE Vernova Board of Directors has declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of December 20, 2024, and approved an initial $6B share repurchase authorization.

Event Webcast
GE Vernova CEO Scott Strazik and CFO Ken Parks will present live from New York City, beginning at 4:30 PM ET today. The event will also be webcast, and accompanying materials and a replay can be accessed on GE Vernova’s Investor Relations website here.

Non-GAAP Financial Measures
In this document, the Company sometimes uses information derived from consolidated financial data but not presented in its financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission (SEC) rules. These non-GAAP financial measures supplement the Company’s GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons the Company uses these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in this press release and GE Vernova's quarterly reports on Form 10-Q filed with the SEC and any updates or amendments it makes in future filings.

2024 Guidance and Outlook by 2028: Adjusted EBITDA margin*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for adjusted EBITDA margin* in the 2024 guidance and outlook by 2028 without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization.

2024 Guidance: Power segment organic EBITDA margin* expansion​
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measure for Power segment organic EBITDA margin* expansion in the 2024 guidance without unreasonable effort due to the uncertainty of foreign exchange rates.

2024 and 2025 Guidance: Free cash flow*​
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measure for free cash flow* in the 2024 and 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

2025-2028 Outlook: Cumulative Free cash flow*​
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measure for cumulative free cash flow* for 2025 through 2028 without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

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

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

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections included in our information statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission (SEC) on March 8, 2024 as may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls. There may be other factors not presently known to GE Vernova or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statement that we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

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

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

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.

BERLIN, GERMANY (Dec 05, 2024) – GE Vernova Inc. (NYSE: GEV) today announced it has secured a contract from 50Hertz Transmission GmbH, one of Germany’s four transmission system operators, to provide advanced grid-stabilizing technology with an aim to enhance the reliability of Germany’s electrical power grid as it integrates more renewable energy sources.

As part of this contract, GE Vernova will deliver its 300 Mvar FACTSFLEX GFM solution, a Static Synchronous Compensator (STATCOM) solution with Grid Forming Control (GFM). This advanced STATCOM technology provides essential support for maintaining the stability of the power system, especially as variable energy sources like wind and solar are added to the grid. Supported by Grid Forming Control software, this solution is designed to automatically adapt to fluctuations in the grid voltage, keeping the grid stable. The solution will also include transformers, circuit breakers, and protection and control equipment to provide a fully integrated and reliable system.

The STATCOM units are planned to be designed and manufactured at GE Vernova’s grid solutions facilities in Dresden (Germany) and Tampere (Finland), with additional components, including valves, supplied from Stafford (UK) and transformers from Mönchengladbach (Germany). Two STATCOM units will be deployed at 50Hertz’s substation at Siedenbrünzow in Mecklenburg Western-Pomerania and one STATCOM unit at the Röhrsdorf substation in Saxony. 50Hertz operates the electricity transmission system in the north and east of Germany, which it expands as needed for the energy transition. More than 77 substations and switching stations are part of its grid infrastructure. 50Hertz is part of the Belgian-German Elia Group.

Dr. Dirk Biermann, Chief Operating Officer (COO) 50Hertz, said: “STATCOM solutions are a necessary and important element of the energy transition. They provide continuously variable reactive power in response to voltage variations and allow us to strengthen the resilience of our grid as we move forward with renewable energy integration. STATCOM technology supports stabilizing the power grids in an energy system with more and more fluctuating renewable energies and less power plants based on fossil fuels.”

Johan Bindele, Business Leader at GE Vernova’s Grid Solutions business, added, “Our work with 50Hertz demonstrates GE Vernova’s commitment to supporting Germany’s energy transition with high-quality, reliable technology. With our STATCOM solution and Grid Forming Control, we are bringing advanced solutions that help keep Germany’s grid stable as the country moves toward a renewable future. GE Vernova is at the forefront of electrification, dedicated to empowering a sustainable and resilient energy landscape.”

Why STATCOM Technology is Essential for Energy Transition

A STATCOM system acts as a critical stabilizer for the electrical grid, dynamically managing reactive power flow to prevent potential disruptions. As Germany’s renewable energy generation increases, this technology is critical in stabilizing fluctuating energy inputs to achieve uninterrupted power for households and businesses. STATCOM is a part of a broader Flexible AC Transmission System (FACTS) framework, which includes advanced equipment designed to enhance grid flexibility and stability. Without solutions like STATCOM, the grid could face challenges such as voltage instability and power disruptions, particularly as it accommodates variable renewable sources.

