CAMBRIDGE, Mass. (May 2, 2024) – GE Vernova (NYSE: GEV)—a global leader in electrification, decarbonization, and energy solutions—today announced the launch of Autonomous Inspection, a cloud-based computer vision software solution designed to automate the manual inspection and monitoring of industrial assets by utilizing image capture devices and artificial intelligence/machine learning (AI/ML) algorithms. This new software integrates with select applications within GE Vernova’s Asset Performance Management (APM), a suite of software and services designed to help asset performance and operations and maintenance (O&M) efficiency across equipment, plant, and an entire fleet. Designed to be industry-agnostic, Autonomous Inspection can help users in energy generation and other industries access and act on visual data and insights within APM applications to improve asset and operational outcomes.

"In the energy industry, computer vision is not just about seeing, it’s about foresight. Autonomous Inspection is the eyes of our APM suite and is powered by AI technology that turns images into rich data that can help power insights to transform how we safeguard, optimize, and propel the future of energy," said Linda Rae, General Manager of GE Vernova’s Power & Energy Resources Software business. “Digitalizing operations has helped customers in quality, safety, and performance improvements, as well as emission management.”

Despite significant digital progress witnessed by the energy industry, traditional manual asset inspection processes often continue to slow momentum and pose challenges. They are often resource intensive, prone to safety risks and errors, and difficult to scale. Furthermore, they are fast becoming unsustainable due to the rapidly changing energy landscape with decentralization of assets due to renewables sources, workforce availability challenges, and tougher generation requirements.

Autonomous Inspection is designed to support and contribute to the digital transformation of the energy industry in multiple ways, including:

• Accelerating operational excellence: By removing bottlenecks like manual-intensive and siloed inspection workflows through automation, a major oil and gas firm was able to reduce inspection review time for corrosion images from two weeks to 30 minutes using Autonomous Inspection during a pilot.[1]
• Helping with safety and compliance: Workers need to perform inspections at elevated heights or near heated equipment that pose serious risks to personal safety. With Autonomous Inspection, cameras and AI/ML models can be used to reduce such safety risks. The technology can also lessen the need for inspection-specific travel, as gathered inspection data and insights can be accessed remotely over the cloud. A major European utility is using Autonomous Inspection to monitor critical electrical equipment like transformers and switchyards and facilitate their transition to a remote-enabled, safer, and more efficient asset inspection model.
• Helping performance goals while transforming: It’s crucial for energy firms to meet their profitability goals while adapting to energy transition needs. According to John Villali, Senior Research Director for IDC Energy Insights, IDC, “Over 20% savings on O&M cost could be realized from leveraging autonomous visual asset inspections.” Autonomous Inspection automates the manual-intensive workflows to help workers save time and effort. It is designed to enable workers to detect defects faster and sends them alerts to enable earlier actions for improving asset uptime.

Additionally, Autonomous Inspection can be useful when it comes to inspecting geographically dispersed assets like solar and wind farms, where a manual inspection approach isn’t effective.

Designed as an industry-agnostic solution, Autonomous Inspection can serve applications in industries beyond energy generation. The cloud-based, AI-powered software has the capability to automate inspection and monitoring workflows, including automated image data collection, processing, integration, analysis, and management. It’s available for a range of use cases, including automated gauge reading, corrosion detection and severity classification, and thermal profiling of equipment. By leveraging computer vision, Autonomous Inspection tackles the traditional inspections bottleneck, enabling smarter, data-driven inspections and helping firms accelerate progress on digitalization and energy transitions goals.

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Forward-Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements 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,” “project,” “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 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 more than 80,000 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 Electrification Software business is focused on delivering the intelligent applications and insights needed to accelerate electrification and decarbonization across the entire energy ecosystem – from how it’s created, how it’s orchestrated, to how it’s consumed. Its Power & Energy Resources Software helps improve reliability and drive decarbonization.

