GE Vernova today released its first annual report since becoming an independent company, detailing how 2024 was a foundational year as the company positions itself to serve in an unprecedented era of electric growth. With 75,000 employees around the globe, the company’s technology helps generate approximately 25% of the world’s electricity.

CAMBRIDGE, MA (January 29, 2025) – GE Vernova Inc. (NYSE:GEV), America’s leading energy manufacturing company, is planning to invest nearly $600 million in its U.S. factories and facilities over the next two years to help meet the surging electricity demands around the world.

The new investments – expected to create more than 1,500 new U.S. jobs – will help drive U.S. energy affordability, national security, and competitiveness, and enable the American manufacturing footprint needed to support expanding global exports.

With worldwide energy needs forecasted to double, the substantial investments – the largest since the company’s spinoff in April – will help meet soaring customer demand, strengthen domestic supply chains, and continue developing cutting-edge American technology that helps power the world.

“These investments represent our serious commitment and responsibility as the leading energy manufacturer in the United States to help meet America’s and the world’s accelerating energy demand,” said Scott Strazik, CEO of GE Vernova. “These strategic investments and the jobs they create aim to both help our customers meet the doubling of demand and accelerate American innovation and technology development to boost the country’s energy security and global competitiveness.”

The new investments are the first 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 on December 10. Currently GE Vernova has more than 18,000 workers across 50 states in the U.S., with 18 U.S. manufacturing facilities and its global headquarters located in Massachusetts. The company’s technology helps produce approximately 25 percent of the world’s energy and is currently deployed in more than 140 countries.

Plans to expand gas turbine manufacturing
To support our previously announced plan to deliver up to 80 heavy duty gas turbines per year, resulting in an additional 20GW of electricity globally, GE Vernova intends to invest almost $300 million in support of its Gas Power business and build-out of capacity incremental heavy duty gas turbines. The new funding is projected to create more than 850 new jobs, and support a range of new projects, including: 

• In Greenville, SC, the company is planning to invest more than $160 million to support capacity growth, quality, industrialization and delivery efforts, and new testing capability with hydrogen fuel. These efforts are expected to create more than 650 new jobs.
• In Schenectady, NY, as previously announced, GE Vernova is planning to hire on more than 100 new jobs in 2025, and is investing over $50 million to support capacity growth and sustainability, industrialization and quality efforts.
• GE Vernova is planning to invest nearly $50 million combined in its Parsippany, NJ, and Bangor, ME, locations to support capacity growth and quality, industrialization and delivery efforts.

Plans to expand grid solutions business
GE Vernova is planning to invest a total of nearly $20 million to expand capacity at its Grid Solutions facilities in Charleroi, PA, which manufactures switchgear, and Clearwater, FL, which produces capacitors and instrument transformers. The investment is expected to result in a total of more than 260 new jobs at the two facilities. The investments are critical to meet rising demand for critical high-voltage grid equipment. The majority of the investment is planned for the installation of new assets to create additional capacity and improve productivity.

More resources for nuclear business
GE Vernova’s nuclear business, GE Hitachi, plans to invest more than $50 million to enhance safety, quality and productivity at its Wilmington, NC, factory and to launch its next generation nuclear fuel design, a critical component to the company’s small modular reactor, the BWRX-300. The BWRX-300 reactor is the only advanced design that includes an approved, existing fuel. Expanding capacity of the fuel manufacturing operation further positions the BWRX-300 as the most ready to deploy advanced reactor on the market.

This investment also seeks to expand automation at the plant, which has been manufacturing fuel since 1968 and serves much of the U.S. boiling water reactor fleet, strongly positioning it for the future as the demand for nuclear energy increases globally, particularly as several U.S. utilities restart retired plants.

More capacity for U.S. onshore wind factories
As it continues focusing on its workhorse product strategy, GE Vernova’s Wind segment is planning to invest nearly $100 million in its manufacturing facilities in Pensacola, FL, Schenectady, NY, and Grand Forks, ND, and its remanufacturing facilities in Amarillo, TX. These continuing investments aim to strengthen the U.S. supply chain for renewable energy through factory upgrades and tooling and fixtures investments, while improving customer and employee experience through a new experience center in Pensacola and office renovations in Schenectady.

Adding U.S. manufacturing capacity to support U.S. grid, demand for solar and energy storage
GE Vernova is planning to invest more than $10 million in its Pittsburgh, PA, facility to expand capabilities across its Electrification segment. This includes planned funding to house a new domestic manufacturing line for the company’s FLEXINVERTER, a key technology for utility-scale solar and energy storage applications. The total investment is expected to create more than 270 new jobs, with the new line producing both the 1500V and 2000V FLEXINVERTER. This will help enable utilities to seamlessly connect renewable energy sources to the grid, ensuring stable and consistent energy supply for homes and businesses.