By actively responding to grid conditions, GE Vernova’s FACTSFLEX GFM is designed to support the adaptability and resilience needed to meet the demands of Germany’s ambitious energy transition. This solution represents an advanced approach to managing grid balance, providing a smoother transition to a renewable-powered future.

Supporting Germany’s Energy Transition Goals

Germany’s commitment to its energy transition, or Energiewende, is one of the world’s most ambitious. With the goal of sourcing 80% of its energy from renewables by 2030, Germany requires a robust and reliable grid infrastructure to meet the new electrification demands. Projects like these are instrumental in supporting the country’s vision for a lower-carbon, reliable energy future, and GE Vernova is proud to contribute to this mission.

Expanding Local Expertise in High-Voltage Technology

To further support Germany’s energy transition, GE Vernova recently inaugurated its HVDC Competence Center in Berlin, strengthening local expertise and resources for high-voltage technology. This center enhances GE Vernova’s capacity to address the needs of European grid operators, providing innovative, locally driven solutions for complex power challenges.

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Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements 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.

GREENVILLE, SC  (December 2, 2024) – GE Vernova Inc. (NYSE: GEV) announced today that it has secured an order (3Q’2024) with Dominion Energy South Carolina for the modernization of two hydropower units installed at the Saluda Hydro power plant located on the Saluda River in the Southeastern region of the United States, approximately 10 miles west of the city of Columbia, South Carolina. This modernization project will help extend the lifetime, reliability, performance, and operational flexibility of the power plant that has been generating sustainable and reliable power for almost a century.

This new collaboration builds on the long-lasting relationship between GE Vernova and Dominion Energy across all three GE Vernova business segments, Power, Wind and Electrification. Currently, around 70% of Dominion Energy’s fleet leverages GE Vernova’s technology, which can deliver the electricity needed to power the equivalent of more than 7 million households in the US.

In addition to extending the lifetime and enhancing the performance of the plant, the modernization project will help to better maintain the water quality of the Saluda River by increasing dissolved oxygen (DO) through the implementation of GE Vernova’s patented aerating turbine technology. This new equipment oxygenates the water and ensures a minimum level of oxygen, contributing to protect aquatic life and the state’s natural resources. Aerating turbines is one of many examples demonstrating how innovations are being applied to an established industry like hydropower.

Saluda Hydro is an almost-100-years-old power plant that includes five Francis hydropower units. The plant has been in commercial operation since December 1^st, 1930, and its fifth hydropower unit was added in 1971 to increase the output and capacity of the dam to 206 megawatts (MW). At the time, the hydropower dam was built to support the growth of the textile industry in Columbia through affordable and reliable energy supply, and for water supply, flood control, and recreation purposes. The construction of the dam formed a 48,000 acres reservoir called Lake Murray. Today, Lake Murray is used by many South Carolina residents for fishing, paddling, swimming, and picnicking.

"Our current turbines at Saluda Hydro have performed safely and successfully for more than 90 years," said Dominion Energy Vice President of Generation Iris Griffin. "Investing in their replacement will help maintain the facility's long-term reliability and, most importantly, continue to safely serve our customers for many years to come.”

Frederic Ribieras, Hydro Power CEO, GE Vernova, said: “Our team is delighted to bring its advanced solution to a site that has been serving the state for almost a century. This project shows that through both electricity generation and water management, hydropower can provide many benefits to communities, for a very long time”.

GE Vernova’s scope of work includes the Engineering, Procurement, Construction, and Installation of an aerating turbine to replace the Unit 1 and Unit 3 turbines, as well as the rehabilitation of the Unit 3 generator. The first unit is expected to be retrofitted by 2027. GE Vernova has been developing patented and advanced aerating hydropower turbine technology and has been at the forefront of dissolved oxygen innovation with over 20 years of Research & Development. The company implemented several projects in that space, in the United Stated and beyond, such as the High Rock project in North Carolina.

According to the U.S. Department of Energy (DOE)’s report, hydropower currently accounts for nearly 27% of total US utility-scale renewable electricity generation and 5.7% of total US utility-scale electricity generation.

