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.​

​
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.

###

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/ 

JAKARTA, INDONESIA (August 30, 2024) – On the heels of GE Vernova’s 100^th HA gas turbine commissioned globally announcement,  GE Vernova Inc. (NYSE: GEV) celebrated today the start of commercial operation of PLN Indonesia Power (PLNIP)’s 780-megawatt (MW) Tambak Lorok Combined Cycle Power Plant Block 3 (“Tambak Lorok”), in Tanjung Mas, Central Java. With the highest energy consumption among the Southeast Asian Nations, Indonesia’s energy use is set to rise significantly as its economy and population grow. Powered by GE Vernova’s HA combined cycle equipment, the plant can deliver the electricity needed to power the equivalent of approximately 5 million homes in Indonesia.

To support Indonesia’s climate and energy transition agenda, the government of Indonesia has pledged to stop commissioning new coal power plant and to achieve net-zero emissions by 2060 or earlier, Indonesia is targeting to retire the entire fleet of coal plants by 2040*.

“Tambak Lorok project represents a milestone for Indonesia, adding to the system a large-capacity plant that brings stability to the country's electricity matrix,” said Edwin Nugraha Putra, CEO of PLN Indonesia Power. “Tambak Lorok is in line with the national energy policy to lower emissions from the power sector. As more coal fired plants are retired, the need to add more reliable and flexible power that provides greater grid stability is essential. We trust GE Vernova, Marubeni Corporation and Hutama Karya, as the EPC, have delivered the highest standard of quality and safety in building this power plant that will provide reliable and more sustainable electricity to the Java grid.”

Tambak Lorok is powered by GE Vernova’s advanced equipment, namely a 9HA.02 gas turbine, a STF-D650 steam turbine, GE Vernova’s Once Through (OT) HRSG and balance of plant equipment. In addition to the core power plant equipment delivered in a turnkey combined cycle configuration, GE Vernova is contracted to provide a holistic solution including a 15-year service agreement to manage all aspects of the project’s lifecycle, training and maintenance management to enhance operational performance and increase the reliability of Tambak Lorok plant. The training will support skills development and knowledge transfer to improve the capability of PLN IP’s operations team.

“Our HA technology has been selected to increase power generation capacity in Indonesia and support its decarbonization process,” said Ramesh Singaram, President and CEO, Asia of GE Vernova's Gas Power. “In our commitment to support Indonesia’s power development and economic growth, our HA technology offers the lowest emissions in the industry to give our customers, like PLN Indonesia Power, the ability to reduce fuel consumption while lowering carbon emissions, moving forward this technology will help transition to net-zero carbon emissions.”

With GE Vernova’s H-class leading technology the plant has a lower emissions impact with up to 60% less emissions compared to other plants of the same size powered by diesel, coal and other fossil fuels. In addition, to further advance decarbonization utilizing gas power, H-Class gas turbine portfolio currently has the capability to burn up to 50% by volume of hydrogen when blended with natural gas with an expected roadmap to 100% in the future.

###

Notes to editors

* Irena Energy Transition Outlook 

© 2024 GE Vernova and/or its affiliates. All rights reserved.
GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

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.

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.

Paris, FRANCE – August 29, 2024 – GE Vernova announced today that its Grid Solutions business will manufacture, deliver and commission the world’s first 245 kilovolt (kV) SF₆-free gas-insulated substation (GIS) for RTE in France. Grid Solutions will deploy its advanced B105 SF₆-free GIS, a solution that will support RTE in replacing sulfur hexafluoride, SF₆—a gas with a global warming potential 24,300 times greater than CO₂—with its g³ alternative. g³ allows for about 99% reduction in CO₂ equivalent of the gas contribution to global warming compared to SF₆.

This pilot project is part of RTE's objective to reduce the carbon footprint of transmission infrastructure by using alternatives to SF₆, while enabling energy transition by connecting low carbon energy. One 245 kV SF₆-free B105 GIS will prevent the addition of approximately 20,000 tons of CO₂ equivalent to its high-voltage grid. The gas-insulated substation will also include Grid Solutions’ SF₆-free F35g 145 kV, which already benefits from six years of return on experience.

Developed by GE Vernova’s Grid Solutions business, the 245 kV B105 Dual Gas GIS is co-funded by the EU’s LIFE Program, the European Union’s funding instrument for the environment and climate action. The 245 kV B105 Dual Gas GIS is a result of Grid Solutions’ research funded by the LIFE21 project named LIFE SF₆-free GIS. This three-and-a-half-year research project aimed to develop a 245 kV substation that is SF₆-free and compatible with both SF₆ and g³ gas. The substation can support networks up to 245 kV for onshore and offshore power generation and transmission, as well as energy-intensive industry applications.

