RIYADH, Kingdom of Saudi Arabia (May 14, 2025) – In the presence of HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Donald Trump, President of the United States of America, GE Vernova Inc. (NYSE: GEV) announced initiatives worth up to $14.2 billion for its world class energy equipment technology and services to support power generation and grid stability projects. The announcements include up to $2 billion in backlog or on a reservation agreement as of the first quarter of 2025, with future contracts and memorandums of understanding (MOUs) for agreements spanning across the next four years. The initiatives are expected to play a strong role in supporting the Kingdom to achieve its energy goals under Saudi Vision 2030 and transition to net zero by 2060.

“As the world's energy equipment manufacturer, GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the United States and the Kingdom of Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations. We are thankful for the leadership of both governments for putting energy manufacturing, innovation, and technology front and center, setting the strongest possible precedent for the role of equipment to unlock more solutions globally. We are committed to continuing our work to grow capacity and jobs in the U.S. and beyond to meet these critical needs," said Scott Strazik, CEO of GE Vernova.

Collaborations to accelerate the energy transition and power Saudi Arabia forward

• Saudi Electricity Company (SEC) and GE Vernova announced initiatives spanning the supply of highly efficient and flexible heavy duty gas turbines - built in Greenville, SC, with a deep U.S. supply chain; synchronous condensers and balance of plant equipment that can support grid stability by providing voltage regulation, reactive power, and system strength, supplying crucial inertia to maintain reliable operations as more variable renewable energy is integrated into the system; and capital parts, maintenance and repair services for more efficient and reliable power plant operations.
• Principal Buyer and GE Vernova entered MOUs to supply advanced power generation equipment and services for future projects; commercialize carbon capture technologies; and training and investments in power sector manufacturing, repairs, and research and development (R&D) activities.
• ACWA Power and GE Vernova signed frameworks to collaborate on identifying and exploring potential opportunities to supply high efficiency gas turbines and electrification equipment for projects expected in the Kingdom of Saudi Arabia. ACWA Power is the world's largest private water desalination company, a leader in energy transition, and a first mover in green hydrogen.
• Aramco and GE Vernova announced collaborations to provide maintenance services, repairs, spare parts, and more to support the reliable operations of various power plants around the Kingdom.

With a power generation technology installed base of more than 50 gigawatts, and nearly 90 years of operations in the Kingdom, GE Vernova plays a vital role in Saudi Arabia’s energy transition, supporting economic growth, and fostering talent. The company’s presence in Saudi Arabia includes the GE Manufacturing and Technology Center (GEMTEC) Campus in Dammam - featuring a service and repairs center for gas turbines, a manufacturing facility for heavy duty gas turbines and components, and a research and development cell – as well as an employee base of up to 850 people.

TORONTO (May 8, 2025) - GE Vernova Hitachi Nuclear Energy (GVH), today announced that construction of the first BWRX-300 small modular reactor has been approved by the Province of Ontario and Ontario Power Generation (OPG). The approval clears the way for construction of the first of four planned BWRX-300s at OPG's Darlington site to begin soon with completion of the first unit scheduled by the end of the decade.

“In deploying the first BWRX-300 small modular reactor, Ontario is leading the way globally in the deployment of SMRs,” said Maví Zingoni, CEO, Power, GE Vernova. “Our work with OPG and project partners will serve as a benchmark for the global nuclear industry.”

“As the world looks to adopt SMR technology, we are proud to be embarking on construction of the first BWRX-300 with OPG, AtkinsRéalis and Aecon” said Lisa McBride, Canada Country Leader, GVH. “Ontario's supply chain is expected to contribute significantly to this project bringing substantial economic benefits to the province including the creation of thousands of jobs during manufacturing, construction and operation.

Early site preparation work at Darlington has been completed and in April the Canadian Nuclear Safety Commission granted OPG a licence to construct the first unit.

The 300 MW BWRX-300, a 10^th generation design, builds on decades of real-world boiling water reactor operating experience and innovation, using a standard design, a proven delivery model and GVH’s experience with cross-border regulatory collaboration.