“As one of the oldest sources of renewable energy in the country, the ~100 gigawatts (GW) installed base is aging, and we see large opportunities for modernization projects to enabling to deliver even more renewable energy into the grid and help accelerate the energy transition in the country,” commented Frederic Ribieras

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 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 Hydro Power business produces advanced technologies that harness the power of water to help deliver reliable power to some of the world's largest economies and remote communities.

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.

QUEENSLAND, AUSTRALIA (Nov 26, 2024) – GE Vernova Inc. (NYSE: GEV) today announced it has secured a contract from Powerlink, Queensland’s state-owned transmission utility, to supply essential equipment for their upcoming Capital Work program. Under this agreement, GE Vernova will deliver 69 Dead Tank Circuit Breakers (DTCBs) rated 245 kV and above, supporting Queensland’s renewable energy targets and enhancing power infrastructure resilience.

Powerlink is responsible for building and maintaining Queensland’s high-voltage transmission network and connecting renewable energy sources across the State. Their work is central to Queensland’s commitment to renewable energy, with targets of 70% by 2032 and 80% by 2035, as it facilitates the integration of renewable energy into the grid to support economic growth and sustainability.

Enhancing Grid Reliability with Dead Tank Circuit Breakers

Dead Tank Circuit Breakers (DTCBs) play a crucial role in maintaining stable power transmission by protecting the grid from electrical faults, ensuring continuity of energy flow and minimizing disruptions. They are like powerful “off switches” for the grid, automatically isolating sections of the network during faults or overloads to keep electricity flowing smoothly and protect the system from potential damage.

These devices are especially important for energy transition efforts, as they enable the reliable integration of renewable energy sources, which can be challenging without stable and resilient transmission infrastructure. Without equipment like DTCBs, reliably evacuating renewable energy from generation sites to end-users would be difficult, as fluctuations could disrupt the grid.

GE Vernova’s Dead Tank Circuit Breaker technology is recognized for its reliability and scalability, making it a strong choice for projects that require resilient and high-performance transmission solutions. With approximately 100,000 units installed globally, GE Vernova’s Grid Solutions business has built a trusted legacy of delivering advanced circuit breaker solutions that support renewable energy integration and energy security efforts worldwide.

Scheduled for delivery between August 2025 and March 2026, the DTCBs will be manufactured by GE Vernova’s Grid Solutions business at its factory in Suzhou, China. This global supply chain approach enables timely and efficient delivery to meet the needs of complex, large-scale projects.

Continuing a Successful Track Record with Powerlink

This latest contract builds upon GE Vernova’s longstanding partnership with Powerlink, which includes prior collaboration on localizing DTCB production at GE Vernova’s Suzhou, China facility—an initiative that significantly improved lead times and addressed global supply chain challenges for critical electrical equipment.

The official signing ceremony was attended by Paul Simshauser, CEO of Powerlink and Yeow Keong Lim, Asia Pacific Region Leader for GE Vernova’s Power Transmission business.

Paul Simshauser, CEO of Powerlink, said, “Our commitment to reliable and efficient energy transmission is furthered by partnering with GE Vernova to equip our network with advanced grid technology. This contract will help ensure that Powerlink’s infrastructure can support the ambitious goals of Queensland’s renewable energy investors.”

Yeow Keong Lim, Asia Pacific Region Leader for GE Vernova’s Power Transmission business, added, “We are honored to collaborate with Powerlink on their Capital Work project. This contract highlights GE Vernova’s commitment to providing high-quality, next-generation solutions that support renewable energy transition. Our power transmission equipment are engineered to meet the highest standards of reliability and performance, reflecting our commitment to safe and dependable electrification. We remain dedicated to supporting Australia’s transition to a sustainable energy future through advanced technology that reinforces grid resilience and reliability.”

-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 Powerlink

Powerlink is a leading Australian provider of high voltage electricity transmission network services, combining innovation with insight to deliver safe, cost effective and reliable solutions.

Powerlink is a Government Owned Corporation that owns, develops, operates and maintains the high voltage electricity transmission network in Queensland. Powerlink’s network extends 1,700 kilometres (km) from Cairns to the New South Wales border, and comprises 15,449 circuit km of transmission lines and 152 substations.

Powerlinks purpose is to connect Queenslanders to a world-class energy future, providing electricity to more than five million Queenslanders and 241,000 businesses.

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.