GE Vernova’s Grid Solutions business launched the B105g GIS as part of its new GRiDEA decarbonization product portfolio launched at the CIGRE 2024 conference at the Palais des Congrès in Paris. Its g³ technology serves as an alternative to sulfur hexafluoride (SF₆), an insulating and switching gas that has been the industry standard used for decades in high-voltage substation equipment. Identified as a very potent greenhouse gas by the 1997 Kyoto Protocol, SF₆ contributes 24,300 times more emissions than CO₂ if leaked and can remain in the atmosphere for up to 1,000 years.

Commenting on the ground-breaking development, Khalid Abdallaoui, Executive Director in Charge of Asset Management and Investment Program at RTE, said, “The needs of the French electricity network are significant in the coming years. The decarbonization challenges are substantial and RTE is working with all manufacturers to promote and implement technologies that will make it possible to achieve Net Zero by 2050. In 2023 we anticipated the availability of a 245 kV SF₆-free GIS in the near future. Today, we are keen to be the ones that might install the world’s-first 245 kV SF₆-free substation, the B105g GIS, on our high voltage grid.” 

“RTE’s 245-kV SF₆-free GIS substation project is proof of the market’s acceptance of our SF₆-free technology as a game-changing alternative,” said Vera Silva, CTO of GE Vernova Electrification. “With the launch of our B105g GIS, we are only one step away from completing our SF₆-free GIS range allowing transmission system operators in Europe and elsewhere to significantly reduce the carbon footprint of their substations by replacing SF₆ with g³ gas mixture as soon as they feel ready to proceed. The SF₆-free GIS range up to 420 kV is expected to be completed in 2026 with the 170 kV F35 Dual Gas GIS,” she added.

GE Vernova’s Grid Solutions business’s g³ products feature the same high performance and reliability as SF₆ equipment but with a significantly reduced impact on global warming over their lifetime. According to life-cycle assessments (LCAs), based on international ISO 14040/14044 standards, they deliver a lower carbon footprint over a 40-year substation life cycle compared to the use of SF₆ products. This reduced impact is achieved due to a reduction of about 99% of the gas contribution to global warming compared to SF₆. Additionally, because these SF₆-free switchgear have the same compact dimensions as SF₆ equipment, they are designed to require no increase in emissions during the manufacturing process due to additional raw materials.

The 245 kV B105 Dual Gas substation project is one of several substation projects by RTE implementing SF₆-free products (from 145 kV to 400 kV). Over the past years, after the successful implementation of its Grimaud substation, the French transmission system operator has ordered the construction of multiple F35g 145 kV g³-gas insulated substations, T155g 420 kV GIS, and GL312g 145 kV live tank circuit-breakers for its air-insulated substations.

Both development and manufacturing of these SF₆-free products will take place in France.

To learn more about GE Vernova’s Grid Solutions business’s high-voltage SF₆-free substation equipment, visit its website.

-ENDS-

Notes to Editors:

Complete portfolio of GRiDEA 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 RTE

The French electricity-transmission-system operator, RTE, provides a public service: guaranteeing a constant supply of electricity throughout France, with the same standard of service, thanks to the efforts of its 9,500-strong staff. RTE manages electricity flows, balancing production and consumption in real time. RTE maintains and develops the high and extra-high voltage grid (from 63,000 to 400,000 volts) which includes nearly 100,000 kilometres of overhead lines, 7,000 kilometres of underground lines, 2,900 operational, some jointly operated, substations, and around fifty cross-border lines. With 37 interconnections, the French grid is the most extensive in Europe. RTE is an independent and neutral industrial operator which optimises and transforms its grid to connect electricity-production facilities for any future energy choices. Through expertise and reporting, RTE informs the decisions made by the public authorities.

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

Media Contact – RTE

[email protected]  

More information: www.rte-france.com 

Paris, France (Aug 28, 2024) – GE Vernova Inc. (NYSE:GEV) today announced the launch of its latest innovation, FACTSFLEX GFMe, an advanced Flexible Alternating Current Transmission System (FACTS) solution aimed at strengthening power grids and facilitating the increased use of renewable energy sources.