Expanding leading energy innovation research hub
At its Advanced Research Center in Niskayuna, NY, a leading hub for energy technology and innovation, GE Vernova plans to invest almost $100 million in 2025 to strengthen the center’s electrification and carbon efforts, enable continued recruitment of top-tier talent, and push forward innovative technologies including direct air capture, alternative fuels for power generation, the grid of the future, critical infrastructure security and more. In partnership with New York Governor Kathy Hochul and Empire State Development, the State of New York is committing an additional $9.6 million in tax credits to the project. The company expects this investment will create 75 new research jobs. The company is also planning to fund Generative Artificial Intelligence (AI) work in Niskayuna at $15 million in 2025.

These new investments in U.S. facilities follow more than $167 million in funding in 2024 across a range of GE Vernova sites, helping create more than 1,120 jobs to continue U.S. leadership in energy manufacturing for the nation and exports for the world.

To learn more, visit our Investing in Manufacturing page.

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About GE Vernova
GE Vernova 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.

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’s website and LinkedIn.

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 often address GE Vernova’s expected future business and financial performance and financial condition, 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 memoranda of understanding and the expected impact of the relationships created thereunder, contract and project proposals, bidding processes, government review processes and competitions, 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.

Engine no. 1, Chevron and GE Vernova to power U.S. data centers

Tennessee Valley Authority, Bechtel, Sargent & Lundy and GE Hitachi plan initial construction and design for potential Clinch River SMR

Today, GE Vernova released its financial results for the fourth quarter and full year ending December 31, 2024. We built a strong foundation in 2024, marked by solid growth, as well as significant margin expansion and cash generation. We also reaffirmed our 2025 financial guidance for revenue, adjusted EBITDA margin*, and free cash flow*.

Built a strong foundation in 2024 with solid growth, significant margin expansion and cash generation

CAMBRIDGE, Mass., (January 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2024.

“GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins,” said GE Vernova CEO Scott Strazik. “Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

In 2024, GE Vernova orders of $44.1 billion increased +7% organically, with robust equipment growth in Power and Electrification and double-digit services growth in each segment. Revenue of $34.9 billion was up +5%, +7% organically*, driven by higher services and equipment volume, with positive price in all segments. Margins expanded significantly from higher volume, price, and productivity, more than offsetting inflation. Cash flow improved by over $1 billion year-over-year, primarily from adjusted EBITDA* growth.

Power

• Total year orders of $21.8 billion increased +28% organically, from strong demand for Gas Power equipment and double-digit services growth. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA margin grew +260 basis points, +180 basis points organically*.
• Secured a major contract for the Net Zero Teesside Power project in the United Kingdom in the fourth quarter, which is expected to be the world’s first gas-fired power station with carbon capture and storage.

Wind

• Total year orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion were down (1)% on a U.S. GAAP basis and organically*, driven primarily by Offshore Wind. Segment EBITDA losses improved by $0.4 billion.
• Secured more than 1 gigawatt of U.S. Onshore Wind repowering orders in 2024, an increase of 76% from 2023.

Electrification

• Total year orders of $15.7 billion increased +19% organically, driven by growing demand for grid equipment and services. Revenues of $7.5 billion increased +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA margin grew +530 basis points, +520 basis points organically*.
• Expanded its rapidly growing backlog, which included two HVDC orders in Germany and Korea in the fourth quarter.

Company Updates:

In the fourth quarter of 2024, GE Vernova:

• Achieved fatality-free operations, which remains a top priority.
• Declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of December 20, 2024.
• Approved an initial $6 billion share repurchase authorization, with 8,000 shares repurchased in late December 2024 for approximately $3 million.
• Monetized an incremental 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in China XD Electric Co Ltd., both part of the Electrification segment, resulting in approximately $0.6 billion of pre-tax proceeds.
• Invested $0.3 billion in capital expenditures including initiatives to expand capacity in Power and Electrification.
• Funded $0.3 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.

"We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded margins in each segment,” said GE Vernova CFO Ken Parks. “We closed the year with over $8 billion in cash, driven by positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our 2025 financial guidance.”

