MINNEAPOLIS (Feb. 3, 2026) — Xcel Energy (NASDAQ: XEL) and GE Vernova, (NYSE: GEV) today announced the signing of a landmark Strategic Alliance Agreement (SAA) aimed at strengthening their long-standing collaboration and advancing a shared vision for a reliable, affordable, and sustainable energy future.

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San Diego, California (February 3, 2026) – GE Vernova Inc. (NYSE: GEV) today announced the launch of a new solution designed to simplify grid operations and protection as electricity networks expand globally and become more complex.

GridBeats™ APS (Automation and Protection System) is a new product within GE Vernova’s GridBeats™ portfolio of software-defined grid automation solutions. It is designed to help utilities modernize electrical substations, reduce device footprints, and keep power flowing reliably as power grid requirements evolve.

Modernizing substation design and operations
Designed to address the growing challenges of aging infrastructure, capacity expansion, operational complexity, and cybersecurity, GridBeats™ APS redefines traditional substation architectures. Acting as a single platform to support all protection and control applications within a substation, the solution uses GE Vernova’s patented hardware abstraction technology to significantly reduce the amount of hardware required along with the number of spare devices operators must maintain.

With GridBeats™ APS, operators can consolidate what once required hundreds of individual communication and cybersecurity packages into as few as ten—while maintaining the same level of protection and performance.

GridBeats™ APS enables grid operators to:

• Streamline operations: GridBeats™ APS lets operators update cybersecurity and communications software without needing to revalidate or retest protection and control functions.
• Adapt to changing demand: Run multiple protection and control applications on a single device, allowing devices to meet changing demands and extend their lifecycles.
• Simplify control and maintenance: Standardize procurement, reduce learning curves, and streamline configuration.
• Maintain continuous operation: Remotely update applications without taking devices offline, improving both resilience and reliability

“Electricity is becoming the backbone of modern economies, with demand rising across data, industry, transport, and buildings,” said Del Misenheimer, VP & CEO, Grid Automation & Software, Electrification Segment, GE Vernova. “As grids expand to meet that growth, automation is becoming essential to help operators manage complexity and maintain reliable operations at scale. At GE Vernova, our Electrification businesses bring together hardware, software, and services to support grid modernization. GridBeats™ APS reflects this integrated approach by helping simplify daily grid operations while keeping power available and systems secure.”

Why protection and control matter in grid modernization
Protection and control systems help keep the electricity grid running safely and reliably. Protection functions identify problems on the network and quickly isolate affected areas to prevent wider outages, while control functions guide how the grid operates moment to moment so power is delivered where it is needed. As electricity networks grow, add new energy sources, and serve more users, these systems are becoming increasingly important to support grid modernization and ensure power remains available, stable, and secure.

GE Vernova is showcasing GridBeats™ APS at DTECH 2026, taking place February 3–5 in San Diego, California, where attendees can learn how the solution supports modern grid operations and protection. GE Vernova is exhibiting at booth #3112. The product will be unveiled during a LinkedIn Live event, accessible here.

For more information on GridBeats™ APS, visit the website.

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Demonstrated Performance in Real-World Operations

Alabama Power, a Southern Company utility serving 1.5 million customers, is among the early adopters of GridOS for Distribution to advance grid orchestration maturity and enhance reliability.

“The energy landscape is evolving faster than ever, and our customers expect reliable power regardless of weather, demand spikes, or grid complexity,” said Melanie Miller, General Manager of Data and Technology, Alabama Power. “GridOS for Distribution will give us a unified platform to orchestrate the grid as one coordinated system rather than a collection of disconnected applications. This approach provides a clear maturity path for utilities of all sizes and helps us move toward a truly intelligent, self-healing grid that restores power faster and anticipates issues before they impact customers. In 2025 alone, the platform avoided over 112 million customer minutes of interruption (CMI) for our customers in Alabama.”

GridOS for Distribution is designed around real-world outage and storm scenarios and is already proven in live grid operations globally. The solution is designed to enable faster response, more coordinated operations, and quicker recovery from extreme events, delivering measurable improvements across key reliability metrics, including SAIDI, SAIFI, CAIDI, and customer minutes interrupted (CMI).

A Future-Ready Platform That Grows With Utilities

GridOS for Distribution is built on a modern, more interoperable platform designed to evolve alongside utility needs. It supports flexible, phased adoption aligned with utility maturity levels — from Distribution Essentials that establish resilient foundational operations to advanced capabilities such as Disruption Management, Distribution Optimization, and DER Orchestration. These capabilities ultimately culminate in Distribution Intelligence, embedding operator-first AI and predictive analytics directly into grid operations.

With zero-trust cybersecurity built in by design, interoperability across utility-built and third-party systems, and a unified user experience optimized for both routine operations and high-pressure events, GridOS for Distribution reduces modernization risk while enabling long-term innovation.

GridOS for Distribution is also part of a broader interoperability strategy that will also introduce GridOS for Transmission later in the year. GridOS for transmission brings together real-time operations, planning intelligence, and grid analytics into a single software solution, enabling transmission utilities to manage growing complexity and variability with confidence.