FACTSFLEX GFMe combines GE Vernova’s STATCOM technology with advanced supercapacitors to stabilize the grid more effectively by enabling active power via energy storage. This combination allows rapid response to grid disturbances on the grid, which is especially important in areas with weaker infrastructure or high levels of renewable energy. By improving grid stability, FACTSFLEX GFMe supports the reliable operation of power systems and helps drive the global shift toward cleaner energy. The solution is now available globally.

“Our grid is undergoing its most significant transformation in over a century, driven by the rise of renewable energy sources like solar and wind,” said Johan Bindele, Leader of Grid Systems Integration business at GE Vernova. “This transformation brings new challenges, particularly the intermittent nature of renewables, which can lead to voltage fluctuations and grid instability. With FACTSFLEX GFMe, we are introducing a solution that leverages supercapacitor technology alongside our STATCOM systems to re-create the inertia which is being lost through the retirement of traditional thermal power generation, ensuring stable and reliable grid operations as we transition to a cleaner energy future.”

How FACTSFLEX GFMe works?

Beyond its reactive power compensation capabilities, FACTSFLEX GFMe employs supercapacitor-based energy storage to emulate inertia by injecting or absorbing active power. This allows grid operators more advanced options to automatically and instantly support the stability of the grid. The system is based on a double star configuration, enabling high voltage energy storage integration. This modular and scalable solution is adaptable to meet the varied needs of different projects.

FACTSFLEX GFMe offers superior voltage and active power performance compared to battery-based options. Active power is scalable, with a typical rating of 150 MW for several seconds. Reactive power capabilities can be tailored to customer requirements, with continuous ratings of typically around 300 Mvar.

In addition to FACTSFLEX GFMe, GE Vernova’s STATCOM portfolio, recently rebranded FACTSFLEX STATCOM, also includes

FACTSFLEX Classic, GE Vernova’s original STATCOM solution with an extensive and proven install base

and FACTSFLEX GFM, a grid-forming STATCOM that provides instantaneous natural reactive power injection for grid disturbances for advanced grid stability.

-ENDS-

Notes to Editors:

Complete portfolio of FACTSFLEX 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 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.

PARIS, France (Aug 27, 2024) – GE Vernova and Systems With Intelligence (SWI) signed a memorandum of understanding (MoU) today at the CIGRE event in Paris to develop advanced substation monitoring solutions. Through this collaboration the companies aim to integrate technologies like gas sensing, bushing monitoring and infrared thermography, along with AI and ML. The goal is to advance grid asset management by integrating SWI's cutting-edge infrared thermography and touchless monitoring systems with GE Vernova’s Grid Automation business's expertise in monitoring & diagnostic solutions of grid assets.

The initial focus of this collaboration will be on substation monitoring, where the companies will integrate their leading technologies to deliver converged monitoring and diagnostic intelligence, significantly enhancing asset management capabilities. This could streamline monitoring for utilities and Transmission System Operators (TSO’s), enabling earlier issue detection and leading to a more reliable, efficient, and stable power grid.

"Today’s asset managers are flooded with data from a myriad of sensing devices provided by various vendors. This often leads to fragmented data silos, requiring multiple software tools to manage and analyze the data independently," said Graham McGuigan, Product Line Leader for Monitoring & Diagnostics at GE Vernova. "Our collaboration with SWI is a step towards unifying these data streams into a more cohesive and intelligent monitoring system."

Angelo Rizzo, President and CEO of SWI, added, "By combining different sensing techniques, we can create solutions that offer enhanced diagnostic intelligence while simplifying the user experience. This collaboration is a significant move towards achieving that goal."

The first tangible outcome of this collaboration will be the integration of SWI’s fixed infrared sensors into GE Vernova’s DGA 900 Plus, a state-of-the-art multi-gas transformer monitoring system that monitors the health of power transformers by detecting early signs of problems and helps prevent transformer failures, ensuring a reliable and efficient power supply. This enhanced new solution, expected to be commercially available in early 2025, will allow asset managers to incorporate infrared thermography directly within the DGA 900 Plus platform, which already includes capabilities for dissolved gas analysis, bushing monitoring, and predictive modeling.

Looking ahead, GE Vernova and SWI plan to expand their collaboration to include the integration of SWI’s pan/tilt substation-level infrared sensors within GridBeats^TM Asset Vision substation monitoring solution, further advancing the capabilities of electrical grid asset management. GridBeats^TM is GE Vernova’s Grid Automation business’s portfolio of software defined automation solutions for grid digitalization.