WILMINGTON, N.C. (April 29, 2024) - GE Vernova’s Nuclear business (NYSE: GEV), GE Hitachi Nuclear Energy (GEH), today announced that it is forming a group of qualified supply chain companies to advance the global deployment of the BWRX-300 small modular reactor (SMR). The purpose of the supplier group is to help ensure a reliable, cost effective and innovative process for the manufacture and commercialization of the BWRX-300.

Suppliers who meet pre-defined criteria, customer requirements and demonstrate a willingness to invest in BWRX-300 supply chain capabilities are eligible for selection to the group. The first company to join the group is BWXT Canada Ltd. (BWXT Canada), a global leader in the design, manufacture and service of commercial nuclear components.

“Supplier collaboration is expected to help build capacity and support cost reduction, project schedule goals and scalability as we deploy the BWRX-300 globally,” said Jay Wileman, President & CEO, GEH. “We applaud BWXT Canada for standing firmly behind the BWRX-300 by making commitments and investing in its facilities and supply chain to be best positioned to compete for projects, further bolstering Ontario’s nuclear supply chain. Our collaboration with Ontario Power Generation strengthens Ontario’s position at the forefront of the nuclear industry, fostering economic growth and job creation.”

“We’re proud to spearhead supply chain support for the BWRX-300, as the first member of this exciting group of qualified companies,” said John MacQuarrie, president of BWXT Commercial Operations. “The anticipated global demand for nuclear power was a significant factor in our recent decision to expand our Cambridge manufacturing facility, where we design and manufacture large and heavy nuclear components. Our plans to increase the site’s manufacturing capacity by 50 percent for large components and to invest in advanced manufacturing equipment over the next few years will further position our business to help deliver the BWRX-300 and other reactor technologies for our customers around the world.”

“We are excited about the technical advancements and capacity that is expected to be unlocked through the BWRX-300 qualified supplier group,” said Maví Zingoni, CEO, GE Vernova’s power businesses. “We look forward to expanding the group of qualified suppliers to other companies who share a strong commitment to collaborate around a long-term vision for the deployment of the BWRX-300.”

Ontario Power Generation (OPG), GEH, AtkinsRéalis and Aecon Construction Group have entered into a contract to construct the first BWRX-300 at OPG’s Darlington site. The Province of Ontario is working with OPG on planning and licensing for three additional BWRX-300s at the Darlington site.

In the UK, the Department for Energy Security & Net Zero has awarded GEH a £33.6 million UK Future Nuclear Enabling Fund (FNEF) grant to help accelerate regulatory acceptance of the BWRX-300 which has entered the Generic Design Acceptance process. In Poland, the government has announced decisions-in-principle supporting the construction of 24 BWRX-300 SMRs at six sites.

The BWRX-300 is a key pillar of GE Vernova’s energy transition leadership. In addition to helping customers achieve decarbonization goals, the BWRX-300 is designed to reduce construction and operating costs. Specifically, the BWRX-300 leverages a unique combination of existing fuel, plant simplifications, proven components and a design based on an NRC-certified reactor design.

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Photo caption
BWXT joins GEH qualified supplier group
L-R: Darion Jeralds, Chief Procurement Officer, GEH; Jay Wileman, President & CEO, GEH; John MacQuarrie, President, Commercial Operations, BWXT; Kimberly Perry, Nuclear Supply Chain Leader, GEH.

About GE Vernova
GE Vernova (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerators. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 80,000 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 Nuclear Power business, through its joint venture with Hitachi Ltd., 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 mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy.

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

ALGIERS, Algeria (April 27, 2024) – GE Vernova (NYSE: GEV) employees joined hands with customer teams to plant 150 trees at 10 power generation facilities across Algeria including Terga, Oumache, and Naama Combined Cycle Power Plants, among others. The activities were held in support of Earth Day. The tree planting was symbolic of not only team spirit and collaboration, but also the dedication of the participants to act as environmental custodians committed to protecting the planet for generations to come.