Guidance:

GE Vernova is reaffirming its 2025 financial guidance of revenue of $36-$37 billion, high-single digits adjusted EBITDA margin*, free cash flow* of $2.0-$2.5 billion, and segment guidance of:

• Power: Mid-single digit organic revenue* growth and 13%-14% segment EBITDA margin.
• Wind: Organic revenue* down mid-single digits and $200-$400 million of segment EBITDA losses.
• Electrification: Mid-to-high-teens organic revenue* growth and 11%-13% segment EBITDA margin.

Total Company Results

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the Company participated in various GE stock-based compensation plans. For periods prior to the Spin-Off, there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results. Downloadable historical segment expense financial information can be accessed here.

Power

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $6.6 billion increased +24% organically, led by Gas Power equipment with 24 heavy-duty units, and Hydro. Services orders decreased (6)% organically due, to strong prior year comparisons driven by the timing of transactional orders. Revenues of $5.4 billion decreased (3)%, increased +2% organically*, with Power services growth and higher HA deliveries more than offsetting lower aeroderivative shipments. Segment EBITDA was $0.8 billion and segment EBITDA margin was 14.9%, up +60 basis points, +30 basis points organically*, led by Gas Power with services volume, productivity, and price more than offsetting inflation.

Full Year 2024 Performance:
Orders of $21.8 billion increased +28% organically, led by robust demand for Gas Power equipment, and Power services growth of +10% organically. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA was $2.3 billion and segment EBITDA margin was 12.5%, up +260 basis points, +180 basis points organically*, driven by services strength, more profitable equipment volume, and continued productivity more than offsetting inflation.

Wind

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $2.0 billion decreased (41)% organically, primarily driven by a large U.S. Onshore Wind order in the fourth quarter of 2023. Revenues of $3.1 billion increased +20%, +21% organically*, driven by higher Onshore Wind equipment deliveries and price, partially offset by Offshore Wind. Segment EBITDA was modestly profitable and segment EBITDA margin was 0.6%, up +1,180 basis points, +1,100 basis points organically*, driven by Onshore Wind delivering its most profitable quarter in three years and decreased losses at Offshore Wind.

Full Year 2024 Performance:
Orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion decreased (1)% on a U.S. GAAP basis and organically*, primarily due to Offshore Wind. Segment EBITDA was $(0.6) billion and segment EBITDA margin was (6.1)%, up +440 basis points, +380 basis points organically*, primarily due to improvement at Onshore Wind.

Electrification

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $4.8 billion increased +122% organically, driven by higher demand for grid equipment and services. Revenues of $2.2 billion grew +11%, +12% organically*, driven by higher volume and price at Grid Solutions. Segment EBITDA was $0.3 billion and segment EBITDA margin was 13.0%, up +440 basis points, +500 basis points organically*, due to higher volume, price, and productivity.

Full Year 2024 Performance:
Orders of $15.7 billion increased +19% organically, driven by higher demand for grid equipment and Electrification services. Revenues of $7.5 billion grew +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA was $0.7 billion and segment EBITDA margin was 9.0%, up +530 basis points, +520 basis points organically*, due to higher volume, price, and productivity.

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions.

We believe the organic measures presented below provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

(a) Includes intersegment sales of $166 million and $103 million for the three months ended December 31, 2024 and 2023, respectively.

(a) Includes intersegment sales of $483 million and $414 million for the years ended December 31, 2024 and 2023, respectively.

We believe that 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 our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust.

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities.

2025 GUIDANCE: FREE CASH FLOW (NON-GAAP) 
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties.  These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the benefits we expect from our Lean operating model; our expectations regarding the energy transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer orders and projects; our actual and planned investments; our expected cash generation; our capital allocation framework, including share repurchases and dividends; operational safety; and our restructuring programs and strategies to reduce operational costs.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

• Our ability to successfully execute our Lean operating model;
• Our ability to innovate and successfully identity and meet customer demands and needs;
• Our ability to successfully compete;
• Market changes resulting in reduced demand for electricity and less carbon-intensive energy;
• Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business;
• Significant disruptions to our manufacturing and production facilities and distribution networks;
• Changes in government policies and priorities that impact funding and demand for energy;
• Geopolitical risks, including conflicts, trade policies, and other constraints on economic activity;
• Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services, the time required to address them, costs associated with related project delays, repairs or replacements, and the impact of any contractual claims for damages or other legal claims asserted in connection therewith, some of which may be for significant amounts, on our financial results, competitive position or reputation;
• Our ability to obtain required permits, licenses, and registrations and successfully execute our projects;
• Our ability to attract and retain highly qualified personnel;
• Our ability to develop, deploy, and protect our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Our ability to successfully identify, complete and integrate any acquisitions, obtain benefits we expect from our joint ventures and other investments, and redeploy proceeds we may receive from any dispositions;   
• The price, availability and trading volumes of our common stock, which will affect the timing and size of any share repurchases;
• Downgrades of our credit ratings or ratings outlooks;
• The amount and timing of our cash flows and earnings;
• Our ability to meet our sustainability goals and related market expectations and governmental requirements;
• The impact from cybersecurity or data security breaches;
• Legal and regulatory requirements that may restrict our business and projects or impose additional costs;   
• Natural disasters, weather conditions and events like hurricanes, floods, droughts, wildfires, and sea level rise, public health events or other emergencies;
• Tax law and policy changes;
• Adverse rulings and awards in legal and administrative proceedings; and
• Other changes in macroeconomic and market conditions and market volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections included in our information statement dated March 8, 2024, as may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Additional Information
GE Vernova’s website at www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