Media Contact – GE Vernova

Anshul Madaan

GE Vernova

Media Relations

[email protected]

+91 8377880468

Paris, FRANCE (Nov 26 , 2024) – GE Vernova Inc. (NYSE: GEV) today announced it has secured an order from SMS group to supply a  modular multilevel converter (MMC)-based direct feed system for SSAB’s 280 MVA electric arc furnace (EAF). The EAF will equip SSAB’s new melt shop in Oxelösund, Sweden.

This contract, which was booked in June 2024, supports SSAB’s stated commitment to delivering fossil-free steel by 2030. The EAF, supported by GE Vernova’s Power Conversion business, is designed to offer enhanced efficiency, a longer lifecycle, and reduced maintenance costs. The advanced technology is expected to help SSAB transition its steel mill to more sustainable operations.

Blast furnaces, which rely on iron ore and coke as raw materials, emit about 2.32 metric tons of CO₂ per metric ton of steel produced. In contrast, the EAF can use up to 100% scrap steel as raw material, reducing emissions to 0.67 metric tons of CO₂ per metric ton of steel. This change can represent a significant reduction in carbon emissions. 

Jan Heimann, Executive Vice President of SMS group, said, "This project is a significant step forward in our journey towards sustainable steelmaking. Powering the furnace with a fast digital control system will enable SSAB to achieve their targets in terms of power quality and efficiency. We are excited to contribute to a project that sets a benchmark for the entire industry.”

Meeting stringent grid requirements

EAFs require a high amount of electrical energy and can hence disrupt the power grid. GE Vernova’s MMC-based direct feed system uses advanced injection-enhanced gate transistor (IEGT) technology, designed specifically for EAFs, which seeks to ensure that the new electric furnace (EAF) operates smoothly and efficiently without disrupting the grid. This system uses advanced technology to maintain high power quality and reliability.

“Our power system was chosen because it helps the Oxelösund plant meet their strict electricity quality standards," said Ed Torres, Business Leader, GE Vernova’s Power Conversion business. "By using our system, the plant is expected to reduce electrical disturbances and operate more efficiently. This is a crucial step towards making steel production more sustainable and reducing carbon emissions in the industry.”

“The system includes two parallel converter lines installed at 300 and 400 meters from the EAF, directly connecting to the 34 kV bus. This setup mitigates flicker, maintains very low harmonics, and ensures a unified power factor,” he added.

The delivery and installation of the equipment are scheduled for the first half of 2026, with the EAF first heat scheduled for the fourth quarter of 2026.

-End-

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, technologies 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 SMS group

SMS group is renowned worldwide for its future-oriented technologies and outstanding service for the metals industry. The company applies its 150 years of experience and its digital know-how to provide the industry continuously with innovative products and processes – even beyond its core business – and generates worldwide sales of around 3.1 billion euros. SMS is the right partner for challenging projects, and supports its customers throughout the lifecycle of their plants, enabling profitable and resource-efficient value creation chains. Paving the way for a carbon-neutral and sustainable metals industry is the company’s stated goal. As a global player with German roots, SMS takes responsibility for its more than 14,000 employees.

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 Power Conversion business provides energy conversion technologies, systems, and services across the power and energy-intensive industries, driving the electric transformation of the world’s energy and industrial infrastructure.

This February, when the National Academy of Engineering named the 114 Americans it was elevating to engineering’s highest honor, it cited Dennis Henneke, of GE Vernova’s nuclear business, GE Hitachi Nuclear Energy, for an imposing achievement: “applying probabilistic risk assessment [PRA] to enhance nuclear reactor safety.” The achievement, a kind of engineering grand slam — arcane complexity and vital real-world importance — was not, Henneke says, the result of a lifelong, noble quest.

Accra, Ghana (November 21, 2024) - In a major advancement for Ghana’s energy infrastructure, the President of the Republic commissioned the Ghana Bridge Power Project yesterday Nov. 19 2024. This modern facility represents a significant milestone in Ghana’s commitment to expanding its power generation capacity while improving fuel efficiency and environmental sustainability. The project is to construct an up to 515MW power plant with a projected cost of $1.2 billion at Kpone, in the Heavy Industrial Area of Ghana.

Bridge Power Project is expected to meet a significant portion of Ghana’s power needs  by contributing more than 7% of the nation’s dependable thermal generating capacity. This significant addition to Ghana’s energy mix can play a crucial role in meeting the increasing demand for power across the nation, supporting both residential needs and industrial growth.