GE Vernova is showcasing GridOS for Distribution at DTECH 2026, taking place February 3–5 in San Diego, California, where attendees can learn how the solution helps utilities operate the distribution grid as one intelligent system. GE Vernova is exhibiting at booth #3112.

CAMBRIDGE, Mass. (February 2, 2026) – GE Vernova Inc. (NYSE: GEV) today announced it has completed the acquisition of the remaining 50% stake of Prolec GE, its former unconsolidated joint venture with Xignux (“Prolec GE”). The transaction, originally announced in October 2025, closed following receipt of all required regulatory approvals, for a purchase price of $5.275 billion, funded as previously disclosed with an equal mix of cash and debt.

Prolec GE is an electric industry leader in North America, with approximately 10,000 employees across seven manufacturing sites in the Americas, including five in the U.S. It produces a wide variety of transformers and transformer components for the generation, transmission and distribution of electricity, complemented by its broad transformer services offering. This acquisition consolidates Prolec GE after 30 years of partnership as a joint venture.

“We’re excited to reach this important milestone with our first sizable acquisition as a standalone public company and welcome the Prolec GE team into GE Vernova,” said GE Vernova CEO Scott Strazik. “We are building on a decades-long partnership and combining the strengths of our two companies to offer customers a broader portfolio and operate at a higher capacity to fulfill expectations, especially in North America where grid demand is strong. As we continue to focus on our mission to electrify to thrive and decarbonize the world, this acquisition will play a critical role in driving our sustained growth in Electrification.”

Prolec GE will go to market as GE Vernova and operate within GE Vernova’s Electrification segment. The deal is immediately accretive before synergies and is expected to drive additional profitable growth for GE Vernova, which is now reflected in GE Vernova’s latest 2026 financial guidance and outlook by 2028.

“Our customers are asking for more capacity from the grid,” said GE Vernova Electrification CEO Philippe Piron. “With Prolec GE now fully part of GE Vernova, we are better equipped to respond to that demand and better serve our installed base, utilizing our combined manufacturing footprint for transformers and a strong pipeline of innovation to serve the electrification needs of the world. Our priority from day one is a smooth integration, where customers continue to receive the service and quality they expect, supported by the scale of the combined Prolec GE and GE Vernova teams.”

GE Vernova will retain the current leadership across Prolec GE, with Ricardo Suarez remaining in his role as Prolec GE CEO reporting to Philippe Piron.

“Joining GE Vernova as a fully integrated business is a natural next step in our journey after years of partnership,” said Prolec GE CEO Ricardo Suarez. “We are proud of our strong culture and the legacy we’ve built, and as part of the one GE Vernova family, we will adapt and embrace the GE Vernova Way while maintaining the local culture, heritage and identity that made us who we are today. I am excited for the opportunities our employees will have to learn and grow further as part of a global industry leader, the continued investment in our sites, and an even stronger capability to serve our customers across North America.”

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, such as statements about GE Vernova’s expected future business and financial performance and financial condition following the closing of the Prolec GE acquisition, the impact of such acquisition and the results it may generate or produce, and the timing of such impact and results, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “see,” “will,” “would,” or “estimate”. Forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from current expectations. These risks, uncertainties, and factors include those discussed in our most recent Annual Report on Form 10-K, as may be updated from time to time in our filings with the SEC and as posted on our website at www.gevernova.com/investors/fls. GE Vernova does not undertake any obligation to update or revise its forward-looking statements except as required by law or regulation.

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 85,000 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 20,000 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.

In today’s fast-paced world of innovation and transformation, staying ahead means more than just delivering high-quality, world-class technology and energy systems. It means investing in the people behind them.

When a company’s people grow, the business grows too. That’s why learning, development, and personal growth are important to GE Vernova. Its technical academies take employees on a learning journey through bespoke training programs that feature technical experts, classroom training, and hands-on opportunities.

DELHI, INDIA – (23 Dec 2025) – GE Vernova Inc. (NYSE: GEV) announced that its Electrification Systems business has been awarded a contract by Power Grid Corporation of India Limited (POWERGRID), India’s national transmission utility, to refurbish the Chandrapur back-to-back High Voltage Direct Current (HVDC) link—a key 1,000 MW interconnection between the country’s western and southern grid systems. This marks GE Vernova’s first HVDC refurbishment contract in India.

Modernizing a vital interconnection between West and South India

The 1,000 MW back-to-back HVDC link plays a pivotal role in balancing regional power flows between India’s western and southern regions. Originally commissioned in the late 1990s, the link enables bi-directional energy transfer between fossil-rich and hydro-rich zones—improving dispatch efficiency and conserving regional energy reserves.

Under the new contract, GE Vernova will upgrade both 500 MW converter stations at each end - Chandrapur (Western region) to Ramagundam (Southern region) - modernizing the HVDC control and protection systems and replacing the legacy converter valves with advanced technology manufactured at GE Vernova’s facilities in India.

“This landmark contract reinforces our long-standing relationship with POWERGRID and our commitment to India’s grid modernization,” said Johan Bindele, Leader of GE Vernova’s Grid Systems Integration business and teams. “Refurbishing this HVDC link with next-generation controls and digital capabilities will not only enhance its reliability but also strengthen India’s efforts toward a secure and sustainable power system.”