About GE Vernova
GE Vernova 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.

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’s website and LinkedIn.

WILMINGTON, NC (January 17, 2025) - GE Vernova’s nuclear business, GE Hitachi Nuclear Energy (GEH), today announced that it is part of a coalition of utility companies and supply chain partners that are collaborating to accelerate the deployment of the BWRX-300 small modular reactor (SMR) in the U.S.

Led by Tennessee Valley Authority (TVA), the coalition, which has submitted an application for $800 million in funding from the U.S. Department of Energy’s Generation III+ SMR program, includes Bechtel, BWX Technologies (BWXT), Duke Energy, Electric Power Research Institute (EPRI), GEH, Indiana Michigan Power – an AEP company, Oak Ridge Associated Universities, Sargent & Lundy, Scot Forge, other utilities and advanced nuclear project developers and the State of Tennessee.

“Nuclear power has a key role to play in reaching a cleaner and more secure energy future,” said Scott Strazik, CEO, GE Vernova. “Funding from this grant would play a critical role in the path forward, and we look forward to working with TVA and this strong team of utility and supply chain partners to accelerate the roll-out of small modular reactors in the United States.”

TVA has selected the BWRX-300 SMR for potential deployment at the Clinch River Site near Oak Ridge, Tennessee. If awarded DOE funding, TVA plans to accelerate construction of the first SMR at the site by two years with commercial operation planned for 2033.

“Nuclear is the most reliable and efficient energy the world has ever known,” said Jeff Lyash, TVA President and CEO. “It is the energy that will have a strong American-based supply chain and power the global economy.”

GEH also announced today that Duke Energy has entered into an agreement to invest in activities to advance the standard design and licensing of the BWRX-300 SMR technology and that American Electric Power (AEP) has selected the BWRX-300 for potential deployment at the Indiana Michigan Power Rockport Plant in Spencer County, Indiana, pending approval of the DOE funding request.

“On the heels of the significant progress that is occurring with the deployment of the first BWRX-300 at Ontario Power Generation’s Darlington site, these announcements signify the growing confidence the industry has in our SMR technology,” said Maví Zingoni, CEO, GE Vernova’s Power businesses.

Momentum continues to build around the global deployment of the BWRX-300. In March 2023, it was announced that Ontario Power Generation (OPG), TVA and Synthos Green Energy were joining GEH in a technical collaboration agreement through which contributors are funding a portion of the costs to design the BWRX-300, with the purpose of ensuring that the design is deployable in many jurisdictions.

OPG’s collaboration with GEH signifies a power synergy, merging OPG’s successful legacy in nuclear operations with GEH’s experience in boiling water reactor technology to drive a major energy initiative in Ontario, to deploy the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed with construction of the first unit expected to start later this year and commercial operations expected to commence by the end of 2029. A total of four units are planned for the site.

The BWRX-300, a 10^th generation design, is a key pillar of GE Vernova’s energy transition leadership. In addition to helping customers achieve decarbonization goals, the BWRX-300 is designed to reduce construction and operating costs by leveraging a unique combination of existing, certified nuclear fuel, plant simplifications, proven components and a design based on an NRC-certified reactor. Further, the BWRX-300 builds on decades of real-world boiling water reactor operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration.

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About GE Vernova
GE Vernova (NYSE: GEV) is 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.

GE Vernova’s Nuclear energy business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan.

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. Learn more: GE Vernova and LinkedIn.

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 often address GE Vernova’s expected future business and financial performance and financial condition, 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 memoranda of understanding and the expected impact of the relationships created thereunder, contract and project proposals, bidding processes, government review processes and competitions, 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.

