Berlin, Germany; Singapore (December 11, 2025) – GE Vernova and Seatrium today announced that their consortium has been awarded a contract by TenneT to deliver a major part of BalWin5, a new 2.2-gigawatt (GW) offshore high-voltage direct current (HVDC) grid connection designed to transmit electricity from offshore wind farms in the German North Sea to the onshore transmission network in Germany. Once operational, BalWin5 is expected to provide enough renewable electricity to power approximately 2.75 million households. BalWin5 is one of TenneT’s 2 GW projects. This new generation of powerful offshore grid connection systems is set to speed up the integration of large-scale offshore wind energy into the German grid, thereby supporting the country's energy transition and climate goals.

This contract is the fourth project awarded to the GE Vernova-Seatrium consortium under the five-year Framework Cooperation Agreement with TenneT announced in March 2023. It is also the consortium’s first win concerning TenneT’s German 2 GW projects. BalWin5 marks an important step in strengthening Germany’s electricity infrastructure and supporting the country’s long-term goals for energy security and decarbonization.

GE Vernova and Seatrium consortium’s scope

As part of the contract, GE Vernova’s Electrification Systems business is expected to deliver the onshore and offshore converter stations and the complete HVDC technology, including the advanced control and protection systems that help maintain stable and secure operation across the transmission network. HVDC links are designed to support the high-capacity, long-distance transmission of offshore wind power, helping to reduce transmission losses and improve overall system performance.

Seatrium is responsible for the design and construction of the offshore converter platform and will manage transportation and installation in the German North Sea. Works are scheduled to commence on 1 January 2026, with majority of platform fabrication taking place at Seatrium’s yards in Singapore and Batam.

“BalWin5 reflects the scale and ambition of Germany’s energy transition, and we are proud to support TenneT in this important program. Our Electrification Systems business brings decades of innovation in HVDC technology, helping deliver solutions that are designed for efficiency, affordability, and long-term energy security. Working alongside Seatrium, we are confident in our ability to deliver a high-quality system that strengthens the offshore grid and supports Europe’s move toward a more resilient and sustainable electricity infrastructure.” says, Philippe Piron, CEO, GE Vernova’s Electrification Systems business.

“We are proud to extend our partnership with TenneT and GE Vernova to deliver this transformative offshore wind solution as we collectively push boundaries to accelerate energy transition goals and innovation. Leveraging the proven design and experience gained from the first three platforms we are building for TenneT, we are confident in delivering an equally high-quality product safer and more efficiently through our series-build strategy, underpinned by the collective power harnessed from our One Seatrium Global Delivery Model.” says Samuel Wong, Executive Vice President of Seatrium Energy (Fixed Platforms).

About BalWin5, the 2.2-gigawatt offshore grid connection

TenneT’s BalWin projects are a series of large offshore grid connections designed to transport electricity from wind farms in the German North Sea to the onshore grid. Each project in the BalWin program is built to move significant volumes of renewable energy into Germany’s electricity system as part of the country’s wider offshore wind expansion.

BalWin5 is one of TenneT’s major new projects to bring more electricity from North Sea wind farms into Germany’s power grid. The connection is being designed to carry up to 2.2 gigawatts of wind power to homes and businesses, allowing Germany to make better use of the large offshore wind farms operating in the North Sea. The additional 200 megawatts above the standard 2-GW design come from building the system with enough technical headroom to transport more power when wind conditions allow. This means more renewable electricity can be delivered without needing extra infrastructure or added cost.

The system will include an offshore converter station in the North Sea, an onshore converter station at Bremen-Werderland, and a combined 325-kilometer sea and land cable system. Commissioning is planned for 2032.

Today’s offshore grid connections are typically much smaller, at around 900 megawatts. Increasing the transmission capacity to 2.2 gigawatts means that the connection can carry more power, making use of the infrastructure more efficiently and reducing the overall cost of bringing offshore wind to shore. By transporting more electricity per system, the cost per megawatt falls and the offshore network becomes more efficient.

TenneT is applying this new standard across several projects through long-term framework agreements, which give suppliers clearer visibility and allow the systems to be delivered faster, more efficiently, and at a lower cost.

-ENDS-

Neha Joshi first heard of ANYbotics in 2024, from a colleague who’d just deployed one of the Swiss company’s four-legged robots at a power site in Israel. Little did she realize that the next few weeks of her work life would involve taking data recorded in Israel, testing it in Schenectady, New York, where Joshi is based, and deploying a robot to another site in Ireland to confirm the findings.

SYDNEY, Australia – November 06, 2025 – 

• GE Vernova Inc. (NYSE: GEV) has signed a contract with Transgrid for the supply of synchronous condensers, highly-sought-after equipment that will assist in stabilising the New South Wales (NSW) grid as it transitions from coal to renewables.
• Synchronous condensers and associated systems to be supplied across five strategic sites on the NSW transmission network
• These machines play a critical role in stabilizing modern electricity networks by providing inertia, voltage control, and fault current — functions traditionally supplied by large coal-fired generators. By replicating this stabilizing effect, these machines enable higher penetration of renewable energy sources such as wind and solar, improving overall system performance and reducing costs for consumers.

Learn more 

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.

In an increasingly electrifying world, efficiency is crucial. The global energy sector is adopting HVDC (high-voltage direct current) technology for its superior capability and cost-effectiveness over long distances. HVDC systems can transmit more than three times as much power as alternating current (AC), with up to 50% fewer losses.