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.

About Systems With Intelligence
Systems With Intelligence Inc. is a global provider of Touchless™ monitoring solutions for electric utility applications. SWI systems collect and analyze the data that allows utilities to increase safety and reliability while reducing operating costs. Coupling thermal monitoring and visual imaging technology with advanced analytic algorithms, Systems With Intelligence solutions automate remote site monitoring.

Systems With Intelligence products are engineered to operate in the harshest environments and withstand high levels of electromagnetic interference, static discharge, and voltage surges found in industrial applications to ensure uninterrupted operation. Providing a monitoring system that operates reliably and connects seamlessly allows customers to remain focused on their operations.

The Systems With Intelligence management and technical teams are comprised of professionals with extensive experience in advanced technology for mission-critical applications in harsh environments. With domain expertise in substation and industrial automation, communications, and utility operations, the team is uniquely positioned to deliver effective and intelligent monitoring solutions.

For more information, visit the company's official website at www.SystemsWithIntelligence.com.

Paris, France (Aug 26, 2024) – GE Vernova (NYSE:GEV) today announced the launch of Grid Solutions’ GRiDEA portfolio, a comprehensive suite of  innovative solutions aimed at decarbonizing the electrical grid and supporting the transition to a more sustainable energy future. The new portfolio was unveiled at CIGRE in Paris, the world’s leading power systems event, where GE Vernova is showcasing its advanced electrification technology.

A Decarbonization Milestone

GRiDEA offers grid operators a range of solutions to reduce SF₆ emissions and raw material usage, contributing to the global decarbonization effort.

At the core of the GRiDEA portfolio are high-voltage SF₆-free products, including g³, one of the company’s alternative technologies to SF₆, allowing for a 99% CO₂ equivalent reduction of the gas contribution to global warming compared to traditional SF₆ equipment. Grid Solutions offers a wide range of SF₆-free switchgear up to 420 kV.

In addition, the GRiDEA portfolio has been enhanced with another gaseous SF₆-free technology for live tank circuit breakers, which allows the switchgear to operate in extremely low temperature environments.

A Commitment to Sustainable Practices

GE Vernova is committed to minimizing the environmental impact of its products throughout their entire lifecycle. Grid Solutions’ GRiDEA portfolio will include solutions that:

• Feature less raw materials thanks to the use of recycled materials like copper, aluminum and oil, as well as the replacement of copper wiring with fiber optics.
• Extend equipment lifespan through advanced monitoring systems and control switching devices, along with retrofit and modernization services to enhance long-term sustainability.
• Optimize the design and efficiency of transmission and distribution infrastructure, focusing on smaller, lighter, and more efficient products.

Philippe Piron, CEO of GE Vernova’s Electrification Systems business, emphasized the significance of this launch, saying, “The GRiDEA portfolio is more than just a suite of products; it’s proof of our commitment to driving the energy transition forward. By providing grid operators with solutions that not only reduce emissions but also improve efficiency, we’re enabling a future where electrification and sustainability go hand in hand.”

Eric Chaussin, GE Vernova’s Power Transmission business leader, added: “As the global grid evolves, it’s crucial that we equip our customers with solutions that are both innovative and adaptable. GRiDEA represents our dedication to delivering technology that meets the immediate needs of today while anticipating the challenges of tomorrow. This portfolio is designed to support our customers in their efforts to build a more resilient, low-carbon grid.”

Trusted Innovation for an Electric Future

The electrical grid is undergoing significant transformation, driven by the need to electrify while reducing carbon emissions. GE Vernova understands the importance of this shift and is committed to supporting it through the GRiDEA portfolio. This range of products and solutions is designed not only to meet current needs but also to anticipate future industry and environmental challenges.

With the launch of GRiDEA at CIGRE, GE Vernova is setting a new standard for grid transmission infrastructure, digitalization and sustainability. The portfolio reflects the company’s commitment to innovation and carbon reduction, providing grid operators with the equipment they need to contribute to a more sustainable energy future.

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Notes to Editors:

Complete portfolio of GRiDEA 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 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.

Staffordshire, UK - (31 July 2024) - Next Engineers, a global career readiness programme working to increase the diversity of young people in engineering, proudly announces the first-ever graduation of Engineering Academy students in Staffordshire.