SCHENECTADY, NY. (January 17, 2025) - GE Vernova’s Onshore Wind business announced that it received orders in 2024 to repower over 1 gigawatt of wind turbines in the U.S. The projects will use nacelles and drive trains manufactured in the U.S. at GE Vernova’s Pensacola, Florida facility, where approximately 20 percent of the workforce are veterans, to support U.S. energy abundancy, affordability, and security.

“As the United States works to meet the doubling of projected demand for more energy, repower projects like these help U.S. workers in U.S. factories take advantage of what we already have, where we already have it. Employees in our Pensacola facility and at the locations of partners across the supply chain are working to help us get the most out of our valuable energy assets already in the ground,” said Matt Lynch, General Manager of Repower at GE Vernova.

The orders were booked between the first and fourth quarters of 2024. These repower projects are expected to reach their commercial operation date between 2024 and 2027. The technical benefits of repowering are clear: Repowering increases the size, output, and longevity of existing turbines to capture more reliable renewable energy for a longer period of time. On a repowered project, older units are replaced with new, higher capacity turbines.

Vinayak Tilak, GM, Wind Services Operations, GE Vernova, said, “A repower project enables us to rejuvenate a wind farm to produce more annual energy production, extend life, and improve project availability.”

GE Vernova's Onshore wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to its customers' success for more than two decades, its product portfolio offers the next-generation high-powered turbines at scale that drives decarbonization through high-quality, more affordable, and sustainable renewable energy.

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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 Wind segment is focused on delivering a suite of wind products and services to help accelerate a new era of energy by harnessing the power of wind. The business comprises the Offshore Wind, Onshore Wind, and LM Wind Power businesses. Technologies provided to customers include the Haliade-X platform, our offshore wind turbine, and the next generation high efficiency 3-megawatt onshore wind turbine, as well as maintenance solutions and life extension optionality.

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.

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.

TOKYO (January 9, 2025) - GE Vernova’s Onshore Wind business announced today that it has signed an order to provide 14 4.2MW-117m* turbines for the Iwaya and Shitsukari wind farms being developed by Eurus near Higashidori, Aomori Japan. The order was secured in the fourth quarter of 2024 and the projects are expected to reach commercial operations in 2028.

The projects will enable both companies to support Japan’s goal of increasing the share of the national electricity mix from renewable energy from 36% to 38% by 2030, as outlined by the Ministry of Economy, Trade and Industry’s 6th National Electricity Mix. The announcement represents the fourth time that GE Vernova has announced an order or milestone in Japan since the beginning of 2024, and will bring the total amount of energy being supplied in the country by GE Vernova wind turbines to 1.8 GW.

Gilan Sabatier, Chief Commercial Officer, GE Vernova’s Onshore Wind business said, “We appreciate the trust that Eurus has shown in our GE Vernova technology. We are pleased to be able to support them on this project and look forward to continuing to enhance our relationship with them as they work to bring online more renewable energy both in Japan and globally.”

Masaru Akiyoshi, Executive Vice President, Eurus Energy Holdings said, “We are excited to deliver another operating renewable energy project in Japan. We are grateful for the people of Higashidori Village, Aomori, the administrative agencies, all partners and stakeholders who support this project. We look forward to working with GE Vernova to build this new wind farm in Aomori to provide renewable energy, building on our existing collaboration”.

GE Vernova's Onshore wind business has a total installed base of more than 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to its customers' success for more than two decades, its product portfolio offers next-generation high-powered turbines at scale that drives decarbonization through high-quality, affordable, and sustainable renewable energy.

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*Note to Editors: GE Vernova’s 4.2 MW turbine with a 117-meter rotor is what we refer to as the 4.2 MW-117m.

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 Wind segment is focused on delivering a suite of wind products and services to help accelerate a new era of energy by harnessing the power of wind. The business comprises the Offshore Wind, Onshore Wind, and LM Wind Power businesses. Technologies provided to customers include the Haliade-X platform, our offshore wind turbine, and the next generation high efficiency 3-megawatt onshore wind turbine, as well as maintenance solutions and life extension optionality.

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.

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.

CAMBRIDGE, Mass. (January 8, 2025) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its fourth quarter and full year 2024 financial results on Wednesday, January 22, 2025, before market open. GE Vernova CEO Scott Strazik and GE Vernova CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at https://www.gevernova.com/investors/events/ge-vernova-4th-quarter-2024-earnings-webcast.

The earnings press release and supplementary financial information, including reconciliations of non-GAAP financial measures, will also be posted at the same link on the GE Vernova Investor Relations website. A replay of the call will be made available as a direct download on GE Vernova’s website at https://www.gevernova.com/investors/events.

Additional Information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the company posts information from time to time.