While Earth Day is observed on April 22, GE Vernova’s staff of more than 80,000 people extended the celebrations during April 20 – 27 not only in Algeria but also at scores of other sites around the world. The activities included community volunteer events such as park and beach clean-up drives, as well as daily acts of sustainability at home and the workplace, such as identifying and reducing wasteful energy use, decreasing consumption of single-use plastics, walking or cycling instead of driving, eating local produce, and much more. The initiatives demonstrate the significance GE Vernova places on environmental sustainability as it continues to lead the energy transition towards a lower-carbon future. The week’s activities also directly tied to GE Vernova’s ambitious target to reach carbon neutral operations for Scope 1 and 2 greenhouse gas emissions by 2030.

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 30% of the world's electricity and has a meaningful role to play in the energy transition.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East & Africa (EMEA), said, “Celebrating Earth Day through a week of service to our planet and communities is an annual tradition at GE Vernova. This year’s activities in observance of Earth Day were particularly special for us as they were our first as an independent company. We were honored to collaborate with our customers across Algeria to undertake tree planting drives, helping to both raise awareness on environmental issues today, and leave a legacy for tomorrow.”

GE Vernova has a strong history of contributing to the development of Algeria’s energy sector by providing power generation, transmission, distribution, and digital solutions. It employs over 300 people in Algeria and its investments in the country include GE Algeria Turbines (GEAT) – a joint venture with Sonelgaz that has manufactured skids and turbine auxiliaries, as well as rolled out gas turbines, steam turbines, and control systems. Sonelgaz and GE Vernova recently also announced the planned expansion of existing capabilities at GEAT to develop grid solutions, further demonstrating a shared commitment to accelerate sustainable energy development, localize industrial capabilities, and support national economic growth goals.

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NOTES TO EDITORS

Follow GE Vernova in Middle East & Africa on LinkedIn.

About GE Vernova
GE Vernova (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerators. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 80,000 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.

First Quarter 2024 Highlights:

• Total orders of $9.7B with orders exceeding revenue, driving continued backlog1 growth
• Total revenue of $7.3B, +6%, +5% organically*, led by services growing +9%, +8% organically*
• Net income (loss) of $(0.1)B, +$0.2B; net income (loss) margin of (1.5)%, +360 bps
• Adjusted EBITDA* of $0.2B, +$0.3B organically*; adjusted EBITDA margin* of 2.6%, +470bps organically*
• Cash from (used for) operating activities of $(0.4)B, +$0.2B; free cash flow* (FCF) of $(0.7)B, +$0.2B, on improved earnings partially offset by increased working capital use 

CAMBRIDGE, Mass., (Apr. 25, 2024) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the first quarter ending March 31, 2024. 

“We delivered solid results with significant margin expansion across each segment, and I am pleased with the progress we are making as an independent company following our April 2 spin-off from GE. The energy transition is a growing, exciting market and GE Vernova is well-positioned to lead,” said GE Vernova CEO Scott Strazik. “In 2024, we will continue to execute our strategy with sustainability, innovation, and lean at our core. With the combination of strong market demand and operational improvement in our businesses, we are electrifying and decarbonizing the world while delivering an attractive multi-year financial trajectory. I’m grateful to the entire GE Vernova team for their hard work to support our customers and stakeholders.” 

In the quarter, GE Vernova orders of $9.7 billion were flat, down (1)% organically. Revenue of $7.3 billion was up +6%, +5% organically*, driven by Electrification and Power. Services revenue grew +9%, +8% organically*, with growth across all segments. Margins were higher from price, productivity, cost management and volume. 

Power

• Strong orders of $5.0 billion, up 24% organically from increased HA and Aeroderivative gas turbine equipment orders, and revenues of $4.0 billion increased +6%, +4% organically*, led by higher Gas Power services.
• Power secured orders for 8 HA gas units, including an order for 7HA.03 equipment from Louisville Gas and Electric Company and Kentucky Utilities Company, regulated subsidiaries of PPL Corp. (NYSE:PPL). 

Wind 

• Orders of $1.1 billion, down (40)% organically as developers progress through siting and permitting, and revenues of $1.6 billion declined (6)%, (7)% organically*, from lower Onshore, partially offset by Offshore backlog execution.
• Wind booked 0.6GW of wind turbine orders while continuing to implement selectivity, lean, and pricing. 