This combined cycle power plant features a first-of-its-kind configuration that uses GE Vernova’s trailer mounted aeroderivative gas turbines, a steam turbine and a Heat Recovery Steam Generator (HRSG) to generate up to 40% more electricity from the same amount of fuel compared to traditional single-cycle plants. By converting what would otherwise be lost as waste heat, this plant improves fuel efficiency while significantly reducing emissions, making it an important step in Ghana’s journey toward energy solutions that generate less carbon emissions.

The celebration of the start of operation of Bridge Power Station marks a first of this kind globally. Five GE Vernova trailer mounted TM2500* aeroderivative gas turbine solutions, and a steam turbine installed at the plant in a combined cycle configuration mark the first-time trailer mounted aeroderivative gas turbines are used in a combined cycle configuration globally. 

Powered by natural gas as primary fuel, the Bridge Power Station can deliver up to 200 Megawatts and it is engineered to be one of the most operationally flexible combined cycle plants in Ghana.

It is owned and developed by Endeavor Energy, a leading US independent power producer focused on Africa and Andaris Energy Limited, a wholly owned Ghanaian energy investment company (collectively, the Sponsors). Endeavor Energy was founded in 2013 to work with host Governments on Just Energy Transition programs to meet  baseload energy demands in West African countries. Endeavor is owned by Denham Capital, Fund VI, an energy and natural resources-focused global private equity fund. Endeavor Energy and its co-sponsors have invested a total of $1.2 billion in Ghana’s energy sector, including the 200MW Amandi TCE Power Plant at Aboadze in Takoradi. The Stage 1 project cost of $611 million was wholly funded by the sponsors and lenders.

The project will sell power to the Electricity Company of Ghana (ECG) under a 25-year Power Purchase Agreement (PPA) backed by a Put Call Option Agreement (PCOA) with the Government of Ghana (GoG). The PPA and PCOA agreements were approved by the Ghanaian Parliament and executed in September 2016, with financial close occurring on November 22, 2018. Under the PCOA, the GoG guarantees certain obligations of ECG in the event of a termination of the PPA by either party. This is the first time this innovative financing arrangement was used in Ghana. Under the PPA, the Project is to deliver power in stages:

• Stage 1, a 200MW combined cycle gas turbine (CCGT) power plant comprises five (5) GE Vernova TM 2500 gas turbines , five (5) once through steam generators (OTSGs), one (1)  steam turbine unit, an air-cooled condenser (ACC) and associated balance of plant. Construction was started in December 2018 by the EPC Contractor, Metlen, formerly Power Projects Sanayi Insaat Ticaret Limited Sirketi (Metka). It was completed and delivered to ECG for commercial operations on 18th July 2024.
• Stage 2, also a CCGT power plant, has a Target Effective Date of September 2025 and a 48-month construction schedule, commercial operations date (COD) is estimated for September 2029. Stage 2 output will be up to 315MW.

GE Vernova’s scope also includes a 25-year service agreement, and Asset Performance Management (APM) software running in the cloud, helping ensure the long-term availability and reliability of the power plant’s gas turbines to support Ghana’s increasing energy demands. APM is a suite of software and services engineered to help optimize asset performance and O&M efficiency across equipment, the plant, and the entire fleet. The portfolio’s application for Reliability, powered by Predictive Analytics, is expected to improve asset productivity to help address the long-term energy security needs in the country.

Notes to editors

*Trademark of GE Vernova and/or its affiliates

**The exhaust is net-zero with respect to CO2; the only CO2 present is from ambient air.

Forward Looking Statements:

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

About GE Vernova:

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

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

For more information, contact:

Maanaa Asiedu
Early Power Limited
[email protected].

Prolec GE celebrates completion of Shreveport facility expansion in support of U.S. energy transition goals

Baku, Azerbaijan (November 20, 2024) – On the sidelines of COP 29, GE Vernova Inc. (NYSE: GEV) announced today that the LM6000* gas turbine, included in the GE Vernova LM6000VELOX* packaged solution is planned to operate on 100 percent hydrogen at the Whyalla hydrogen power plant in the Upper Spencer Gulf, South Australia. GE Vernova announced it has secured an order with ATCO Australia for four LM6000VELOX units with commissioning expected in early 2026. It is projected to mark the first time a GE Vernova power plant project, at commercial scale, is powered by aeroderivative gas turbine combustion technology capable of operating on 100 percent hydrogen.

