How does a rock climber from Chile wind up working in America’s intellectual capital, Cambridge, Massachusetts? For Matias Opazo, a pivotal meeting last year with GE Vernova CEO Scott Strazik sparked the beginning of a new career chapter.

As the heat of summer wanes and the Northern Hemisphere turns its gaze toward autumn, a different kind of anticipation grips the electric utility sector in the southeastern United States. The end of summer doesn’t mean a respite from volatile weather for the region. This change in seasons ushers in the peak of Atlantic storm season, and with each passing year the stakes are getting higher.

CAMBRIDGE, Mass. / SAN FRANCISCO & FORT WORTH, Texas (September 11, 2025) – GE Vernova Inc. (NYSE: GEV) and TPG, a leading global alternative asset management firm, announced today the signing of a binding agreement confirming the intent under which TPG will acquire GE Vernova’s Proficy® manufacturing software business (“Proficy”) for $600 million. GE Vernova may receive additional sale proceeds in the future depending on various outcomes and conditions. TPG will invest in Proficy through TPG Capital, the firm’s U.S. and European private equity platform.

The proposed transaction would establish Proficy as a standalone software business that helps its more than 20,000 customers manage complexity, enable greater efficiency, and improve connectivity across their industrial operations. Proficy’s software portfolio solves industrial challenges across discrete, process, and hybrid manufacturing, as well as metro transit and other infrastructure applications. Its fully integrated solutions include cloud-based and on-prem HMI/SCADA, MES, industrial data management, and analytics, offering architectural flexibility from equipment to the production line, plant, and full enterprise. In partnership with TPG, Proficy would continue to deliver enhanced and expanded offerings that meet the evolving needs of teams across the broader manufacturing and infrastructure sectors. This manufacturing software business currently comprises approximately 20% of GE Vernova’s Electrification Software revenues.

“We are excited to reach this agreement with TPG to position the Proficy business for independent success, while also generating significant proceeds for GE Vernova to reinvest in our core businesses,” said Scott Strazik, CEO of GE Vernova. “The Proficy portfolio provides critical tools for manufacturing and production customers around the world, and I’m confident that TPG will help this important business continue to grow and meet the expanding needs of the industry. GE Vernova remains focused on delivering solutions to help customers electrify and decarbonize the energy ecosystem, including growing GridOS®, our enterprise software and AI platform for grid orchestration. We recently expanded GridOS through our acquisition of Alteia, an AI computer vision and machine learning company, as we continue to position that business for the future.”

“Manufacturing is undergoing a renaissance driven by customers’ need to increase throughput, optimize operations, and augment workforces. Proficy’s mission-critical, integrated, and increasingly AI-enabled solutions are leading the way, enabling customers to run, monitor, and improve the production process,” said Art Heidrich, Partner at TPG. “We are excited to partner with GE Vernova and Proficy’s leadership team to accelerate growth and power customers’ digital evolutions.”

TPG has deep experience executing corporate carveouts to support and grow innovative software businesses, with investments that have included Boomi, Elite, Everfox, Hospitality Solutions, McAfee, and Wind River.

Upon the successful completion of the proposed transaction, TPG would own and control the Proficy business and GE Vernova would retain a board observer seat. The proposed transaction is subject to information and consultation with employee representatives and other customary closing conditions, including certain regulatory approvals, and is expected to close in the first half of 2026.

Evercore and Morgan Stanley & Co. LLC are serving as financial advisors to GE Vernova. Centerview Partners LLC is serving as lead financial advisor to TPG, and William Blair is also serving as financial advisor to TPG.

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About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

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, the expected completion of the disposition of its Proficy Software business, the expected proceeds to be realized from such disposition and the use thereof, any potential future additional value to be realized in connection with such disposition and the performance of Proficy Software, 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.

Several forces within GE Vernova align in its new Energy of Change in Action storytelling campaign: a century-old commitment to breakthrough ideas, the relentless optimism of the company’s employees, and their common sense of purpose in meeting tomorrow’s challenges today. From developing advanced grid technologies in France to leading wind services in Brazil to managing turbine sites around the world, GE Vernova’s brilliant engineers are driving the energy transition forward.

A bolt of lightning crackles through the air. An instant later there’s a flash, followed by an ominous sizzle: the lightning struck a powerline. Normally, you’d run inside and call the electric company.