Electrification 

• Orders of $3.6 billion, down (10)% organically with strong grid demand more than offset by a non-repeat of large High-Voltage Direct Current (HVDC) orders, and revenues of $1.7 billion grew +24%, +21% organically*, due to growth in Grid Solutions.
• Electrification awarded a consortium contract with MYTILINEOS to supply two HVDC converter stations for Eastern Green Link 1 in the United Kingdom.

Company Highlights: 

• In the first quarter, GE Vernova experienced zero fatalities and demonstrated an Injury and Illness (I&I) rate of 0.37^[2] , a 5.1% improvement versus the prior year period.
• Invested $0.2 billion in capital expenditures versus $0.1 billion in the first quarter of 2023 to increase assembly capacity, supporting profitable growth.
• Funded $0.2 billion in research and development (R&D) spending to advance and commercialize breakthrough energy transition technologies.
• Hosted its 2024 Investor Day on March 6 and debuted its sustainability framework and lean operating system. 

"With an encouraging start to the year, we are executing our financial strategy to deliver disciplined revenue growth with stronger profitability and free cash flow. We expect cash generation to improve meaningfully every quarter this year, in line with our typical seasonality," said GE Vernova CFO Ken Parks. “As we execute this strategy, we will focus on strategic capital allocation and remain committed to maintaining our investment-grade balance sheet.”

Guidance: 

GE Vernova reaffirmed its 2024 financial guidance for revenue of $34-35 billion, adjusted EBITDA margin* at the high end of mid-single digits, cash from operating activities of $1.5-1.9 billion, and free cash flow* of $0.7-1.1 billion. Additionally, GE Vernova reaffirmed segment guidance of: 

• Power: mid-single digit organic revenue* growth with ~100bps of organic EBITDA margin* expansion.
• Wind: flat organic revenue* growth, approaching profitability.
• Electrification: low double-digit organic revenue* growth with mid-single digit segment EBITDA margins.

*Non-GAAP Financial Measure

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 allows 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 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 net income* and Adjusted net income margin* provide investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted net income* also provides management and investors with additional perspective regarding the impact of certain significant items on our earnings. Adjusted net income* excludes non-operating benefit income, certain tax expenses, and unique and/or non-cash items, that can have a material impact on our results. In addition, we may from time to time consider excluding other nonrecurring items to enhance comparability between periods. However, Adjusted net income* and Adjusted net income margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust.

(a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. 
(b) Consists of gains and losses resulting from the purchases and sales of business interests and assets. 
(c) Primarily related to the expected return on plan assets, partially offset by interest cost. 

We believe Adjusted earnings (loss) per share* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted earnings (loss) per share* also provides management and investors with additional perspective regarding the impact of certain significant items on our per share earnings (loss). Adjusted earnings (loss) per share* excludes non-operating benefit income, certain tax expenses, and unique and/or non-cash items that can have a material impact on our results. In addition, we may from time to time consider excluding other nonrecurring items to enhance comparability between periods. However, Adjusted earnings (loss) per share* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts.

(a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. 
(b) Consists of gains and losses resulting from the purchases and sales of business interests and assets. 
(c) Primarily related to the expected return on plan assets, partially offset by interest cost. 
(d) Adjusted earnings (loss) per share* amounts are computed independently, and thus, the sum of per-share amounts may not equal the total. 

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities.

2024 GUIDANCE: POWER SEGMENT ORGANIC EBITDA MARGIN (NON-GAAP) 
We cannot provide a reconciliation of the differences between non-GAAP expectations and the corresponding GAAP measure for organic EBITDA margin* expansion for the Power segment in the 2024 outlook without unreasonable effort due to the uncertainty of foreign exchange rates.

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 increased 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 or 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 safety failures related to our complex and specialized products, solutions and services;
• 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 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;
• 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 (including the impact or status of the Inflation Reduction Act of 2022 and other policies), environmental, health and safety laws, and the effects of 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 developing or being sustained 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 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 furnished 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.