GE Vernova has operated in Canada for more than 130 years and its support for the Canadian nuclear industry dates to the early 1950s when the company helped build the first Canadian nuclear power plant, the Nuclear Power Demonstration (NPD) reactor that became the basis for the entire CANDU fleet.

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About GE Vernova Hitachi Nuclear Energy
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. HITACHI is a trademark of Hitachi, Ltd. used under trademark license. | GE is a trademark of General Electric Company used under trademark license.

CAMBRIDGE, Mass. (May 08, 2025) - GE Vernova Hitachi Nuclear Energy (GVH) announced today approval from the Province of Ontario and Ontario Power Generation (OPG) to proceed with deployment of the first small modular reactor (SMR) in the Western world at the Darlington nuclear site in Ontario, Canada. This milestone marks a significant step forward in advancing nuclear innovation and reinforces GVH’s leadership position in scaling SMRs commercially.

The announcement in Canada has significant implications for other countries considering the deployment of SMRs. The BWRX-300 is built on a standard design and proven delivery model, offering a real, tangible solution to nations seeking to enhance their energy security, reduce carbon emissions, and meet rising energy demand. Countries such as the United States, United Kingdom, Poland and Sweden are already exploring the potential of SMRs like the BWRX-300 to meet their energy needs.

“This historic achievement in small modular reactor technology is more than a milestone, it’s a clear signal that we are ready to meet the moment. As we build toward a more holistic energy future, this achievement with the BWRX-300 shows how innovation in nuclear can deliver reliable, baseload, zero-carbon power generation,” said Scott Strazik, CEO, GE Vernova. “As we confront the challenges of increased demand, energy security and carbon intensity, this milestone reaffirms our commitment to innovation and a more sustainable energy future.”

As the first utility to commit to building a BWRX-300, OPG's experience will serve as a benchmark for other utilities considering SMR projects. Successful deployment at Darlington will demonstrate the feasibility and benefits of SMRs, encouraging broader adoption and investment in this transformative technology.

“The experience and efficiencies gained from deploying the first BWRX-300 at Darlington alongside OPG and our other partners will pave the way for subsequent SMR projects by establishing a proven model for construction and operation,” said Craig Ranson, President & CEO of GE Vernova Hitachi Nuclear Energy. “The standardized design and modular approach of the BWRX-300 enable economies of scale, making it easier and more cost-effective to replicate the construction process at other sites.”

GVH’s BWRX-300 SMR represents a cutting-edge technology designed to deliver reliable and carbon-free power with enhanced safety and efficiency. Each BWRX-300 will provide approximately 300 MW of electricity, enough to produce the equivalent electricity needed to power 300,000 homes while significantly reducing the complexity and cost associated with traditional nuclear reactors.

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About GE Vernova Hitachi Nuclear Energy
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. 
HITACHI is a trademark of Hitachi, Ltd. used under trademark license. GE is a trademark of General Electric Company used under trademark license

Munich, Germany (May 7, 2025) – GE Vernova Inc. (NYSE: GEV) today announced the launch of two key updates to its utility-scale FLEXINVERTER platform:

• The new FLEXINVERTER 1.5kV solution featuring advanced silicon carbide (SiC) technology for utility-scale battery energy storage systems (BESS).
• The expansion of its previously launched 2kV FLEXINVERTER solution for photovoltaic (PV) plants to International Electrotechnical Commission (IEC) markets, following its initial rollout in the United States.

Both developments represent important steps forward in enhancing energy efficiency, reducing project costs, and supporting the transition to a more sustainable global energy infrastructure.

The IEC markets refer to countries that follow International Electrotechnical Commission (IEC) standards for electrical equipment, including most of Europe, parts of Asia, Africa, and other global regions outside North America.

