PARIS, France (Aug 27, 2024) – GE Vernova and Systems With Intelligence (SWI) signed a memorandum of understanding (MoU) today at the CIGRE event in Paris to develop advanced substation monitoring solutions. Through this collaboration the companies aim to integrate technologies like gas sensing, bushing monitoring and infrared thermography, along with AI and ML. The goal is to advance grid asset management by integrating SWI's cutting-edge infrared thermography and touchless monitoring systems with GE Vernova’s Grid Automation business's expertise in monitoring & diagnostic solutions of grid assets.

The initial focus of this collaboration will be on substation monitoring, where the companies will integrate their leading technologies to deliver converged monitoring and diagnostic intelligence, significantly enhancing asset management capabilities. This could streamline monitoring for utilities and Transmission System Operators (TSO’s), enabling earlier issue detection and leading to a more reliable, efficient, and stable power grid.

"Today’s asset managers are flooded with data from a myriad of sensing devices provided by various vendors. This often leads to fragmented data silos, requiring multiple software tools to manage and analyze the data independently," said Graham McGuigan, Product Line Leader for Monitoring & Diagnostics at GE Vernova. "Our collaboration with SWI is a step towards unifying these data streams into a more cohesive and intelligent monitoring system."

Angelo Rizzo, President and CEO of SWI, added, "By combining different sensing techniques, we can create solutions that offer enhanced diagnostic intelligence while simplifying the user experience. This collaboration is a significant move towards achieving that goal."

The first tangible outcome of this collaboration will be the integration of SWI’s fixed infrared sensors into GE Vernova’s DGA 900 Plus, a state-of-the-art multi-gas transformer monitoring system that monitors the health of power transformers by detecting early signs of problems and helps prevent transformer failures, ensuring a reliable and efficient power supply. This enhanced new solution, expected to be commercially available in early 2025, will allow asset managers to incorporate infrared thermography directly within the DGA 900 Plus platform, which already includes capabilities for dissolved gas analysis, bushing monitoring, and predictive modeling.

Looking ahead, GE Vernova and SWI plan to expand their collaboration to include the integration of SWI’s pan/tilt substation-level infrared sensors within GridBeats^TM Asset Vision substation monitoring solution, further advancing the capabilities of electrical grid asset management. GridBeats^TM is GE Vernova’s Grid Automation business’s portfolio of software defined automation solutions for grid digitalization.

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.

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.

About Systems With Intelligence
Systems With Intelligence Inc. is a global provider of Touchless™ monitoring solutions for electric utility applications. SWI systems collect and analyze the data that allows utilities to increase safety and reliability while reducing operating costs. Coupling thermal monitoring and visual imaging technology with advanced analytic algorithms, Systems With Intelligence solutions automate remote site monitoring.

Systems With Intelligence products are engineered to operate in the harshest environments and withstand high levels of electromagnetic interference, static discharge, and voltage surges found in industrial applications to ensure uninterrupted operation. Providing a monitoring system that operates reliably and connects seamlessly allows customers to remain focused on their operations.

The Systems With Intelligence management and technical teams are comprised of professionals with extensive experience in advanced technology for mission-critical applications in harsh environments. With domain expertise in substation and industrial automation, communications, and utility operations, the team is uniquely positioned to deliver effective and intelligent monitoring solutions.

For more information, visit the company's official website at www.SystemsWithIntelligence.com.

Paris, France (Aug 26, 2024) – GE Vernova (NYSE:GEV) today announced the launch of Grid Solutions’ GRiDEA portfolio, a comprehensive suite of  innovative solutions aimed at decarbonizing the electrical grid and supporting the transition to a more sustainable energy future. The new portfolio was unveiled at CIGRE in Paris, the world’s leading power systems event, where GE Vernova is showcasing its advanced electrification technology.

A Decarbonization Milestone

GRiDEA offers grid operators a range of solutions to reduce SF₆ emissions and raw material usage, contributing to the global decarbonization effort.

At the core of the GRiDEA portfolio are high-voltage SF₆-free products, including g³, one of the company’s alternative technologies to SF₆, allowing for a 99% CO₂ equivalent reduction of the gas contribution to global warming compared to traditional SF₆ equipment. Grid Solutions offers a wide range of SF₆-free switchgear up to 420 kV.

In addition, the GRiDEA portfolio has been enhanced with another gaseous SF₆-free technology for live tank circuit breakers, which allows the switchgear to operate in extremely low temperature environments.

A Commitment to Sustainable Practices

GE Vernova is committed to minimizing the environmental impact of its products throughout their entire lifecycle. Grid Solutions’ GRiDEA portfolio will include solutions that:

• Feature less raw materials thanks to the use of recycled materials like copper, aluminum and oil, as well as the replacement of copper wiring with fiber optics.
• Extend equipment lifespan through advanced monitoring systems and control switching devices, along with retrofit and modernization services to enhance long-term sustainability.
• Optimize the design and efficiency of transmission and distribution infrastructure, focusing on smaller, lighter, and more efficient products.

Philippe Piron, CEO of GE Vernova’s Electrification Systems business, emphasized the significance of this launch, saying, “The GRiDEA portfolio is more than just a suite of products; it’s proof of our commitment to driving the energy transition forward. By providing grid operators with solutions that not only reduce emissions but also improve efficiency, we’re enabling a future where electrification and sustainability go hand in hand.”

Eric Chaussin, GE Vernova’s Power Transmission business leader, added: “As the global grid evolves, it’s crucial that we equip our customers with solutions that are both innovative and adaptable. GRiDEA represents our dedication to delivering technology that meets the immediate needs of today while anticipating the challenges of tomorrow. This portfolio is designed to support our customers in their efforts to build a more resilient, low-carbon grid.”

Trusted Innovation for an Electric Future

The electrical grid is undergoing significant transformation, driven by the need to electrify while reducing carbon emissions. GE Vernova understands the importance of this shift and is committed to supporting it through the GRiDEA portfolio. This range of products and solutions is designed not only to meet current needs but also to anticipate future industry and environmental challenges.

With the launch of GRiDEA at CIGRE, GE Vernova is setting a new standard for grid transmission infrastructure, digitalization and sustainability. The portfolio reflects the company’s commitment to innovation and carbon reduction, providing grid operators with the equipment they need to contribute to a more sustainable energy future.

-ENDS-

Notes to Editors:

Complete portfolio of GRiDEA can be found here.

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.

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.

Bernard Dagher, who heads up growth and strategy for the Middle East and Africa (MEA) at GE Vernova’s Grid Solutions business, often reminds people why there are almost no landlines in Africa. As the story goes, cell phones arrived on the vast continent before it had strung up the thousands of miles of telephone wires needed for landlines.

• 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.

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

Congressman Paul D. Tonko cheered the announcement that a total of $22,899,840 will be delivered to GE Vernova Advanced Research Center in Niskayuna, NY to drive clean energy research and development, particularly in wind energy. This substantial funding, allocated through the U.S. Department of Energy, includes four projects for GE Vernova.

Varco Energy, a pioneering UK-based battery storage asset owner and operator, and GE Vernova’s Solar & Storage Solutions business, are pleased to announce a partnership for the development of a 57 MW / 138 MWh transmission connected Battery Energy Storage System (BESS) south of Liverpool, UK.