[1] Defined as remaining performance obligation (RPO)

[2] Incidents per 100 full-time employees in a given time frame (trailing twelve months ending March 2024).

Additional Information
GE Vernova’s website at www.gevernova.com/investors, as well as GE Vernova’s LinkedIn and other social media accounts, contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit these websites from time to time, as information is updated, and new information is posted.

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 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 of Advanced Research, Consulting Services, and Financial Services. 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 80,000 employees across 100+ countries around the world.

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

CAMBRIDGE, Mass. (April 18, 2024) – GE Vernova Inc. (NYSE: GEV) is scheduled to announce its first quarter 2024 financial results on Thursday, April 25, 2024, before market open. The company will host a webcast to discuss its financial results at 7:30 AM ET, which can be accessed at https://www.gevernova.com/investors/events/ge-vernova-1st-quarter-2024-earnings-webcast.

The earnings press release and accompanying 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 www.gevernova.com/investors.

Additional information
GE Vernova’s website at www.gevernova.com/investors, as well as GE Vernova’s LinkedIn and other social media accounts, contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit these websites from time to time, as information is updated, and new information is posted.

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 of Advanced Research, Consulting Services, and Financial Services. 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 80,000 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. 

Washington, D.C., United States of America; April 18, 2024: GE Vernova (NYSE: GEV) has announced multiple strategic initiatives with the Republic of Iraq aiming to boost generation and enhance the availability of power supply across the country. The announcements were made on the sidelines of the Iraqi Prime Minister H.E. Mohammed Shia’a Al-Sudani’s visit to Washington, D.C. and meeting with President Joe Biden.

The initiatives were signed, in the presence of H.E. Al-Sudani on April 17th in Washington D.C, by H.E. Hayan Abdul Ghani Al-Swad, the Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil; H.E. Dr. Muhammad Ali Tamim, the Iraqi Deputy Prime Minister and Minister of Planning; and Roger Martella, Chief Sustainability Officer and Head of Government Affairs at GE Vernova. The signings were attended by Ambassador Alina L. Romanowski, the U.S. Ambassador to the Republic of Iraq and Mr. Steve Lutes, the President of the US-Iraqi Business Council, and Vice President, Middle East Affairs at U.S. Chamber of Commerce.

The collaborations reflect the joint vision of the Government of the Republic of Iraq and GE Vernova to work together in order to strengthen and modernize power infrastructure, enable the transition to a lower carbon energy future, and promote economic development. The initiatives announced align with the Principles of Cooperation signed between Iraq’s Ministry of Electricity (MoE) and GE Vernova in 2023 to explore opportunities to increase power capacity and establish new power plants. They include:

• A letter of intent signed with the MoE to explore injecting 3 additional gigawatts (GW) of energy into the grid generated by highly efficient combined cycle power plants. Additionally, the MoE and GE Vernova reiterated their commitment to move forward with the conversion of two sites, Samawa and Nasiriya, from simple to combined cycle, as well as to expand capacity at the Al Mansouria gas power plant.
• Five-year services and upgrade agreements with the MoE to enhance the availability and efficiency of over 70 turbines and generators at 18 power plants, with a total capacity of up to 7.5 GW.
• A memorandum of understanding (MoU) signed with Iraq’s Ministry of Oil to explore the accelerated use of flared gas to boost power generation in select oil fields. Iraq is ranked among the top gas flaring countries globally, and this MoU paves the way to future joint projects aiming to significantly reduce pollution and health hazards associated with flaring, while generating additional power.

“These initiatives mark a milestone in our continued efforts to strengthen national power infrastructure,” said H.E. Zeyad Ali Fadhil, the Iraqi Minister of Electricity. “As electricity demand in Iraq grows, we continue to work with leading companies like GE Vernova, to ensure that the power needs of residents and industrial users are met in a timely manner through advanced gas power generation technologies, on-time servicing and maintenance of energy infrastructure, and an accelerated use of flared gas, in collaboration with the Ministry of Oil. As an example, in preparation for the peak summer demand season in 2024, the MoE and GE Vernova’s teams completed the MXL2 upgrade on two of GE Vernova’s 13E2 gas turbines at Al Mansouria power plant, with a total capacity of up to 266 megawatts. Additionally, our teams continue to work on maintenance and upgrade projects covering up to 3.8 GW of capacity.”

