Earlier this week, GE Vernova released its 2023 Sustainability Report, our inaugural Sustainability Report as an independent, publicly traded company. We encourage you to review the materials on GE Vernova’s dedicated Sustainability website.

In the report, you will find:

GE Vernova now has nearly six months under its belt as a standalone purpose-built energy technology company. Nimbler and with a new stock listing and management team, the Cambridge, Massachusetts–based company is only getting started, unfurling its sails and setting a course all its own.

CAMBRIDGE, Mass. (September 18, 2024) – GE Vernova Inc. (NYSE: GEV) today released its first-ever sustainability report as a stand-alone company, detailing how it is making progress on its mission to electrify and decarbonize the world. The report explains GE Vernova’s innovative approach to sustainability and outlines ambitious goals built around a four-pillar framework – Electrify, Decarbonize, Conserve, and Thrive. The report also offers an overview of GE Vernova’s broad portfolio of energy solutions across Power, Wind, and Electrification segments, as well as its Accelerator businesses.

“GE Vernova’s purpose and mission to electrify and decarbonize the world has never been clearer or more urgent,” said Scott Strazik, CEO of GE Vernova. “Sustainability is at our core as a company and as a team. We see incredible opportunities for our sustainability framework to create economic value, growth, and performance while at the same time serving the world.”

Some key highlights from the four-pillar sustainability framework include:

• Electrify:
  • As a company whose technology base helps generate approximately 25 percent of the world’s electricity, the company brought online an additional 29 GW of generating capacity in 2023, roughly equivalent to the total installed generating capacity of Massachusetts, Connecticut and Rhode Island combined, with 42% in emerging economies.
  • Energized 64 GW of new power transformers, enabling new transmission capacity roughly equivalent to the installed generating capacity of Thailand.
• Decarbonize:
  • Introduced for the first time, metrics to demonstrate near term progress on improving the trajectory of carbon intensity. These metrics include avoiding approximately 20 million metric tons of CO₂ emissions in first full year of operation from generating capacity brought online last year by using lower-carbon technology[i]. This is roughly equivalent to taking 4.8 million gasoline-powered passenger vehicles off the road for one year.
  • Updated the company’s progress toward its 2050 net zero ambition and its efforts on four breakthrough technologies - hydrogen, carbon capture, direct air capture, and small modular reactors - aiming to be brought into service by the early 2030s. The report also highlights GE Vernova’s more than 150 current Research and Development projects, with over 420 technology collaborators and 84 programs either funded by or in collaboration with the U.S. Department of Energy.
• Conserve:
  • Reduced Scope 1 and 2 (market-based) emissions by 39% through its own operations achieved by implementing energy efficiency projects at the site level and renewable energy purchases.
  • Introduced circularity approach, centered around our 4R circularity framework (rethink, reduce, reuse, and recycle), which accounts for the full product life-cycle phases of our products, with a goal to have 90% of its top products covered under Framework by 2030.
• Thrive:
  • Conducted more than 600 total global audits, approving approximately 580 suppliers following its Supplier Responsibility Governance (SRG) program, which assesses a potential supplier’s practices regarding ethics, compliance, sustainability, human rights, and EHS issues.
  • Donated over 20,000 GE Vernova employee volunteer hours, with more than 1,300 global non/profits supported. In addition, the Next Engineers program successfully facilitated over 7,500 student engagements across cities across the world including, South Carolina, U.S.; Johannesburg, South Africa; and Staffordshire, UK.

The new report expands on the company’s sustainability efforts and its approach to sustainability operations through a new management system called “Control Room.” Modeled after the complex nerve centers that manage the world’s most complex machine, electrical grids, this sustainability management system builds on a rigorous corporate DNA of lean, governance, impact assessments, and sustainability education, all targeting goals aligned to the United Nations Sustainable Development Goals (UN SDGs).

“We recognized that we needed to build a new, modern sustainability program for a new, modern sustainability company.” said Roger Martella, GE Vernova’s Chief Sustainability Officer and head of Global Policy. “Our new Control Room encompasses our comprehensive approach to sustainability, including our Sustainability Framework, guiding principles, stakeholder engagement, and employs Lean to accelerate and sustain higher levels of performance through continuous improvement.”