The 32 students from 16 secondary schools across Staffordshire completed the programme - many of whom plan to study engineering at university or pursue engineering apprenticeships with local employers - will be joined by family and friends on 1 August to celebrate their achievements. The Inspirational Learning Group is the educational partner for the local Next Engineers programme, which was established in 2021, and GE Vernova engineers and employees from Stafford actively engage with the programme through skill-based volunteering.

“We are so pleased to see our first cohort of students graduating, and we wish them all the luck in the world for the next stage of their education,” said Vera Silva, Chief Technology & Strategy Officer of GE Vernova’s Electrification Systems businesses. “It’s fantastic to see the positive impact the Next Engineers programme is having, not just in empowering the engineers of tomorrow but encouraging diversity within engineering. We extend our thanks to all those involved in the Engineering Academy.”

Students who complete the Engineering Academy and enrol in a qualified engineering or engineering-related degree or apprenticeship will receive partial scholarships to support them as they continue on their paths to becoming engineers.

"It has been a pleasure to support our first cohort of Academy students and support them throughout their journey,” said Ben Dyer, Co-Founder of The Inspirational Learning Group. “Our team has been so impressed with their dedication and creativity throughout - we can safely say that the future of engineering is in very safe hands! We wish all of our graduates the best of luck as they enter their new chapters, whether that is at university, apprenticeships or employment."

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

Key programme highlights:

• Dedication: The Engineering Academy spans three years, with students dedicating 220 hours outside of regular school hours to participate.
• Design challenges: In small teams, students tackle increasingly complex design challenges, mastering the engineering design process.
• Foundational skills: Beyond technical knowledge, students develop essential skills such as communication, teamwork, persistence, time management, and presentation abilities.
• Education and career exploration: Workshops and activities prepare students for their next steps, including university campus tours and interactions with GE Vernova volunteers.
• Scholarships: Students who complete the programme and enrol in engineering degree programmes or engineering apprenticeships receive partial scholarships. Next Engineers anticipates granting at least $2 million (£1.5 million) in scholarships to the inaugural classes of Engineering Academy students worldwide.

Staffordshire was among the first four locations to launch Next Engineers, with a $3.5 million (£2.5 million) investment from the GE Foundation in 2021. To date, Next Engineers in Staffordshire, which also includes Engineering Discovery for ages 13 to 14 and Engineering Experience for ages 14 to 15, has reached more than 6,200 local students.

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

-ENDS-

About Next Engineers

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

About GE Vernova

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

About The Inspirational Learning Group

The Inspirational Learning Group develop and deliver innovative career solutions for students, education institutes and employers across the U.K. and beyond. We are proud to have engaged and positively influenced over 600,000 students through our flagship programme, The National Careers Challenge, our real-life business challenge that enables young people to develop crucial key employability skills, vital for the ever-changing world of work. Our portfolio also includes additional programmes such as our Stocks & Shares Challenge, My Perfect University, Team Building challenges and summer school provision. As the partner of choice for outreach activity of several large, high-profile organisations such as NatWest and GE Vernova, TILG are being increasingly relied on to create truly bespoke education and outreach initiatives to support development, social mobility and inclusion. We are changing the way that young people are educated about their future world of work, engaging, inspiring, and motivating them to succeed.

Second Quarter 2024 Highlights:

• Total orders of $11.8B exceeded revenue by 1.4X
• Total revenue of $8.2B, +1%, +2% organically*, led by services growing +7%, +9% organically*
• Net income of $1.3B, +$1.4B; net income margin of 15.6%, +1,740 bps
• Adjusted EBITDA* of $0.5B, +$0.3B organically*; adjusted EBITDA margin* of 6.4%, +320 bps organically*
• Cash from operating activities of $1.0B, +$1.3B; positive free cash flow* (FCF) of $0.8B, +$1.3B, from working capital and increased adjusted EBITDA*
• $5.8 billion cash balance, up from $4.2 billion upon spin-off from GE on April 2

CAMBRIDGE, Mass., (July 24, 2024) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the second quarter ending June 30, 2024.

“GE Vernova delivered another strong quarter with EBITDA margin expansion across all segments and substantial cash improvement,” said GE Vernova CEO Scott Strazik. “Global electrification and decarbonization trends continue to drive demand for our products and services, and we are delivering value for our stakeholders. Our lean operating model is focused on improving safety, quality, delivery and cost as we execute for our customers and innovate breakthrough energy transition technologies. Given our strong first half performance and momentum in our Power and Electrification segments, we are raising our full-year 2024 guidance.”

