CAMBRIDGE, Mass. (July 11, 2024) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its second quarter 2024 financial results on Wednesday, July 24, 2024, before market open. GE Vernova CEO Scott Strazik and GE Vernova CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at https://www.gevernova.com/investors/events/ge-vernova-2nd-quarter-2024-earnings-webcast.

The earnings press release and supplementary financial information, including reconciliations of non-GAAP financial measures, will also be posted at the same link on the GE Vernova Investor Relations website. A replay of the call will be made available as a direct download on GE Vernova’s website at https://www.gevernova.com/investors/events.

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.

Bernard Dagher, who heads up growth and strategy for the Middle East and Africa (MEA) at GE Vernova’s Grid Solutions business, often reminds people why there are almost no landlines in Africa. As the story goes, cell phones arrived on the vast continent before it had strung up the thousands of miles of telephone wires needed for landlines.

Schenectady, NY (July 10, 2024) - GE Vernova today announced a new $22 million investment in its historic Schenectady facility to manufacture new advanced generators, helping meet existing and increased global demand from its customers. The new funding is expected to create more than 150 new jobs at the facility.

“This investment will help us deliver for our global customers and allow us to expand our highly skilled work force in the Capital District,” said CEO Scott Strazik. “We are committed to growing our best-in-class facility in Schenectady, and this is another strong step in that direction.”

The new funding will allow for manufacturing of GE Vernova’s H65 and H84 generators, which require the most advanced processes to manufacture the stator bars and stator core system and accompany the company’s most efficient HA gas turbines. 

This latest investment for Schenectady comes on top of $50 million in 2023 to support manufacturing new onshore wind turbines. That funding resulted in approximately 200 new jobs and the successful delivery of 56 units year-to-date. Last year the company also announced another $11 million for the Schenectady facility to support new capacity, facility maintenance, and equipment and tool management.

GE has a 130-year legacy in New York state, which is home to GE Vernova’s Gas Power and Onshore Wind businesses and the company’s Advanced Research Center. As a newly public company, having finalized its spinoff in April, GE Vernova is assessing additional investments in the Capital Region in the future.

“This region is the foundation on which GE Vernova is built,” said Strazik. “We have amazing talent here and we plan to continue to cultivate and invest in them.”

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

GE Vernova’s 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.

LONDON (July 8, 2024) — GE Vernova’s Nuclear business, GE Hitachi Nuclear Energy (GEH), has submitted its tender response, as part of Great British Nuclear’s (GBN) ongoing small modular reactor (SMR) selection competition, by providing documentation in support of its BWRX-300 SMR technology.

The 10th generation SMR design builds on decades of real-world operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration. GEH and Ontario Power Generation are developing the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed, construction is expected to start in early 2025 and commercial operation to commence by 2029. A total of four 300 MW units are planned for the Darlington site. 

“We have entered this competition with a proven track record of progressing SMR reactor technology internationally, a fuel that is already licensed and in operation, and a reactor designed for manufacture,” said Andy Champ, GEH UK Country Leader. “Our BWRX-300 has evolved from proven, simple, boiling water reactor technology and is not just smaller, but through innovation even further simplified. We believe this uniquely positions us to reliably deliver an SMR with the most value for money and along with our strategic investment partners, be a valuable partner to the UK Government as it strives to reach its net zero target by 2050.

“We have a strong and growing team here in the UK, and we are confident that our SMR represents the lowest risk and highest reward choice for Great British Nuclear. We look forward to the outcome of the competition and the opportunity to play a pivotal role in helping to deliver not just Great British Nuclear’s ambitions, but also the new Government’s mission to make the UK a green energy superpower."

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

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

###

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

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

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

Forward-Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, contract and project proposals and bidding processes, 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.

HUIZHOU, GUANGDONG PROVINCE, CHINA (July 2, 2024) – GE Vernova Inc. (NYSE: GEV) today announced that Guangdong Huizhou Combined Heat and Power (CHP) plant powered by two GE Vernova hydrogen- ready 9HA.01 combined-cycle power generation equipment achieved the successfully commercial operation. The Chinese state-owned power utility Guangdong Energy Group Co., Ltd.’s CHP plant is expected to inject up to 1.34 gigawatts (GW) of electricity into the grid and steam for the industrial process of the chemical complex present in Huizhou, a city in southeast Guangdong Province, China, north of Hong Kong. GE Vernova’s gas turbines are expected to burn up to 10 percent by volume of hydrogen blended with natural gas within the next two years.

“Hydrogen energy will play an important role in the future energy system in Guandong Province, an agglomeration of cities aiming to strengthen international cooperation and promote lower-carbon, inclusive, coordinated and more sustainable development,” said a representative from Guangdong Energy Group. “GE Vernova has long been our company of choice when transitioning our power plants from coal to natural gas, and we trust GE Vernova advanced H-Class gas turbines will help promote the use of hydrogen blending in power generation across other provinces, as aligned to China's Medium and Long-term Plan for the Development of Hydrogen Energy Industry (2021–2035) objectives.”