CAMBRIDGE, Mass. (October 21, 2025) - GE Vernova Inc. (NYSE: GEV) today announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, its unconsolidated joint venture with Xignux, further positioning GE Vernova as a global leader serving growing grid markets. The deal will accelerate GE Vernova's Electrification segment’s growth trajectory, the company's fastest-growing segment, by expanding its presence in and support for North America, where demand for grid technologies is rising rapidly. This acquisition expands GE Vernova’s capability to serve both North American and global customers, at a time in which these markets are experiencing rapid electricity demand growth, driven in part by the growth of data centers and new policies implemented to expand the deployment of critical grid and electrification equipment.

Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. The joint venture was originally established between Xignux and General Electric (GE) in 1995, and this acquisition consolidates Prolec GE after 30 years of partnership.

"We're excited to execute this highly attractive and strategic move to acquire full ownership of our Prolec GE joint venture from Xignux, which accelerates GE Vernova's global strength in grid technologies,” said GE Vernova CEO Scott Strazik. “This acquisition aligns with our strategic and financial objectives and is also good for our customers by strengthening our presence in North America where demand for grid equipment is growing rapidly. The deal is immediately accretive before synergies, with a partner we know well, and will drive additional profitable growth for GE Vernova. I want to thank the teams at both companies and look forward to welcoming the Prolec GE team to GE Vernova."

"We have taken this decision with full conviction after years of valued partnership with GE and GE Vernova. This transaction provides the opportunity for this business and team to continue their growth under the capabilities of a global leader," said Xignux CEO Juan Ignacio Garza Herrera. "We reaffirm our commitment to México and will continue driving our other businesses in North America by investing in innovation, technology and expansion, while contributing to the development and integration of the region. I want to express my deep gratitude to all Prolec GE employees, whose talent, commitment, and dedication have been essential."

Recent Prolec GE capacity expansion and innovation investments exceed $300 million in the U.S. and Mexico, including a recently announced $140 million investment and the creation of 330 new jobs over the next three years in Goldsboro, NC.

Under the purchase agreement, GE Vernova will pay $5.275 billion at closing, expected to be funded equally between cash and debt. The acquisition is expected to close by mid-2026, subject to the completion of customary regulatory approvals.

GE Vernova will discuss the transaction during an extended third quarter earnings conference call tomorrow at 7:30 AM Eastern Time. Materials related to the transaction have been posted on GE Vernova’s Investor Relations website at www.gevernova.com/investors/events.

Stand-alone Prolec GE Financials ^-a)

Anticipated Deal Funding Structure

Morgan Stanley & Co. LLC acted as financial advisor to GE Vernova on the transaction and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to GE Vernova. J.P. Morgan Securities LLC advised Xignux and Sidley Austin LLP served as legal counsel to Xignux.

* Non-GAAP Financial Measure
(a – forecasts prepared by GEV from data provided by the joint venture under the joint venture’s accounting policies, excluding any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence
(b - current GEV adjusted EBITDA* includes equity method income from Prolec GE, which equaled $17M in 2022, $93M in 2023, and $105M in 2024

###

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 approximately 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.

GE Vernova currently employs approximately 18,000 people in the United States of America across all 50 states. With more than 129 years of experience in Mexico, GE Vernova today employs over 1,700 people across five sites, and its equipment provides 38 GW of electricity generating capacity—nearly 42% of the country’s total—through advanced technologies including eight HA gas turbines, the Laguna Verde nuclear plant, and one of the world’s largest fleets of F-class gas turbines.

About Xignux
Xignux is a leader in the energy and food industries. Based in Monterrey, México, we manage a variety of companies that energize life and society to contribute to a better world, thanks to the hard work and talent of more than 33,000 employees in México, the United States, and Brazil. In the energy industry, Viakable offers electrical conductors, and Prolec GE specializes in energy transformation and delivery. In the food sector, Qualtia provides a wide portfolio of cheeses, cold cuts, meats, and food service, while BYDSA produces savory snacks. Through its Social Responsibility model and the Xignux Foundation, the company also contributes to society’s sustainable development with active participation in four priority areas: energy, nutrition, education, and community development. Xignux was founded 69 years ago and the solutions from its companies reach over 35 countries. Learn more about Xignux at www.xignux.com or follow us on LinkedIn Xignux.

Non-GAAP Financial Measures
Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin*
Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We believe that Prolec GE’s 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 performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* provide additional insight into how the business is expected to perform, on a normalized basis. However, Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* should not be construed as inferring that Prolec GE’s future results will be unaffected by the items for which the measures adjust. We cannot provide a reconciliation of the differences between Prolec GE’s expected Adjusted EBITDA* and Adjusted EBITDA margin* and the corresponding GAAP financial measures without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including the applicable tax rate, foreign exchange rates, the impacts of depreciation and amortization, and changes to conform accounting to U.S. GAAP.

Prolec GE free cash flow*
Prolec GE’s free cash flow* is a non-GAAP financial measure and is a forecast of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We cannot provide a reconciliation of the differences between Prolec GE’s free cash flow* and the corresponding GAAP financial measure without unreasonable effort, including due to the uncertainty of timing for capital expenditures and changes to conform accounting to U.S. GAAP.

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, our agreement to acquire Xignux's 50% GE Prolec JV interest, the expected financing for that acquisition, expected synergies, our capital allocation strategy, 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.

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.

###

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.