Along with the company’s approach to sustainability, the new report offers a comprehensive overview of GE Vernova, its three business segments and accelerators:

GE Vernova

• ~25% of the world's electricity is generated with the help of GE Vernova's technology base (as of June 2024)
• ~75,000 global employees in 100+ countries
• 2,324 GW global installed base across our Power and Wind segments in 2023
• ~$1 billion invested each year in R&D, focused on decarbonization and electrification
• $33 billion 2023 revenue

Power

Businesses: Gas Power, Hydro Power, Steam Power, Nuclear

• ~7,000 gas turbines installed – the world’s largest fleet
• Over 2.5 million total operating hours by our HA gas turbine technology (as of July 2024)
• First commercial contract for a small nuclear modular reactor in North America signed in 2023
• ~$17 billion 2023 revenue

Wind

Businesses: Onshore Wind, Offshore Wind, LM Wind Power

• ~55,000 wind turbines installed in 50+ countries
• 117+ GW global installed generating capacity
• #1 U.S. onshore wind turbine installs for the fifth year in a row[ii]
• ~$10 billion 2023 revenue

Electrification

Businesses: Grid Solutions, Electrification Software, Power Conversion, Solar & Storage Solutions

• 90% of global power transmission utilities have been equipped with GE Vernova technologies
• 30% of the world’s utilities are served by our software
• 40,000 m³ (on average) of methane emissions avoided per year from our advanced centrifugal compressor technology
• ~$6 billion 2023 revenue

Accelerators

Businesses: Advanced Research, Consulting Services, Financial Services

• 420+ technology partners
• 8.5 million operating hours from our hydrogen fueled gas turbines through 2023
• $4 billion+ orders for GE Vernova technologies enabled by Financial Services in 2023

For more information, please visit gevernova.com/sustainability and read the full Sustainability Report.

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

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

LONDON, UK (September 16, 2024) – GE Vernova’s (NYSE: GEV) Financial Services business and Lizard Renewables S.p.A. (“Lizard”), a prominent renewable energy company in Italy, today announced the establishment of Alva Power, a strategic 50-50 Joint Venture (“JV”), to support Italy in its electrification and decarbonisation goals by funding renewable energy project development.

As the demand for energy increases, Italy is looking to decarbonise its energy ecosystem through continued investment and capacity buildout to meet its targets of 30% renewables in total energy consumption, and 55% of renewables in electricity generation by 2030.[1]

Alva Power’s initial goal is to progress development of over one gigawatt (GW) of project capacity to a ready-to-build stage across wind, battery energy storage systems (“BESS”) and photovoltaic (“PV”) solar, which Lizard has already selected and prepared for this venture.

In the near-term, the JV will focus on co-development of renewable energy projects including onshore wind in Italy, with GE Vernova having a priority right to supply equipment and services to the projects. The JV will also explore further project development opportunities outside of the country in the medium to long-term future.

Alva Power is expected to benefit from GE Vernova’s global financial and technology expertise and from Lizard’s extensive network of strategic regional collaborations with leading companies, to support new renewable energy project initiatives.

Guilherme Carvalho, European Renewables Leader at GE Vernova’s Financial Services business, said: “We will collaborate with Lizard to harness our collective energy portfolio across our Wind and Electrification segments to support development of renewable energy projects to a shovel-ready stage in Italy. We have vast experience in providing technology solutions supported by co-development and financing solutions throughout a renewable energy project lifecycle. We look forward to supporting Italy in its electrification and decarbonisation goals through our energy finance and technology expertise.”

Marco Salvato, General Manager of Lizard Renewables, commented: “Being able to announce a joint venture with GE Vernova is a source of great pride for us and a concrete testimony to the attractiveness of our offering and what we have built over the years. Alva Power will enter an already solid market with strong growth prospects, benefiting from the synergies between the two companies and the tailwinds of national and European energy policies. Our goal is to further strengthen European renewables growth trajectory with a specific focus in Italy.”

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Notes to Editors
The joint venture agreement was supported by lawyers Gianni & Origoni for Lizard and Legance Avvocati Associati for GE Vernova’s Financial Services business and signed in front of Mario Greco notary in Milan.

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 GE Vernova’s 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 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 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 Financial Services business provides customers with a suite of financing solutions for projects that aim to accelerate a new era of energy. It has deployed sizeable capital into energy projects globally through development financing, direct equity investments, and capital raising from private and public financial institutions.

GE Vernova’s Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls, helping the transition to a cleaner energy future with dispatchable and reliable renewable energy solutions.