As part of the new initiatives, GE Vernova also plans to set up a Monitoring and Diagnostics (M&D) Centre that will use the company’s electrification software capabilities for continuous monitoring of core power assets across 18 sites powered by GE Vernova’s 9E gas turbines. The Center is expected to be operated by the MoE’s team, and is projected to help mitigate operational risks, reduce unplanned outage costs, and enable Iraqi talent development through knowledge transfer and the specialized training of local engineers.

“In 2021, GE Vernova proposed a 10-point strategy to help accelerate Iraq’s energy transition, including a series of measures that were part of today’s announcements,” said Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa. “These announcements reflect our committed to keep driving progress for the Iraqi people. We aim to continue to work closely with the Iraqi government and other stakeholders to help deliver more affordable, reliable, and lower carbon power that supports the growing needs of citizens and faster, more sustainable economic development, to the benefit of present and future generations.”

GE Vernova has a strong legacy of contributing to the development of Iraq’s energy sector. The company has added up to 19 GW of capacity in the country in just over a decade, completed up to 30 substations over the past 10 years, as well as delivered phase one of the interconnection with the Hashemite Kingdom of Jordan’s grid, which was inaugurated by the Iraqi government in March 2024. Furthermore, GE Vernova has supported the government of Iraq to secure over US$ 3 billion in funding for energy sector projects since 2015. The company employs over 200 people in the country, more than 95 percent of them Iraqis.

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

Algiers, Algeria: April 17, 2024 - GE Vernova's Grid Solutions business (NYSE: GEV), a leader in advanced grid technologies, and Sonelgaz, Algeria's national electricity and gas company, are expanding existing capabilities at GE Algeria Turbines (GEAT) for the deployment of grid solutions. This strategic agreement, effectuated through the amendment of their existing joint venture, represents a significant step towards achieving Algeria's energy objectives. It demonstrates a shared commitment to accelerating sustainable energy development, localizing industrial capabilities, and promoting economic growth.

GEAT is a joint venture founded in 2014 between Sonelgaz and GE Vernova that has manufactured skids and turbine auxiliaries, as well as rolled out gas turbines, steam turbines, and control systems in Algeria from its state-of-the art facility in Ain Yagout, Batna. It is a one-of-a-kind facility for GE Vernova on the African continent.

Given the development needs of Algerian power grids, Sonelgaz and GE Vernova agreed, under an amendment to the shareholders’ agreement entered into in 2014, to diversify GEAT's core business by directing it towards the manufacture of high and extra-high voltage substations. Other power grid automation equipment and solutions for efficient and reliable power transmission are also expected to be supplied by the joint venture, enabling the integration and complementary use of renewable energy sources.

The localization of this industrial production has the potential to further strengthen national engineering capacities and create additional job opportunities in Algeria. This collaboration with GE Vernova's Grid Solutions business marks an important step in Algeria's energy transition, as well as in the development of the country's capacity to produce equipment for the transmission grid. It is the cornerstone of contributions by both parties Sonelgaz and GE Vernova to improve the infrastructure of the Algerian network, ensure better access to electricity transmission facilities throughout the country, improve efficiency and enable the connection of renewable energy production facilities.

In his statement, Mr. Mourad Adjal, CEO of Sonelgaz emphasized, "In collaboration with GE Vernova, Sonelgaz is confident in both partners' abilities to build a more resilient and efficient energy grid for the future. This new trajectory of collaboration between the two parties, which is in line with the orientations of the country's highest authorities in terms of national integration, will enable the progressive domiciliation of the manufacture of equipment and materials (high and very high voltages) for electricity transmission structures. This means the transfer of knowledge, know-how and expertise in these fields, which is totally new in our country, as well as an increase in the national potential for exporting this type of equipment in the long term, which will contribute considerably to reducing the country's import bill.”

