Today is a momentous day for a company purpose built to electrify and decarbonize the world. We have officially completed our spin-off from GE and are now standing on our own as an independent, publicly traded company.

This morning before market open, GE Vernova completed its spin-off from GE and will begin trading today on the New York Stock Exchange under the ticker “GEV.” As a reminder, record date holders of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held.

On Tuesday, April 2, a new company is set to launch on the world energy stage when GE Vernova completes its spin-off from the GE Corporation and officially begins operations as a standalone company. Building on more than 130 years of experience, GE Vernova’s mission is to electrify the world while simultaneously working to decarbonize it. As we approach this momentous shift, first announced in 2021, we thought we’d take a look back at some of the milestones that brought us from there to here. 
 

When the bell rings at the New York Stock Exchange on April 2 to celebrate the launch of GE Aerospace and GE Vernova as standalone public companies, a fitting artifact will be on display in the building: the Universal Stock Ticker, patented in 1873 by GE’s founder, Thomas Edison. 

29 de março de 2024 - A GE Vernova, em atendimento à Lei 14.611/23, apresenta o Relatório de Transparência e Igualdade Salarial de Mulheres e Homens elaborado pelo Ministério do Trabalho e Emprego (M.T.E.), relativo ao 1º semestre de 2024. Os dados estatísticos apontados no relatório decorrem da metodologia adotada pelo M.T.E. para apontar diferenças salariais por grupos de cargos e não entre homens e mulheres que exercem as mesmas funções, não refletindo qualquer discriminação entre mulheres e homens. A GE Vernova é uma empresa comprometida em fomentar a diversidade e a inclusão e realiza diversas iniciativas que contribuem para um ambiente de trabalho mais inclusivo.

• Contract signed with ST Engineering Marine Limited to supply GE Vernova’s Ship’s Electric Grid for use on the Republic of Singapore Navy’s six new Multi-Role Combat Vessels (MRCVs)
• GE Vernova’s Ship’s Electric Grid manages and distributes electric power throughout the ship and includes its energy-efficient Integrated Full Electric Propulsion (IFEP) system
• The MRCVs will be the Republic of Singapore Navy’s first IFEP-powered vessels

United Kingdom: March 18, 2024 - GE Vernova’s Power Conversion business has been awarded a contract by Singapore shipbuilder ST Engineering Marine Limited to supply its Ship’s Electric Grid with Integrated Full Electric Propulsion (IFEP) equipment for the Republic of Singapore Navy’s six-ship Multi-Role Combat Vessel (MRCV) program.

The six MRCVs will be the first IFEP-powered vessels for the Republic of Singapore Navy (RSN) and will replace its fleet of mechanical drive Victory-class missile corvettes, which have been in service since 1989. Delivery of the electric propulsion systems for the new ships is planned over the next 10 years.

GE Vernova’s Ship’s Electric Grid delivers the electrical power required by the ship’s propulsion, and energizes its operational and mission systems, such as radar and communications. With the ability to share electric power to any load on the ship’s power network, the system is more energy-efficient and cost-effective to operate than a conventional mechanical drive configuration.

GE Vernova’s Ship’s Electric Grid includes all generators, medium-voltage switchboards, transformers, propulsion variable frequency drives (VFDs), electric propulsion motors, thruster motors, soft starters, a shore power connection, power management system (PMS), and the propulsion control system (PCS).

The modular platform design of the RSN’s new MRCVs allows for different naval missions requiring electric power. This includes the ability to host unmanned air and surface vehicles, which will expand the area of each vessel’s surveillance capability.

Andy Cooper, General Manager at GE Vernova’s Power Conversion UK business, said: “Power Conversion is pleased to equip the RSN’s new MRCVs with electric power. Like so many other navies around the world, the RSN is adopting an electric ship configuration as an enabler for increased levels of power and energy-efficiency. Being equipped with an electric grid allows a ship the ability to share every bit of available power throughout the vessel, strengthening its energy surety and even helping to reduce greenhouse gas emissions”.

With deep expertise in marine and naval performance requirements, GE Vernova’s Power Conversion UK center of excellence (COE) will be responsible for the design, systems engineering, manufacturing and testing of the equipment. The execution of the project will be supported by the Power Conversion Asia team based in Singapore, who will oversee project engineering, project management, commissioning and sea trials.

GE Vernova’s Power Conversion business powers the majority of the UK Royal Navy’s large vessel fleet, including Queen Elizabeth Class, Type 45 and Type 26 vessels, as well as many other global naval programs.

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About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses 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 Power Conversion business provides energy conversion technologies, systems, and services across the power and energy-intensive industries, driving the electric transformation of the world’s energy and industrial infrastructure.

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 and LinkedIn.