CAMBRIDGE, Mass. (21 juillet 2025) - GE Vernova Inc. (NYSE: GEV) et Alteia SAS ont annoncé aujourd'hui que GE Vernova a conclu un accord pour acquérir Alteia SAS. Alteia est une entreprise de logiciels basée en France, experte en modélisation par ordinateur et en apprentissage automatique, dont la mission est d’intégrer l'intelligence visuelle dans les opérations. L'acquisition d'Alteia vise à renforcer la stratégie de GE Vernova: développer ses capacités en Intelligence Artificielle (IA) et offrir aux gestionnaires de réseau des solutions utilisant les données visuelles. Celles-ci fourniront une intelligence situationnelle et des informations à haute valeur facilement exploitables, essentielles à la décision.

La plateforme logicielle GridOS® de GE Vernova, au sein de son activité de logiciels d'électrification, aide les gestionnaires de réseau à planifier et à opérer proactivement le réseau électrique. Elle est cruciale lors d'événements perturbateurs comme les tempêtes ou les incendies de forêt qui menacent la fiabilité de l’alimentation électrique. Actuellement, GE Vernova propose déjà le logiciel d'Alteia via GridOS® Visual Intelligence. Cette solution utilise des données visuelles et des workflows basés sur l'IA pour permettre aux gestionnaires de réseau de "visualiser" le réseau. Ils peuvent ainsi évaluer les dommages, identifier précisément les zones où la végétation doit être élaguée et inspecter les éléments clés sur des milliers de kilomètres de lignes électriques.

Grâce à cette acquisition, GridOS Visual Intelligence approfondira l’intégration des données visuelles avec les données opérationnelles issues des systèmes de gestion de réseau (tels que les logiciels de gestion avancée de la distribution). Cette synergie permettra de passer à l'action sur ces données, aidant les gestionnaires de réseau à véritablement "voir et ressentir" leur infrastructure, et offrant une conscience situationnelle accrue.

Les avancées continues des workflows IA s'appuieront sur ces informations. Elles permettront aux gestionnaires de réseau de réduire la probabilité d'événements catastrophiques et d'améliorer la résilience, notamment par des évaluations rapides des dommages pour reconstruire et restaurer le réseau.

Scott Reese, PDG de l'activité de logiciels d'électrification de GE Vernova, a déclaré: "Avec cette acquisition, nous sommes ravis d'accroître notre investissement dans un élément essentiel de notre offre GridOS. En collaboration avec l'équipe Alteia, dont l'expertise nous aidera à faire progresser notre vision de GridOS axée sur l'IA et les données, GE Vernova pourra résoudre les enjeux critiques que nos clients gestionnaires de réseau rencontrent quotidiennement. Nous les aiderons à utiliser les données visuelles et l'IA de manière opérationnelle pour prévenir les perturbations ou restaurer rapidement le réseau. Cette acquisition vise à solidifier davantage notre position de leader des données et de l'IA dans les logiciels d'orchestration de réseau et à ouvrir la voie à des cas d'utilisation supplémentaires qui pourraient améliorer la précision visuelle nécessaire aux opérations modernes du réseau."

Michael de Lagarde, PDG d'Alteia SAS, a déclaré : "Nous avons démarré Alteia avec la mission de simplifier l'intégration et l'analyse des données visuelles pour les gestionnaires de réseau. C’est une vision qui s'aligne parfaitement avec la suite logicielle GridOS de GE Vernova. Cette acquisition est plus qu'une étape stratégique - elle améliore notre capacité à offrir des solutions de pointe à nos clients tout en accélérant notre feuille de route IA pour des opérations d'infrastructure plus intelligentes et plus efficaces. À un niveau plus large, Alteia et GE Vernova partagent un engagement profond à relever le défi urgent de construire et maintenir des réseaux d'infrastructure plus résilients. C'est pourquoi nous sommes incroyablement fiers de nous associer à l'entreprise qui alimente le monde en électricité depuis son origine."

Les termes financiers de l'acquisition ne sont pas divulgués. Sous réserve de la satisfaction des conditions de clôture, la transaction devrait se conclure le 1er août 2025.

Pour plus d'informations sur GridOS et comment il peut aider les gestionnaires de réseau à naviguer dans la transition énergétique, cliquez ici.

