As we shared during 4Q’23 earnings recently, 2024 will be a momentous year as we launch GE Aerospace and GE Vernova as independent public companies in early April. Our businesses are ready to go, reaching notable milestones over the last week, which we wanted to highlight today.

The world needs a breakthrough to lower emissions from heavy industry, and a solution may be brewing in Japan. IHI Corporation, one of the country’s oldest manufacturers, and GE Vernova have teamed up in recent years to work to unlock the secrets of ammonia. Under their latest joint development agreement, signed on Christmas Day 2023, the companies will work for the next two years developing technology to combust ammonia in turbines that normally run on natural gas.

Representatives from SaskPower and GE Vernova’s Nuclear business, GE Hitachi (GEH), met in Regina to sign an important agreement to advance small modular reactor (SMR) development in Saskatchewan.

The agreement will enable SaskPower and GEH to collaborate on project planning and facilitate the sharing of expertise related to the design, fuel sourcing and fabrication for the BWRX-300 small modular reactor. It will also support workforce and supply chain planning needed for a Saskatchewan-based SMR deployment. 

Avangrid and Copenhagen Infrastructure Partners (CIP) today announced that power from the Vineyard Wind project was delivered to the New England grid for the first time. As part of the initial commissioning process, at 11:52PM on Tuesday, January 2, 2024, one turbine delivered approximately five megawatts of power, with additional testing expected to happen both on and offshore in the coming weeks. The project expects to have five GE Vernova Haliade-X turbines operating at full capacity early in 2024.

Pattern Energy Group LP, a leader in renewable energy and transmission infrastructure, has closed an $11 billion non-recourse financing and begun full construction of SunZia Transmission and SunZia Wind, which together is the largest clean energy infrastructure project in U.S. history.

A $2.25 billion tax equity term loan facility was provided by Banco Santander, S.A, New York Branch and Santander Bank N.A. (SBNA) as Joint Coordinating Lead Arrangers. Bank of America, GE Vernova’s Financial Services business, Natixis Corporate & Investment Banking and Royal Bank of Canada acted as Joint Lead Arrangers. 

Prolec GE, a Prolec subsidiary of a joint venture between GE and Xignux, a Mexico-based private company, today announced additional manufacturing investments of $85 million to meet unprecedented North American demand for single-phase pad-mount transformers. Prolec GE will increase its manufacturing capacity in Monterrey by equipping a new facility capable of annually duplicating the number of transformers produced at its existing Mexico facility. The company will also take this opportunity to incorporate state-of-the-art manufacturing technology to increase productivity and improve ergonomics in key areas throughout the new plant.​

At GE Vernova, we are committed to ensuring that our team members who are living or caring for someone with a disability have the support and resources they need to connect and thrive. We are proud to partner with DisabilityIN, a worldwide leader in disability inclusion, to accelerate our efforts to be an employer of choice for people with disabilities.

It was in the southwestern German city of Stuttgart in the 1880s that Karl Benz devised what is considered the first automobile, the Benz Patent-Motorwagen No. 1. ­­­­­Today Stuttgart serves as the headquarters of automakers like Mercedes-Benz and Porsche, making the city synonymous with speed. So it’s fitting that Stuttgart is now one of the sites where the country is racing ahead of the pack in one of the 21st century’s biggest industrial challenges.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and GE Vernova's Financial Services formalized their collaboration through a Memorandum of Understanding (MOU), aimed to bolster sustainable development and climate action across ICIEC’s 49 member states.

• At COP28 held on the December 2nd, SK E&S signed a 'Global MOU for the construction of the largest low-carbon hydrogen plant in Korea' with its global partners and local government.
• The event, jointly hosted by the Korea's Presidential Commission on Carbon Neutrality and Green Growth, discussed successful strategies for the establishment of a low-carbon hydrogen project in Korea with GE Vernova, Air Liquide Engineering & Construction, Chungcheongnam-do*, Korea Midland Power.