• Net-Zero Teesside (NZT) Power is expected to be one of the first gas-fired power stations of its kind - fully integrated with carbon capture technology.
• Consortium and technology selection marks an important next step towards the proposed development of bp’s NZT Power project in the UK, aiming to capture up to 2 million tonnes of CO2 per year.
• Project is expected to provide flexible, dispatchable low-carbon power equivalent to the average electricity requirements of around 1.3 million UK homes, and to progress the deployment of carbon capture technology in line with the UK Government’s net-zero programme.

Technip Energies (PARIS: TE), leader of a consortium with GE Vernova, and construction partner, Balfour Beatty, received a Letter of Intent from bp, on behalf of NZT Power Limited for the execution phase of the Net Zero Teesside Power (NZT Power) in the United Kingdom.

This landmark project is poised to become one of the world’s first commercial scale gas-fired power stations with carbon capture, expected to capture up to 2 million tonnes of CO2 per year. The project is set to provide flexible, dispatchable low-carbon power equivalent to the average electricity requirements of around 1.3 million UK homes, further supporting the nation's transition to a cleaner energy future.

The NZT Power project is also a key component of the Carbon Capture, Usage and Storage (CCUS) East Coast Cluster and has been shortlisted for government funding support as part of the UK's net-zero programme. This selection follows the Development Consent Order recently having been granted by the Secretary of State for the Department for Energy Security and Net Zero.

The Technip Energies and GE Vernova consortium, supported by leading infrastructure group Balfour Beatty, will play an important role constructing a highly efficient combined cycle plant. It will be powered by an advanced GE Vernova 9HA.02 gas turbine, a steam turbine, a generator and a Heat Recovery Steam Generator (HRSG), which will integrate with a state-of-the-art carbon capture plant using Technip Energies’ Canopy by T.ENTM solution powered by the Shell CANSOLV® CO2 capture technology.

Technip Energies, GE Vernova, and Balfour Beatty, supported by Shell in the UK are forming the Carbon Capture Alliance (CCA). The alliance members are deeply committed to long-term investment in the UK, with members already possessing a significant UK footprint and a mature UK supply chain.

In March 2023, the UK government announced up to £20 billion to support the initial deployment of CCUS, focused on creating four clusters by 2030, including the East Coast cluster which includes Teesside. Government analysis shows that up to 10 gigawatts of power CCUS could be needed in order to decarbonise the UK power sector by 2035 (10GW is around 10% of the total UK electricity system today).

Arnaud Pieton, CEO of Technip Energies, commented, “Our selection for the Net Zero Teesside Power project is a testament to Technip Energies growing leadership position as an integrated state-of-the-art CCUS solutions provider. By capturing up to 2 million tonnes of CO2 at a large power plant, we collectively rise to the challenge of scale by providing sustainable and available energy at a large scale. With our partners GE Vernova and Balfour Beatty, we are honoured to contribute to this flagship project that supports bp and the UK in their goal of developing one of the first decarbonised industrial clusters in the world.”

Maví Zingoni, CEO, Power at GE Vernova, commented: “The development of Net Zero Teesside Power, one of the world’s first commercial scale gas-fired power stations with carbon capture, marks a huge step towards supporting the UK government’s commitment to fully decarbonise its power system by 2035. GE Vernova will help bring proven expertise in natural gas combined cycle plant engineering, operability, and full-scale integration to support carbon abatement for this project. We believe post-combustion carbon capture can play a crucial role in reducing emissions and ensuring dispatchable power in the future.”

Leo Quinn, CEO of Balfour Beatty Group, said: “Today’s announcement takes us a step closer to realising one of the world’s first commercial scale gas-fired power stations with carbon capture . It’s a significant milestone in delivering the critical infrastructure needed to transition the UK to Net Zero. Balfour Beatty’s market leading capabilities, underpinned by our unrivalled experience and proven track record in delivering complex infrastructure projects, means we are perfectly positioned to support the delivery of this critical project alongside Technip Energies and GE Vernova – proving on the world-stage that the UK is primed and ready to lead the way in decarbonising our industrial footprint.”

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About Technip Energies 
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”). For further information: www.ten.com.

About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses 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 Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future.

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 and LinkedIn.

About Balfour Beatty 
Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.

We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.

Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.

Important Information for Investors and Securityholders

Forward-Looking Statement

This Press Release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.

All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2022 Annual Financial report filed on March 10, 2023, with the Dutch Authority for the Financial Markets (AFM) and the French Autorité des Marchés Financiers which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates. Please also see Section 1.3 (Principal Risks and Uncertainties) of the Company's 2023 Half-Year Report which was filed with the AFM and the AMF on July 27, 2023.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

We are excited to host GE Vernova’s 2024 Investor Day in New York City, starting at 8:00am ET today ahead of its launch as an independent, public company on April 2, 2024. You can access a live webcast of the presentations, as well as accompanying slides and press release, on our investor relations website here.

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.