Philippe Piron, President and CEO of GE Vernova's Electrification Systems businesses, said, “We are honored to expand our relationship with Sonelgaz. Through this collaboration, we aim to roll out advanced Grid Solutions technologies in Algeria, which will modernize the country's grid, enhance its efficiency, and accelerate the country's energy transition. By expanding our relationship to include grid solutions, we are committed not only to localizing grid production but also to fostering the growth of local talent and creating job opportunities.”

With almost 50 million inhabitants spread across Africa’s largest country by area, Algeria is diversifying its energy mix to include renewable sources, such as solar and wind, to meet the growing demand for energy and transition to a lower-carbon future. The grid will play a crucial role by enabling the efficient transmission and distribution of electricity from these renewable sources, ensuring a reliable and sustainable energy supply for Algeria's growing population and economy. The expansion of the GE Vernova and Sonelgaz relationship at GEAT also aligns with Algeria's vision to enhance its grid infrastructure to accommodate increasing power generation capacity and to export excess power to neighboring countries.

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. In addition to the GEAT joint venture with Sonelgaz, the company has a strong legacy of contributions to the development of Algeria’s energy sector, providing power generation, transmission, and distribution solutions, as well as digital applications, and employs over 300 people in the country.

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Forward Looking Statements
This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova’s, GEAT’s and Sonelgaz’s expected future business operations, results and performance and the expected performance of GE Vernova products, the anticipated impact of its products and services, and the results they may generate or produce, and 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 Sonelgaz
Sonelgaz, created in 1969, is the historic utilities operator of electricity and gas supply in Algeria. Outcome of the recent promulgation of the law on electricity and gas distribution, Sonelgaz went from a vertically integrated company to an industrial group holding company managing a multi-companies and multi-businesses.

Sonelgaz has always played a major role in the economic and social development of Algeria. Its contribution to the implementation of the national energy policy is commensurate with the important programs carried out in terms of rural electrification and public gas distribution, which made it possible to raise the electricity coverage rate to 99% for 11,461,721 customers and a gas penetration rate to 65% for 7,308,462 customers. Today, Sonelgaz group is made up of 11 subsidiaries, managed directly by the holding company and 10 companies in joint ventures with third parties.

Stations would supply reliable, affordable and clean power for an additional 30 years

Atlanta, Georgia: April 11, 2024 – GE Vernova’s Gas Power business (NYSE: GEV) today announced it has secured an order for its 7HA.03 combined-cycle plant equipment from Louisville Gas and Electric Company and Kentucky Utilities Company (LG&E and KU), regulated utilities that are part of the PPL family of companies (NYSE: PPL), to power a new natural gas combined-cycle generating unit (NGCC) at the utilities’ existing Mill Creek Generating Station in Louisville, Kentucky.

Last year, the Kentucky Public Service Commission approved LG&E and KU’s plans to retire two aging coal generation units and build a new NGCC at its Mill Creek Generating Station. The commission also approved solar energy projects, battery storage, and a suite of energy efficiency programs.

“We’re proud to serve the communities in which our employees live and work at the lowest reasonable cost, and the addition of a new NGCC at our Mill Creek Generating Station – which has provided ‘round the clock’ energy to our customers for decades – is an important part of how we’re continuing to plan for Kentucky’s energy future in a responsible, affordable and reliable way”, said Lonnie Bellar, senior vice president, Engineering and Construction. “We’re also proud to partner with GE Vernova on bringing to life what will be the most advanced NGCC generating unit in our fleet”.

MC5 is expected to have an output of approximately 645-megawatts (MW) and will feature the most advanced GE Vernova 7HA.03 gas turbine, which will be fueled initially by natural gas, with the ability to utilize up to 50 percent hydrogen (by volume) as hydrogen becomes more available in the future.

GE Vernova will also provide a STF-D650 steam turbine along with a W86 generator, a Vogt Heat Recovery Steam Generator (HRSG) and its integrated Mark* VIe control system for gas turbine performance management. NGCCs, like MC5, have the lowest carbon dioxide (CO2) emissions and other emissions of all fossil-fuel powered generation.