Although hydrogen supply in Guangdong Province is still highly dependent on the gray hydrogen production method, which is mainly based on the production of hydrogen from industrial byproducts and coal power, the national and provincial energy plans encourage the development of renewable energy for hydrogen production.

“GE Vernova believes that the Guangdong Huizhou project could serve as a model to develop hydrogen-blended H-class natural gas power generation across other provinces” said Xu Xin, President of GE Vernova China Gas Power Services. “In Guangdong, we focus on helping to address the growing electricity and steam needs while reducing carbon emissions. China's Medium and Long-term Plan for the Development of Hydrogen Energy Industry proposes an accelerated conversion towards efficient hydrogen production from renewable energy, and we are proud Huizhou plant is expected to become the first hydrogen-blended natural gas facility to use GE Vernova’s  gas turbines in China.”

GE Vernova has over 120 units worldwide that have run fully or partially on hydrogen and accumulated over 8.5 million operating hours.

Guangdong Huizhou project marks the first localized 9HA.01 manufactured by General Harbin Electric Gas Turbine (Qinhuangdao) Co., Ltd. in China. This joint venture was formed in 2019 between GE and Harbin Electric as a joint effort to focus on heavy duty gas turbine localization, aiming to deliver more efficient and reliable support for China gas power plants, including those that operate on blends of natural gas and hydrogen. Harbin Electric also provided steam turbine, generator and balance-of-plant equipment for the power plant.

GE and Harbin Electric have been suppliers for Guangdong Energy Group (“GEG”) for many years. GEG selected two GE Vernova 9F.05 gas turbines for Xinhui Power Plant, which achieved the successful commercial operation in 2018. Additionally, GE Vernova is currently supporting the plant operator’s transition from coal-to-gas at its Dongguan Ningzhou power plant. GEG selected three GE Vernova 9HA.02 gas turbines and Harbin Electric’s steam turbines, generators and other auxiliary equipment for the Dongguan Ningzhou combined cycle power plant in Guangdong province, also in the Greater Bay Area.

Operating in China for over 40 years, GE Vernova has been delivering innovative products and services that create significant value for its power generation customers, and now helps power plant operators in addressing the energy transition challenge. GE Vernova serves around 110 customers and more than 240 gas turbines in China, with an installed power capacity of 50 gigawatts (GW).

###

Notes to editors

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

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

Saratoga Performing Arts Center announces GE Vernova as the new lead sponsor of Saratoga Jazz Festival

DAMMAN, SAUDI ARABIA; (July 1, 2024) In the presence of His Royal Highness Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. (NYSE: GEV) today announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT. As part of the event, GE Vernova also signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (EXIM) to enable the export of goods and services of GE Vernova from Saudi Arabia. The ceremony was graced by His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, and other esteemed guests to mark the occasion.

GESAT is a world-class gas turbine and component manufacturing facility and a JV between Dussur and GE Vernova. The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia. By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals. The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

Hisham Al Bahkali, President of GE Vernova in Saudi Arabia, said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030. GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW. GESAT is now further growing its ongoing success with the rollout of one of the most advanced gas turbines, completed in Saudi Arabia.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, said: “GE Vernova has close to 90 years of legacy in the Kingdom, reflecting our strong commitment to advancing the country’s goals for energy security, economic diversification, and talent development under Saudi Vision 2030. The rollout of the first HA unit completed at GESAT is a testament to our efforts in further deepening power sector capabilities in the Kingdom. The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system.”

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank. Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by H.E. Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

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 helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.

ENDS

Notes to editors

Forward Looking Statements:

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

About GE Vernova

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

What does the name Pluto conjure? Fearsome god of the underworld or happy cartoon dog? For engineers at GE Vernova Advanced Research, it seems to be a little of both: They’ve bestowed the famous name on a self-crawling, money-saving, epoxy-spraying robot that is designed to descend into and enter aging pipelines and cheerfully repair them from the inside. Just a bit bigger than a Yorkshire terrier, PLUTO is soon expected to start scratching away at one of the world’s most intractable emissions challenges: methane leakage.

CAMBRIDGE, Mass. (June 26, 2024) – GE Vernova Inc. (NYSE: GEV) today announced it has been awarded a contract by National Grid’s upstate New York business to supply and construct two separate 115 kV synchronous condenser sites at the company’s Coffeen and Taylorville substations.

GE Vernova will install three synchronous condenser machines including Prolec GE generator step-up (GSU) transformers at each site. Synchronous condensers play a vital role in managing reactive power and voltage levels, helping strengthen the grid and ensuring efficient flow of electricity. They are expected to help manage the flow of electricity and prevent power outages by increasing the short-circuit strength, which is crucial for providing consistent and reliable power to homes and businesses.

“These projects are a key part of New York’s Climate Leadership and Community Protection Act (CLCPA), a larger effort to meet New York State’s ambitious goals to reduce carbon emissions by 85% by 2050 from 1990 levels", said Olivier Ruiz, Regional General Manager for Grid Systems Integration – NAM at GE Vernova. “These new substations are expected to help enhance grid stability and reliability which is vital for supporting the state's transition to a low-carbon future.”