GE Vernova’s first-of-its-kind aeroderivative gas turbine solution is capable to be powered by renewable hydrogen generated at the Whyalla complex helping to produce zero CO₂ at the gas turbine exhaust during operation when fueled with 100% renewable hydrogen**. The site will include one of the world’s largest hydrogen production and storage plants. When completed, the Whyalla hydrogen facility will utilize South Australia’s surplus renewable energy, generated by large-scale wind and solar farms, to produce renewable hydrogen that will be stored and used to power the four LM6000VELOX units.

“GE Vernova has been investing over the years in R&D to advance the capabilities of its combustion systems to burn higher blends of hydrogen. We are proud to unveil our first 100 percent hydrogen-ready aeroderivative gas turbine solution to support our customers’ decarbonization goals while maintaining grid reliability, which requires the deploying of renewable and conventional power technology in tandem,” said Eric Gray, CEO of GE Vernova’s Gas Power business. “The South Australian Government, through our project partner ATCO Australia, selected GE Vernova as the preferred equipment supplier for its Hydrogen Jobs Plan, and we are honored to work with ATCO Australia and BOC in this first-of-its-kind project, which is a major step in support of South Australia’s renewable energy future.”

Whyalla hydrogen power plant aims to be a new source of flexible power, providing additional grid stability for homes and businesses around the state by utilizing excess renewable energy generated from large-scale wind and solar farms to provide a consistent output of supply. The power plant is expected to deliver a combined capacity of up to 200 megawatts (MW) and tohelp meet electricity demand while ensuring stability of electricity supply in South Australia’s electricity grid during periods when renewable energy sources are not available or are not meeting full demand.

The announcement was made during a signing ceremony at COP 29 attended by Ramesh Singaram, President and CEO of Asia, Gas Power, GE Vernova together with The Hon Peter Malinauskas, Premier of South Australia and John Ivulich, CEO and Country Chair, ATCO Australia.

“GE Vernova is one of the most recognizable brands in the world and has a proven reputation as a supplier of power infrastructure,” said the Premier of South Australia Peter Malinauskas. “More importantly, GE Vernova is capable of producing turbines that can operate at 100 percent capacity on hydrogen. This means we can harness South Australia’s incredible renewable resources and put it to productive use, helping develop a more sustainable electricity supply across our State.”

“With more than 70 percent of energy generated from renewable resources, South Australia is set to become a global leader in producing and utilizing renewable hydrogen and we are delighted to be part of this project that can unlock decarbonization opportunities,” said John Ivulich, CEO and Country Chair, ATCO Australia. “By deploying GE Vernova’s first-of-its-kind aeroderivative solution, able to operate on 100 percent hydrogen, we will support South Australia’s continued energy transition and decarbonization journey, in alignment with the State’s goals outlined in the Government’s Hydrogen Jobs Plan.”

GE Vernova is a world leader in gas turbine fuel flexibility, including over 120 gas turbines that have the capacity to operate or currently are operating on fuels that contain hydrogen, producing more than 530 Terawatt-hours of electricity over 8.5 million hours. GE Vernova’s technology portfolio includes integration capabilities of several systems including renewable power (e.g., wind and solar), energy storage, grid systems to transmit and control electricity, as well as power conversion systems to provide electricity that match the electrolyzer requirements.

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

###

Notes to editors

*Trademark of GE Vernova and/or its affiliates

**The exhaust is net-zero with respect to CO2; the only CO2 present is from ambient air.

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 ATCO Australia and Canadian Utilities
Canadian Utilities Limited and its subsidiary and affiliate companies – including ATCO Australia - have approximately 8,000 employees and assets of $23 billion. Canadian Utilities, an ATCO company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions in Utilities (electricity and natural gas transmission and distribution, and international operations); Energy Infrastructure (energy storage, energy generation, industrial water solutions, and clean fuels); and Retail Energy (electricity and natural gas retail sales, and whole-home solutions). More information can be found at www.canadianutilities.com.

About GE Vernova:

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

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

CAMBRIDGE, Mass. (November 20, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer Scott Strazik and Chief Financial Officer Ken Parks will host an Investor Update event in New York, New York on Tuesday, December 10, 2024, at 4:30 PM EST. Strazik and Parks will provide an update on GE Vernova’s multi-year financial outlook and capital allocation strategy.

The event will be webcast and materials will be available through GE Vernova’s Investor Relations website at https://www.gevernova.com/investors/events/investor-update.

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.