Extending grid life, improving stability

Refurbishment of HVDC systems involves upgrading essential components such as converter valves, automation systems, and grid protection infrastructure, all while ensuring minimal operational disruption. The modernization is expected to extend the asset’s lifespan, enhance energy efficiency, and improve grid flexibility to handle growing renewable penetration.

Investments in refurbishment offer utilities a cost-effective way to strengthen infrastructure resilience—preserving prior capital investments while aligning with today’s energy transition needs.

Supporting India’s energy goals

India’s ambitious goal to reach 500 GW of non-fossil capacity by 2030 relies on robust, flexible transmission infrastructure. HVDC systems are essential to move large volumes of renewable power efficiently across long distances.

Refurbishing this strategic inter-regional corridor will help unlock that potential—enabling cleaner energy flows, improving system reliability, and contributing to India's long-term energy security.

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Notes to Editors:

GE Vernova booked the order in December 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.

Delhi, India – ( 22 Dec 2025) - GE Vernova Inc. (NYSE: GEV) today announced that its Electrification Systems business has been awarded a major contract from Adani Energy Solutions Ltd. to supply high-voltage direct current (HVDC) technology for the 2.5-gigawatt (GW) Khavda–South Olpad renewable power transmission corridor in India. 

The Khavda–South Olpad corridor forms a critical backbone for India’s renewable energy expansion. Khavda, located in Gujarat’s Kutch region, is being developed as one of the world’s largest renewable energy zones, while South Olpad serves as a major pooling and injection point into India’s national transmission network. The corridor is designed to enable large volumes of renewable electricity generated in western India to be transferred efficiently into the wider grid.

GE Vernova’s scope

GE Vernova’s role in the project will be to provide advanced HVDC technology designed to operate at scale and with high reliability. This will include supplying a high-capacity ±500 kV, 2,500 MW (2 × 1,250 MW) voltage sourced converter (VSC)-based bipolar HVDC system for the point-to-point link.

HVDC systems are designed to transmit electricity over long distances with lower losses and greater controllability compared to conventional transmission approaches, making them well suited for large-scale renewable energy integration.

The scope covers the design of the complete HVDC system, including converter stations at each end, the supply of all major converter station equipment, and responsibility for erection, testing, and commissioning activities, excluding associated civil works. The system will be delivered using GE Vernova’s advanced eLumina™ control platform, designed to support stable, secure, and efficient grid operations.

The project will be mostly executed by GE Vernova’s India-based teams, drawing on local engineering expertise and manufacturing capabilities. Delivery will be planned in phases, with overall completion targeted by 2030.

“India is one of the world’s most important power markets, with rapidly growing electricity demand and large-scale renewable development, said Philippe Piron, President and CEO of GE Vernova’s Electrification Systems business.  “Projects like the Khavda–South Olpad HVDC corridor underscore the importance of high-capacity transmission infrastructure in connecting renewable energy zones with the national grid. This award reflects our continued commitment to India and our experience in delivering complex transmission projects that support grid reliability and long-term system performance. We appreciate the confidence placed in GE Vernova by Adani Energy Solutions and look forward to supporting the successful delivery of this project.”

“At Adani Energy Solutions, we are steadfast in our commitment to enabling India’s green energy transition by building robust infrastructure for renewable power evacuation. Our partnership with GE Vernova for the Khavda–South Olpad transmission corridor marks a significant milestone in advancing large-scale clean energy integration. We look forward to working together in delivering innovative solutions that will help power millions sustainably, bringing new opportunities and happiness to communities across the nation,” Mr. Kandarp Patel, CEO, Adani Energy Solutions Ltd.

A milestone for high-capacity HVDC deployment

With a capacity of 2,500 MW, the project represents the highest-rated VSC-based HVDC system planned in India to date. Projects of this scale highlight the growing role of advanced HVDC technology in enabling large-scale renewable integration and strengthening transmission networks in fast-growing power markets.

The successful delivery of high-capacity VSC-based HVDC systems at this level reflects the increasing maturity of next-generation HVDC technology and its readiness to support complex grid requirements—both in India and in other regions facing rapid electrification and demand growth.

Supporting grid stability in renewable-heavy systems

VSC-based HVDC technology plays an increasingly important role in renewable-heavy power systems by providing fast frequency response, enhancing grid stability, and enabling precise control of power flows. These capabilities help manage variability, reduce congestion, and support reliable grid performance as renewable penetration continues to increase.

GE Vernova has a long-standing track record in delivering large-scale transmission projects in India. This includes its role in supplying HVDC technology for landmark projects such as the Champa–Kurukshetra HVDC link, one of the country’s earliest ultra-high-capacity transmission systems, which enabled long-distance power transfer across regions. Building on this experience, GE Vernova continues to support India’s evolving grid requirements through advanced transmission technologies designed for scale, reliability, and integration of new generation sources.

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Notes to Editors:

This letter of award is expected to be booked as an order by GE Vernova’s Electrification Systems segment in the first half of 2026

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.

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

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.

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.

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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.