Advancing Efficiency with new inverter solutions

Built on GE Vernova’s proven FLEXINVERTER platform, the new 1.5kV SiC solution is designed to deliver greater electrical efficiency, higher power density, and more compact, lightweight inverter designs that optimize installation space. Silicon carbide technology allows inverters to operate at higher voltages and temperatures, helping reduce energy losses, cooling needs, and system size — ultimately lowering the levelized cost of storage (LCoS) and overall EPC (engineering, procurement, and construction) costs.

At the same time, GE Vernova has expanded its 2kV FLEXINVERTER for PV applications to support IEC markets, offering solar developers significant balance of system (BOS) cost savings through reduced cable sizes, lower energy losses, and improved system efficiency.

Global Manufacturing and Expansion

The FLEXINVERTER platform was developed at GE Vernova’s engineering center in Berlin, Germany, and will be manufactured at facilities in Chennai, India, and Pittsburgh, USA. Earlier this year, GE Vernova announced plans to expand capabilities at the Pittsburgh site, including a new manufacturing line for the FLEXINVERTER platform, expected to create more than 270 new jobs. The Chennai facility will also experience continued growth to support global supply chain needs.

"The introduction of the FLEXINVERTER 1.5kV SiC (BESS) and 2kV PV solutions reflect GE Vernova’s commitment to advancing technologies that meet the evolving needs of the energy industry," said Ed Torres, Business Leader, Power Conversion & Storage, GE Vernova. "Building on our prior success with the 2 kV solar inverter launch, this next step in battery storage technology is expected to deliver improved project economics, higher efficiency, and more sustainable energy solutions. We anticipate initial shipments to begin in the first half of 2026.”

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When Miguel Vicedo was a graduate engineering student in Chicago, he attended a career fair with one idea in mind: the bigger, the better. Large companies, from his perspective, meant large opportunities, especially for someone from a small town who longed to travel and experience different cultures.

Vicedo met a recruiter from GE Vernova and considered how the company checked all the boxes. It was multifaceted and international, a massive business producing giant machines. Sign me up, he said.

Delhi, India (May 01, 2025) – GE Vernova Inc. (NYSE: GEV) today announced it has been chosen by Power Grid Corporation of India Limited (POWERGRID) to supply over 70 extra high-voltage transformers and shunt reactors for key transmission projects across India. The 765 kV class units will support transmission infrastructure for renewable power evacuation projects under India’s Tariff-Based Competitive Bidding (TBCB) framework. The order has been booked through GE Vernova T&D India Limited, listed entity of GE Vernova’s Electrification business in India.

GE Vernova’s scope includes the supply, erection, testing, and commissioning of the equipment. Manufacturing will be carried out at GE Vernova’s power transformer facility in Vadodara, India. Deliveries are expected to begin in 2026 and continue through the end of 2027.

“This is one of the largest order intakes for GE Vernova’s Electrification segment in India and a significant milestone for our Vadodara facility,” said Ruchir Mayank, Commercial Leader of GE Vernova’s Power Transmission business in India. “We are proud to contribute to India’s grid modernization and renewable energy expansion, and we thank POWERGRID for their continued trust in our technology and execution capabilities.”

“These orders reflect the critical role GE Vernova is playing in advancing India’s transmission infrastructure to support global renewable energy goals,” said Sandeep Zanzaria, Managing Director and CEO of GE Vernova T&D India Limited. “As a listed entity in India, we are proud to contribute to national priorities by delivering extra high-voltage technologies that enable a more resilient power systems.”

POWERGRID is India’s largest electric power transmission utility and plays a central role in renewable energy integration. These orders - placed under a bulk procurement strategy - are expected to support high-capacity renewable power corridors in the states of Rajasthan, Gujarat, Karnataka, Tamil Nadu, and Andhra Pradesh.

The project reflects GE Vernova’s ongoing commitment to accelerating the energy transition in emerging markets. By enabling large-scale renewable integration, the initiative also helps enhance energy security and reduce dependency on fossil fuels.