GE Vernova’s Onshore Wind business is a world leader in onshore wind technology. With an installed base of approximately 56,000 turbines around the world, it offers a high-tech product portfolio of turbines for a broad range of site conditions.

CAMBRIDGE, Mass. (September 12, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer, Scott Strazik, will present today at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California at 8:10 AM PDT.  Strazik will discuss the company’s strategic progress and the robust demand for power generation, services, and grid equipment.

As part of today’s event, GE Vernova reaffirms its full year 2024 financial guidance, with revenue trending towards the higher end of $34-$35 billion, adjusted EBITDA margin* of 5%-7%, and free cash flow* of $1.3-$1.7 billion. The company expects incremental strength in its Power and Electrification segments, with both trending towards the higher end of EBITDA margin guidance, to offset additional costs in its Wind segment, due to the recent Offshore Wind blade events.

For third quarter 2024, GE Vernova still expects solid year-over-year organic revenue* growth with adjusted EBITDA* now relatively flat versus prior year, as a result of the additional Offshore Wind costs. The Wind segment is now expected to generate an approximately $300 million EBITDA loss in the third quarter 2024 given these costs, despite Onshore Wind delivering a fifth straight quarter of profitability. The company expects the Wind segment to be modestly profitable in the fourth quarter.

Additional updates Strazik will share include how Power is expanding capacity to enable delivery of 70 to 80 heavy duty gas turbine units annually starting in 2026, compared to the recent average of approximately 55 shipments annually. Given the strong demand for grid equipment, GE Vernova expects the Electrification equipment backlog¹ to more than triple by year end 2024, compared to the $6.4 billion backlog at year end 2022.

Finally, GE Vernova will host an investor event on Tuesday, December 10, 2024, in New York City, to provide an update on the company’s financial outlook and capital allocation strategy.

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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.

[1] Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure 

Non-GAAP Financial Measures
In this press release, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings press releases and presentations and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as applicable.

2024 Guidance: Adjusted EBITDA margin* & Free Cash Flow*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for each of adjusted EBITDA margin* and free cash flow in our 2024 guidance without unreasonable effort due to, with respect to adjusted EBITDA margin, the uncertainty of foreign exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization, and with respect to free cash flow, the uncertainty of timing for capital expenditures.

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 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 GE Vernova’s expected financial and operating performance, financial condition and guidance, demand for its products and services, its capacity and ability to produce and deliver its products, including gas turbines, direct and indirect financial, operational and reputational impact of recent Offshore Wind blade events, the nature, size and progress with respect to its backlog and capital allocation plans, including the timing and amount of dividends, share repurchases, acquisitions, organic investments and other priorities. Any forward-looking statement in this press release speaks only as of the date on which it is made. Although GE Vernova believes that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect GE Vernova’s actual results and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to factors that are beyond GE Vernova’s control, such as the impacts of macroeconomic and market conditions, the global supply chain and laws and government regulations. For details on the uncertainties that may cause GE Vernova’s actual future results to be materially different than those expressed in its forward-looking statements, please see GE Vernova’s Information Statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission (SEC) on March 8, 2024, its Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2024, filed with the SEC, as well as its other filings with the SEC.

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

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

All around the globe, aging power grids are stretched to the limit, and growing demand for electrification is expected to add even more strain. This means that maximizing every electron of energy generated is essential to meet demand. One emerging concept that can help us realize the efficiencies we need is the virtual power plant.

CAMBRIDGE, Mass. (August 30, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer Scott Strazik will present at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California on Thursday, September 12, at 8:10 AM PST. Strazik will speak to investors in a fireside chat, highlighting how GE Vernova is well-positioned to serve growing electricity demand and continue delivering value for stakeholders.

The conference webcast and replay will be available through GE Vernova’s Investor Relations website at https://www.gevernova.com/investors/events/morgan-stanley-laguna-conference-0.

Additional information

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

About GE Vernova

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

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

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

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

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

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

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

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

Key programme highlights:

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

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

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

-ENDS-

About Next Engineers

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

About GE Vernova

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

About The Inspirational Learning Group

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

Today, GE Vernova released its second quarter 2024 earnings results. We delivered strong results in the second quarter with margin expansion across all segments, and substantial cash flow improvement, both sequentially and year-over-year. We also raised our full-year 2024 guidance for revenue, adjusted EBITDA margin* and free cash flow* (FCF).