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Logiciels d'électrification
GE Vernova Inc. (NYSE: GEV) est une entreprise mondiale dédiée à l'énergie, structurée autour des segments Énergie, Éolien et Électrification, avec le soutien de ses activités accélératrices. Avec plus de 130 ans d'expérience dans la résolution des défis mondiaux liés à l’énergie, GE Vernova est idéalement positionnée pour mener la transition énergétique. Son objectif est d'électrifier le monde tout en le décarbonant. GE Vernova aide ses clients à alimenter les économies et à fournir l'électricité essentielle à la santé, à la sécurité, à la sûreté et à l'amélioration de la qualité de vie. GE Vernova est basée à Cambridge, Massachusetts, États-Unis, avec environ 75 000 employés dans environ 100 pays à travers le monde. Guidée par sa mission, "L'énergie pour changer le monde", la technologie de GE Vernova vise à bâtir un avenir énergétique plus abordable, fiable, durable et sécurisé.

L'activité Electrification Software de GE Vernova se concentre sur la fourniture d'applications intelligentes et d'informations cruciales pour accélérer l'électrification et la décarbonation de l'ensemble de l'écosystème énergétique – de sa production à sa consommation, en passant par son orchestration. Son activité Grid Software et son portefeuille GridOS® ont gagné la confiance des gestionnaires de réseau mondiaux pour orchestrer un réseau énergétique plus durable et fournir une électricité fiable et abordable à leurs clients.

Alteia
Alteia est une entreprise de logiciels française basée à Toulouse. C'est un leader des solutions d'intelligence visuelle basées sur l'IA, qui transforment la façon dont les industries exploitent les données visuelles pour la prise de décision opérationnelle.

En permettant une utilisation étendue des données visuelles, Alteia aide les organisations à extraire des informations exploitables à partir d'images, de données 3D, de données géospatiales et plus encore. Cette approche optimise les processus métier et renforce l’efficacité des infrastructures critiques.

Au cœur de la technologie d'Alteia se trouve sa suite avancée d'intelligence artificielle, conçue pour aider les opérateurs de réseaux et les gestionnaires d'infrastructures à anticiper et à gérer efficacement tous types de risques. Grâce à des analyses IA de pointe, les utilisateurs des solutions Alteia bénéficient d'une visibilité inégalée sur l'état de leurs équipements, leur permettant d’optimiser la planification, de réduire les risques et de maîtriser les coûts, tout en s’adaptant à un environnement réglementaire toujours plus exigeant.

Grâce à son engagement fort en faveur de l’innovation et de l’IA appliquée, Alteia façonne l’avenir de l’intelligence visuelle, aidant les organisations à renforcer leur résilience, leur efficacité et leur préparation aux défis de demain.

CAMBRIDGE, Mass. (July 21, 2025) - GE Vernova Inc. (NYSE: GEV) and Alteia SAS today announced that GE Vernova has agreed to acquire Alteia SAS. Alteia is a France-based software company specializing in AI computer vision and machine learning, to bring visual intelligence into operations. The acquisition of Alteia is intended to further GE Vernova’s strategy to bolster AI capabilities and give utilities visual data solutions that provide situational intelligence and actionable insights.

GE Vernova’s GridOS® portfolio, within the Electrification Software business, helps utilities proactively plan for and operate the electric grid through disruptive events such as storms and wildfires that can impact the availability of reliable power to customers. GE Vernova currently offers Alteia’s software to customers through its GridOS® Visual Intelligence, which uses visual data and AI-enabled workflows to help utilities “see” the grid and assess damage, identify where vegetation should be trimmed, and inspect key assets along thousands of miles of electrical lines.

Through this acquisition, GridOS Visual Intelligence will further integrate visual data and operational data from core systems, like Advanced Distribution Management Software, to take action on the data and help utilities "see and sense" the grid, providing an enhanced level of situational awareness. Continued advancements of the AI-workflows will build on the insights delivered to help utilities reduce the probability of catastrophic events and enhance resiliency with expedited damage assessments to rebuild and restore the grid.