GE Vernova’s Vadodara site has been designing, manufacturing and testing 765 kV class transformers and shunt reactors since 2009. To date, the Vadodara factory has manufactured and supplied more than 700 units across the country to ensure the reliable performance of India’s power network.

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Notes for financial editors:

The order was booked in Q1 of 2025

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.

Sulaymaniyah, IRAQ (April 28,2025) – GE Vernova (NYSE: GEV) announced today the AGP XPAND upgrade, an evolution of its proven Advanced Gas Path (AGP) technology introduced more than a decade ago on the company’s 9E.03 fleet to boost gas turbine capacity. The first AGP XPAND is planned to be installed at the 1,250 MW Bazyan Power Plant —operated by Taurus Energy, a portfolio company of Onex Group, a private energy group with a track record in power generation, utilities, energy trading, shipping, and refining.

The news was celebrated in Sulaymaniyah in the presence of H.E. Qubad Talabani, Deputy Prime Minister of the Kurdistan Regional Government, H.E. Kamal Mohammad Salih Khalil, Minister of Electricity in the Kurdistan Regional Government and Mr. Steven Bitner, Consul General at the U.S. Consulate General Erbil along other senior government officials and local business leaders.

The new technology is engineered to help gas plant power producers and industrial operators increase their 9E.03 gas turbines output by up to approximately 7 percent, with an approximately 1 percent of incremental efficiency, while keeping reliability, availability, and maintenance largely unchanged. In addition, exhaust energy could increase by up to 2.6 percent to produce more steam or power, for combined heat and power (CHP) plants or combined cycle plants, like the Bazyan power plant.

Taurus is welcoming this technology, which could modernize its Bazyan site, powered by four GE Vernova 9E.03 and two 9F.04 gas turbines. The plant is fueled by natural gas as the primary fuel source and light fuel oil as back–up fuel and engineered for base-load operations with an expected lifetime of 25-30 years. The AGP XPAND upgrade is expected to enhance the current capacity and deliver additional much-needed electricity to the Kurdistan Region as well as nearby cities and governorates such as Mosul and Salahaldin.

Additionally, a new 17-year long term service agreement was signed covering four GE Vernova’s 9E units with the first 9E Rotor Life Extension package in Iraq, demonstrating an extension of the strategic collaboration between the two companies.

“We have a long-standing relationship with GE Vernova. For over a decade, we have been utilizing GE Vernova’s technology, and we are proud that Taurus, part of the Onex Group, is leading the way in bringing this breakthrough technology to Iraq,” said Sheikh Saad Tayeb Hasan, Founder & Chairman of ONEX. “By utilizing Kurdistan Region’s natural gas resources and power generation capacity, we are laying the foundation to create an energy hub. Through projects like Bazyan, we can contribute to the efforts to meet local energy needs as well as transmit additional power to other parts of the country. Our celebration today truly confirms GE Vernova’s long-term commitment to Iraq.”

Latest Game Changer in AGP technology

Built on 9E’s fleet experience and the technical improvements from the 9E.03 AGP, AGP XPAND components have evolved by making additional updates to the materials and sealing of AGP components, enabling a substantial increase the firing temperature above that of the 9E AGP. These components were engineered by GE Vernova’s teams in Greenville, South Carolina, United States and in GE Vernova’s Engineering Center in Warsaw, Poland. They are produced at the company’s Manufacturing Excellence Centers in Belfort, France and Vereseghyaz, Hungary.

“With over 730 units deployed worldwide, half of which are installed in the Middle East and Africa, GE Vernova has the largest operating and most experienced E-class fleet in the world and confirms its commitment to keep its mature fleets competitive in today’s very dynamic marketplace,” said Amit Kulkarni, Head of Product Management & Strategy, Gas Power at GE Vernova. “Improving existing technologies is the fastest way to inject power to the grid. The modernization of the current 9E.03 installed base can boost the power output and efficiency of existing 9E.03 gas turbines across the world. This would lead to a possible cumulative increase of up to 5 gigawatts of electricity at the global level, and a combined more than $100* million in fuel savings annually for the same baseline output, while opening up the potential for an aggregate incremental profitability of up to $310 million annually due to the new power capacity*.”