“GE Vernova’s advanced HA gas turbines produce less than one-third of the carbon emissions of a similar coal-fired generating station, so constructing a NGCC works in harmony with LG&E and KU’s future carbon reduction plans by incorporating the potential of hydrogen-based fuels and carbon-capture technologies”, said Dave Ross, President of GE Vernova’s Gas Power in the Americas region. “We are honored to support LG&E and KU in this project, not only through bringing our advanced HA power generation equipment, but also by working to ensure its best operation through the deployment of controls software and remote monitoring abilities well into the future”.

The performance of the new 7HA.03 gas turbine includes a highly flexible ramp rate of 75MW/min as validated at GE Vernova’s Test Stand 7 in Greenville, South Carolina.

GE Vernova will also provide services to help increase operational efficiency, expected to generate key savings in maintenance costs due to less unplanned maintenance for the combustion turbines. Data collected from sensors throughout the facility will be monitored and analyzed 24/7 at GE Vernova’s Monitoring & Diagnostics (M&D) Center in Atlanta.

The plant will be built by TIC—The Industrial Company, a subsidiary of Kiewit, one of North America’s largest engineering and construction companies.

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Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements 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 LG&E and KU
Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE: PPL) family of companies, are regulated utilities that serve more than 1.3 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 335,000 natural gas and 436,000 electric customers in Louisville and 16 surrounding counties. KU serves 545,000 customers in 77 Kentucky counties and 28,000 in five counties in Virginia. More information is available at www.lge-ku.com and www.pplweb.com.

Seoul, South Korea: April 8, 2024 - GE Vernova’s Gas Power business (NYSE: GEV) today announced it has secured an order from Korea Western Power Co.,Ltd (KOWEPO),a subsidiary of Korea Electric Power Corporation (KEPCO), to provide a GE Vernova 7HA.02 gas turbine and a H65 generator for KOWEPO’s power station in Gongju-si, Chungcheongnam-do Republic of Korea. For the project GE Vernova is part of an international consortium, including the Korean engineering, procurement and construction (EPC) company Daewoo E&C.

KOWEPO’s aged coal-fired plant is expected to be replaced with Gongju-si natural gas power generation, expected to reach an output of 500 Megawatts, while enabling future fuel mix combustion of up to 30 percent by volume of hydrogen, subject to the development of a hydrogen manufacturing industry of an appropriate size and scale.

“This power plant will add new capacity, expected to increase power supply security in South Korea while continuing to phase out coal power generation. In addition, it will help expand a more reliable deployment of renewable energy resources in our country as we’ll be more capable to dispatch power quickly in response to grid fluctuations,” said a representative from KOWEPO. “The new power plant will be capable to operate on up to 30% hydrogen by volume, in line with the national goal to deploy renewables and green hydrogen at large scale and achieve carbon neutrality by 2050.”

The new power plant targets to begin operation in 2027. Switching from a coal plant to its gas equivalent can alone reduce carbon emissions by as much 60 percent, and lower emissions levels for other pollutants such as mercury, NOx, SOx and particulate matter, when using one of the most advanced of GE Vernova’s HA gas turbines.

“In a country with an increasing power demand due to planned coal-fired power plant retirements, we are proud to support a lower-carbon future in Korea,” said Ramesh Singaram, President and CEO GE Vernova’s Gas Power in Asia. “We are committed to providing KOWEPO with our advanced gas turbine technology to accelerate coal phase-out and support an increase in the share of renewables as we work towards lower-carbon gas-based power generation with hydrogen. Once in operation, Gongju-si power plant is expected to be among the most efficient and flexible power plants in the country.”

GE Vernova is a major player in power generation in South Korea. GE Vernova ’s gas turbines (simple and combined cycle) in the country have the capacity to generate more than 14 Gigawatts of electricity with an installed base of over 78 units. The company has been present in South Korea since 1976, working closely with local companies to support the country’s growth in the energy sector. In 2015, GE Vernova undertook a large-scale manufacturing plant investment in Changwon, South Korea, by acquiring Doosan’s HRSG business.

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