Scott Reese, CEO of GE Vernova’s Electrification Software business, said: “With this acquisition, we are excited to increase our investment in a critical element of our GridOS offering. Together with the Alteia team, whose expertise will help to advance our AI- and data-centric vision for GridOS, GE Vernova will be able to solve for critical pain points that our utility customers face every day and help them use visual data and AI in an actionable way to prevent disruptions or restore power quickly. This acquisition aims to further solidify our position as a data and AI leader in grid orchestration software and pave the way for additional use cases that could enhance the visual precision needed for modern grid operations.”

Michael de Lagarde, CEO of Alteia SAS, said: “We started Alteia with the mission to simplify visual data integration and analysis for utilities, a vision that aligns perfectly with GE Vernova’s GridOS portfolio. This acquisition is more than just a strategic step - it enhances our ability to deliver cutting-edge solutions to our clients while accelerating our AI roadmap for smarter, more efficient infrastructure operations. At a broader level, Alteia and GE Vernova share a deep commitment to tackling the urgent challenge of building and maintaining more resilient infrastructure networks. That’s why we are incredibly proud to join forces with the company that has been powering the world from day one.”

The financial terms of the acquisition are not being disclosed. The transaction is expected to close on August 1, 2025.

For more information on GridOS and how it can help utilities navigate the energy transition, click here.

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About Alteia
Alteia is a France-based software company headquartered in Toulouse, and a leading provider of AI-driven visual intelligence solutions, transforming how industries harness visual data for operational decision-making.

By enabling broad operational use of visual data, Alteia empowers businesses to extract actionable insights from images, 3D data, geospatial data and more, streamlining workflows and enhancing efficiency across critical infrastructure sectors.

At the core of Alteia’s technology is its advanced artificial intelligence (AI) stack, which enables grid operators and infrastructure managers to proactively address growing physical, financial, and compliance risks. By leveraging AI-powered analytics, these stakeholders gain unparalleled visibility into asset conditions, enabling smarter planning, risk mitigation, and cost optimization in an increasingly complex regulatory environment.

With a commitment to innovation and scalability, Alteia is defining the future of visual intelligence, ensuring organizations remain resilient, efficient, and future-ready.

GE Vernova Forward-Looking Disclaimer
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, the expected completion of the acquisition of Alteia SAS, the expected performance of GE Vernova’s products and those it expects to acquire, 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.

Over next two years company creating approximately 700 new jobs across multiple factories

and investing up to $100 million in Pennsylvania

Cambridge, MA (July 15, 2025) – As energy demand continues to surge, GE Vernova (NYSE: GEV) plans to add 250 new jobs over the next two years at the company’s leading grid solutions factory in Charleroi, PA.

The new roles will help manufacture more high voltage switchgear products, which are critical components for stable and reliable operation of the nation’s electrical grids.

GE Vernova now plans to invest up to $100 million in Pennsylvania over the next two years, adding approximately 700 new jobs across multiple factories in the state that will help modernize the grid for economic growth, strengthen domestic supply chains, and boost national security.

This new Charleroi factory expansion builds on the company’s $600 million multi-year investment announced in January, originally expected to create a total of 1,500 new jobs across numerous U.S. factories.

“Powering the grid is at the core of powering America’s economy,” said Scott Strazik, CEO of GE Vernova. “These new jobs and investment reflect our ongoing commitment to not only building critical grid infrastructure with American workers, but reindustrializing Pennsylvania’s proud manufacturing legacy. They will also help strengthen our domestic supply chain, improve national security, and boost global competitiveness by closing a crucial gap.”

“We are investing in Charleroi and our advanced grid technology because it complements the investments we've made in power generation,” Strazik continued. “For the US to lead in energy, manufacturing critical domestic grid infrastructure is just as important generation.”

In addition to the new investment in its Charleroi facility, GE Vernova also announced it has secured a full order to provide seven of its high efficiency 7HA.02 natural gas turbines to the Homer City Energy Campus. The facility, once the largest coal plant in Pennsylvania, will provide up to 4.4GW of electricity to power what will become a more than 3,200-acre natural gas-powered data center campus, designed to meet the growing artificial intelligence (AI) and high-performance computing (HPC) needs of the innovative technology companies shaping America’s digital future. The Homer City Energy Campus is expected to be completed in 2027. ***

“The Homer City project shows what smart energy investments can achieve — delivering more reliable, affordable power for all, creating thousands of skilled jobs, and positioning Pennsylvania to help lead the next era of AI,” Strazik added.