In the second quarter, GE Vernova orders of $11.8 billion decreased (7)% organically, primarily due to a large Offshore Wind equipment order in the second quarter of last year that was canceled in the fourth quarter. Services orders increased double-digits, led by Power and Electrification. Revenue of $8.2 billion was up +1%, +2% organically*, driven by continued strength in Electrification and Power and positive price in all three segments. Services revenue grew +7%, +9% organically*, with growth across all segments. Margins expanded by more than 300 basis points from productivity, price and services volume. Cash flow improved by more than $1.0 billion, sequentially and year-over-year, driven by working capital and adjusted EBITDA* growth.

Power

• Orders of $5.0 billion increased +30% organically from Gas Power and Hydro Power equipment and double-digit services order growth. Revenues of $4.5 billion increased +8%, +10% organically*, led by higher Gas Power services and equipment.
• Commissioned its one hundredth HA gas turbine, part of the fastest growing fleet in the H-Class segment with the highest number of units ordered, bringing its global installed H-Class capacity to more than 53 gigawatts.

Wind

• Orders of $2.2 billion decreased (44)% organically, primarily driven by the large Offshore Wind order in the second quarter of last year and slightly lower Onshore Wind orders. Revenues of $2.1 billion decreased (21)%, (20)% organically*, from lower Onshore Wind deliveries, partially offset by Offshore Wind backlog[1] execution.
• Booked 1.8GW of wind turbine orders, including repowering, while continuing to implement selectivity, lean and pricing.

Electrification

• Backlog¹ grew 35% year-over-year on orders of $4.8 billion, which decreased (5)% organically, primarily driven by higher High-Voltage Direct Current (HVDC) orders in the second quarter of last year. Revenues of $1.8 billion increased +19% reported and organically*, with strength in Grid Solutions and Power Conversion equipment.
• Secured a major order from Sonelgaz, through the GE Algeria Turbines (GEAT) joint venture, for high voltage grid equipment and solutions for 134 substations in Algeria by 2028. 

Company Updates:

In the second quarter of 2024, GE Vernova:

• Experienced two fatalities and updated its Life Saving Rules as fatality-free operations remain a top priority.
• Completed the sale of part of its Steam Power nuclear activities to Electricité de France S.A. (EDF). In connection with the disposition, we received net cash proceeds of $0.6 billion, subject to customary working capital and other post-close adjustments. As a result, GE Vernova recognized a pre-tax gain of $0.9 billion.
• Invested $0.2 billion in capital expenditures to prepare for outages and increase capacity in Power and Electrification.
• Funded $0.2 billion in research and development (R&D) spending to continue advancing breakthrough energy transition technologies.
• Received approximately $0.3 billion, related to an outcome of an arbitration with a multiemployer pension plan (the Fund) that remains in dispute.

"We’re very encouraged by our first half results as we execute on our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. Strong working capital management and higher EBITDA drove significant cash improvement in the second quarter. Based on our performance, we are now trending towards the higher end of our revenue guidance for 2024 and have increased our expectations for adjusted EBITDA margins and free cash flow,” said GE Vernova CFO Ken Parks. “We remain focused on strategic capital allocation and are committed to maintaining our investment-grade balance sheet.”

Guidance:

GE Vernova is raising its 2024 financial guidance and now expects revenue to trend towards the higher end of $34-$35 billion and adjusted EBITDA margin* of 5%-7%, up from the higher end of mid-single digits. Additionally, GE Vernova now expects free cash flow* of $1.3-$1.7 billion, up from $0.7-$1.1 billion. Segment guidance is:

• Power: mid-single digit organic revenue* growth and ~150-200 basis points of organic EBITDA margin* expansion, up from ~100 basis points.
• Wind: flat organic revenue* growth, approaching profitability.
• Electrification: mid- to high-teen organic revenue* growth, up from low double-digits, and high single-digit EBITDA margin, up from mid-single digits.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results.

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions.

We believe the organic measures presented below provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust.

We believe Adjusted selling, general, and administrative expenses* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted selling, general, and administrative expenses* also provides management and investors with additional perspective regarding the impact of certain significant items on our expenses. Adjusted selling, general, and administrative expenses* excludes unique and/or non-cash items that can have a material impact on our results. However, Adjusted selling, general, and administrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. 

*Non-GAAP Financial Measure

[1] Defined as remaining performance obligation (RPO) 

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 improvements; our expectations regarding the energy transition; our investments; our expected cash generation; our capital allocation strategies; 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, which depends on many factors, including the 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 June 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 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.

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

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

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.