GE Vernova 9E.03 units using natural gas, distillate oil or ash-bearing fuels, both in a simple or combined cycle configuration, can be upgraded to AGP XPAND during a typical hot gas path or major inspection.

“We are delighted to celebrate the new long term service agreement and the installation of our new upgrade at the Bazyan power plant,” said Joseph Anis, President & CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa. “We trust this upgrade represents an excellent solution for countries like Iraq, which have a large 9E.03 installed base and pressing needs to meet growing energy demand. We are delighted to work with Taurus Energy on this essential project as reliable operations at strategic facilities, such as the Bazyan power plant, are crucial to sustain economic development efforts across the country.”

GE Vernova has supported the development of energy infrastructure in Iraq for 60 years and helped to build and service power plants and grid substations. It has added more than 19 GW of power capacity since 2011, built and energized more than 30 substations since 2015, and mobilized over $3 billion in financing for energy projects since 2015.

* Considering the entire 9E fleet, using 4,000 hours / years of operation, fuel price of $3/MMBtu, and electricity price of $40/MWh

** Incremental profitability due to additional output (the additional revenues, minus the additional fuel costs, which are needed to generate the additional MW)

END

Notes to editors

Financial Editors:  Please note this order was booked in the first quarter of 2025

CHARLOTTE, N.C. and CAMBRIDGE, MASS. (April 24,2025) – Duke Energy (NYSE: DUK) and GE Vernova (NYSE: GEV) announce a significant partnership for natural gas turbines and other associated equipment to meet the growing needs of advanced manufacturing, data centers and population growth.

The arrangement between the companies includes a plan to advance specific projects for up to 11, 7HA gas turbines consistent with Duke Energy’s integrated resource plans. This will help the company meet its business strategy to provide reliable energy and keep customer costs as low as possible, as well as meeting even the most robust growth scenarios in the future. This is in addition to the eight recently secured 7HA gas turbines.

“As we continue to experience unprecedented growth in our service territories, securing the necessary materials to build critical infrastructure and meet the energy demand is integral to delivering value for our customers and other stakeholders,” said Duke Energy President and CEO Harry Sideris. “We value our collaboration with forward-thinking partners who assist us in advancing our energy modernization strategy.”

The agreement is made possible because of the previously announced expansion of GE Vernova’s Greenville, S.C. facility to accommodate historic demand for gas turbines from new and existing customers. The expansion, which is part of a nearly $600 million investment in U.S. manufacturing over the next two years includes a nearly $300 million investment in its Gas Power business in the U.S. These investments will replace legacy manufacturing processes with lean manufacturing lines, supporting increases in supplier capacity, creating more than 1,500 new jobs in the country and other enhancements.

“This arrangement with Duke Energy and the significant expansion of our U.S. manufacturing facilities illustrate our ability and commitment to developing innovative solutions that our customers require to meet today and tomorrow’s energy demands,” said Scott Strazik, CEO, GE Vernova. “We are proud to be able to supply these Greenville, SC manufactured gas turbines to a leading U.S. energy company and service to its consumers,”

Locating these new assets at Duke Energy facilities enables them to utilize existing infrastructure, including transmission capabilities, significantly reducing cost and speeding time to market.

Duke Energy 
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

America’s demand for electric power is surging and, with it, the need to move electrons around the country. Nowhere is that trend more tangible than at GE Vernova’s Grid Solutions factory in Charleroi, Pennsylvania, a sprawling 332,000-square-foot facility that has been making high-voltage instrument transformers and high-voltage circuit breakers, key components of the electric grid for more than three decades.

Today, GE Vernova released its first quarter 2025 financial results. We had a strong start to 2025 with continued growth, margin expansion and significant cash generation, while executing our disciplined capital allocation strategy. We are reaffirming our 2025 financial guidance, including the impact of tariffs as currently outlined and resulting inflation, net of mitigating actions.