The approximately $100 million of new investments in Pennsylvania over the next two years are part of a larger $9 billion cumulative global capex and R&D investment plan through 2028 that was announced at the company’s Investor Update in December 2024.

Currently GE Vernova’s technology helps produce more than half of the power in the United States, and the company has more than 18,000 workers across 50 states and 18 U.S. manufacturing facilities. 

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***For financial editors: the seven 7HA.02 gas turbines were announced as slot reservation agreements on April 2, 2025. These units have since moved to a secured order in 3Q25.

Just before midday on Monday, April 28, Claudia Blanco boarded a flight from Barcelona to Jerez de la Frontera, a small city in Spain’s southernmost region. Blanco, who is the chief innovation and artificial intelligence officer for GE Vernova’s Electrification Systems business, was looking forward to her week. Although her diary was crammed with meetings and deadlines, she was planning to work from her peaceful woodland home, just a 40-minute drive from Jerez’s airport.

Berlin, Germany (08 July, 2025) – GE Vernova Inc. (NYSE: GEV) today announced it has been awarded a contract by German transmission system operator TransnetBW to modernize the Kühmoos grid node - an important electrical substation in southern Germany that plays a vital role in cross-border power flows and regional grid stability. Once complete, the upgraded site is expected to enhance frequency regulation, voltage stability, and power exchange between Germany, France, and Switzerland.

Strengthening a Strategic Grid Node

Located near the Swiss border, Kühmoos serves as a critical transmission hub and connection point for two major pumped-storage hydropower plants. As part of Germany’s broader effort to strengthen grid infrastructure the modernization of Kühmoos aims to increase the capacity and reliability of the substation to support the integration of renewable energy and rising power flows across interconnected European networks.

Scope of GE Vernova’s Work

GE Vernova’s Grid Solutions business will lead turnkey delivery of a new 380 kV gas-insulated substation (GIS), replacing the existing air insulated switchgear, doubling capacity within a significantly smaller footprint while maintaining live operations throughout construction. The project includes 15 bays of compact GIS technology a 4 Main Busbar System, allowing for more flexible, secure, and space-efficient power distribution.

The project also integrates a mechanical switched capacitor with damping network (MSCDN) - a technology that helps regulate voltage and reduce losses, especially as more high-power flows move through the grid.

Dr. Rainer Pflaum, CFO at TransnetBW, said: “At the substation Kühmoos of TransnetBW, we are reinforcing a vital energy hub for both Germany and our neighbouring countries, France and Switzerland. The collaboration with GE Vernova supports our ambition to expand and future-proof our transmission network while continuing to operate reliably and safely. This modernisation is therefore a major milestone in the transformation of our grid, ensuring the electricity supply in south-western Baden-Württemberg.”

“This is a landmark project for the region and a proud moment for GE Vernova,” said Johan Bindele, Vice President and CEO of Grid Systems Integration at GE Vernova. “Modernizing critical grid nodes like Kühmoos is essential for supporting the long-term reliability of Europe’s power system, especially as countries expand their use of renewables and seek greater interconnection across borders. Europe is our largest market for Electrification, and we are deeply committed to supporting its energy transition. We are honored to support TransnetBW in building grid infrastructure that is both future-ready and resilient.”

Supporting Europe’s Grid of the Future

Europe is rapidly scaling up its renewable energy ambitions, with the EU power sector expected to generate around 70% of its electricity from renewables by 2030 and nearly 90% by 2050, according to the latest IRENA outlook. To reach these targets, grid modernization, accelerated infrastructure investment, and better cross-border coordination are critical. Recent insights from the World Economic Forum’s 2025 Energy Transition Index also underscore the urgent need to improve system flexibility and resilience, especially as electricity demand rises. Projects like Kühmoos - designed to enhance transmission capacity, system stability, and cross-border connectivity - are essential enablers of Europe’s energy transition and long-term competitiveness.

GE Vernova’s Grid Solutions business is a global leader in delivering advanced technologies that connect, stabilize, and protect the grid. With this contract, the company reinforces its longstanding presence in Europe and ongoing commitment to building the resilient infrastructure needed to power the energy transition.

--End--

Notes for financial editors:

GE Vernova booked this order in Q2 of 2025

Forward Looking Statements

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