“GE Vernova is proud to support National Grid on this important initiative,” continues Olivier. “We are honored that our advanced technology was selected to play a key role in making New York’s power grid more stable and reliable, which is vital for integrating renewable energy sources and accelerating decarbonization."

GE Vernova will handle all aspects of the project, including studies, engineering, project management, building construction, equipment installation, and commissioning. The Coffeen site, located near Watertown, New York, is expected to be completed by August 2028, with the Taylorville site following in March 2029.

###

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 Prolec GE
Prolec GE is a joint venture between Xignux and GE, internationally recognized for quality manufacturing and reliable performance for over 25 years. The company is an electric industry leader in the Americas with six manufacturing facilities strategically located in Mexico, the United States, and Brazil and an installed product base in more than 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 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. www.prolec.energy

Dammam, SAUDI ARABIA (June 24, 2024): GE Vernova, Inc. (“GE Vernova”) (NYSE: GEV) today announced it has secured an order for six 7HA.03 gas turbines and two 7E.03 gas turbines from the engineering, procurement, and construction (EPC) company SEPCOIII Electric Power Construction Co., Ltd. (SEPCOIII), for two new power plants: Taiba 1 located in the western region of Saudi Arabia, around 100 km southeast of Madinah city, and Qassim 1 located in the central region around 30 km southeast of Buraydah city. This equipment order was booked in March 2024 and reflected in the company’s first quarter earnings announcement. In addition to the equipment order, GE Vernova today also announced the signature of a 21-year service agreement to support plant operations with Riyadh-headquartered ACWA Power’s wholly owned subsidiary, National Operations & Maintenance Company (NOMAC).

The projects are aligned to Saudi Arabia’s goals to generate about half its electricity from renewable energy sources and half from gas by 2030, paving the way to net-zero greenhouse gas (GHG) emissions by 2060.

Taiba 1 and Qassim 1 plants, to be powered by GE Vernova’s most advanced gas turbines, are expected to deliver up to 3.8 gigawatts (GW) of electricity to the grid in total, a capacity equivalent to what would be needed to power the energy needs of approximately 1.2 million homes in Saudi Arabia. Expected to be completed in 2027, they are anticipated to be among the most efficient power plants in the Kingdom and can be configured with post-combustion carbon capture systems to significantly reduce carbon dioxide emissions. In addition, 7HA.03 gas turbines currently have the capability to burn up to 50% by volume of hydrogen when blended with natural gas.

“The development of Taiba 1 and Qassim 1 plants is a very ambitious project, and we are proud to support it,” said a spokesperson of SEPCOIII. “We are also excited to work with GE Vernova to evaluate how carbon capture solutions could potentially be integrated with these gas power plants to help lower emissions. We expect to see increased longer term demand for gas plants integrated with carbon capture technologies, which is key to reducing emissions from fossil fuels and helping fight climate change.”

GE Vernova has contributed to the development of the Kingdom’s energy infrastructure for almost 90 years, supporting economic diversification, localization, high value exports, and talent development efforts and still does so today in support of Saudi Vision 2030. Today, the company employs approximately 580 people in Saudi Arabia. GE Vernova’s investments in the Kingdom include the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which encompasses a Service and Repairs Center for gas turbines, the GE MENA Decarbonization Center of Excellence, a Monitoring & Diagnostics Center for the remote monitoring of power generation assets, as well as GE Saudi Advanced Turbines (GESAT), a joint investment with Dussur for gas turbines and components in Saudi Arabia. Four of the H-class gas turbines equipping the plants are planned to be rolled out from GESAT, making them the first 7HA.03 units to be completed locally in the Kingdom.

“This project, which marks our largest single order for 7HA.03 gas turbines to date in the region, is expected to open up a new chapter for gas power generation in Saudi Arabia,” said Joseph Anis, President & CEO of GE Vernova's Gas Power business in Europe, Middle East & Africa. “As an innovation leader in the path towards decarbonization, we are proud of developing our first 7HA.03 project at GESAT and boosting the localization of the gas turbines industry in Saudi Arabia, in alignment with the Kingdom’s goals for more diversified and sustainable economic growth. We are delighted to team with SEPCOIII and ACWA Power’s NOMAC to deploy our most advanced power generation technologies, services, and proven expertise in natural gas combined cycle plant engineering, operability, and plant integration, to support the transition to a lower-carbon energy future.”

Under the 21-year service contract signed with NOMAC, GE Vernova plans to deliver maintenance and repairs, supply of parts. In addition, GE Vernova’s Monitoring & Diagnostics Center is expected to oversee the real-time operating conditions and provide remote diagnostics tools using digital analytics technology.

“We have developed a productive and successful role-model relationship with GE Vernova that will enable our collective organizations to deliver meaningful innovation and energy contributions to the Kingdom of Saudi Arabia,” said Marco Arcelli, ACWA Power CEO. “With today’s signing of this contract, we mark not only a milestone in our cooperation but pave the way to future collaborations for the safer, more reliable, and more sustainable production of electricity in the Kingdom.”

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 about 25% of the world's electricity and has a meaningful role to play in the energy transition in Saudi Arabia and around the globe.

###

Forward Looking Statements:

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

About GE Vernova:

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

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