GREENVILLE, S.C. (March 3, 2025) – GE Vernova, Inc. (NYSE: GEV) announced today that it has completed its acquisition of Woodward, Inc.’s heavy duty gas turbine combustion parts business based in Greenville, S.C. This acquisition plays an important role in GE Vernova's strategy to invest in U.S. manufacturing and employment, while also strengthening its domestic supply chain.

“The completion of this acquisition adds resilience to our supply chain, aiming to deliver greater value to our customers and the energy sector,” said Eric Gray, President & CEO, GE Vernova’s Gas Power business. “I’m excited to now officially welcome these experts to the GE Vernova team and integrate them into our business.”

Combustion parts like those manufactured by these experts play an integral role in GE Vernova’s industry-leading gas turbines, supporting customers’ ability to meet growing energy demands from load growth, data centers and other areas.

The close of this acquisition is in addition to the Company’s previously announced plans to invest more than $160 million and hire more than 650 new employees at its Greenville facility which has had a strong presence in South Carolina for more than 50 years.

The team will be led by Shane Long, Global Supply Chain Leader, GE Vernova’s Gas Power business. GE Vernova acquired all assets related to Woodward, Inc.’s Greenville site, and the financial terms of the acquisition are not being disclosed.

HOUSTON (February 26, 2025) - NRG today joined GE Vernova and TIC, a subsidiary of Kiewit, in announcing a new venture aimed at rapidly bringing new electricity generation capacity to market in response to growing demand for computing power and generative AI (GenAI).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250225753165/en/

RIYADH, KINGDOM OF SAUDI ARABIA (February 25, 2025) – Under the patronage of the Ministry of Energy, GE Vernova hosted the exclusive ‘New Era of Energy' forum at the King Abdullah Petroleum Studies and Research Center (KAPSARC), Riyadh, Kingdom of Saudi Arabia.  At the event, Scott Strazik, CEO of GE Vernova, joined over 200 distinguished senior leaders from the public, private, and non-profit sectors across the energy ecosystem to exchange ideas, share solutions, and present best practices to further strengthen Saudi Arabia’s energy ecosystem in support of Saudi Vision 2030.

Additionally, GE Vernova’s annual Global Supplier Partnership Summit, was hosted with more than 300 GE Vernova supplier organizations in attendance. The event’s aim was to deepen the energy sector supply chain, drive national industrialization and economic diversification goals, and foster foreign investments to create greater shared value in the power sector.

Members of GE Vernova’s executive leadership team also met in Riyadh, prioritizing bringing the executive leadership team to the Kingdom within the first year of GE Vernova’s spin-off as an independent company trading on the New York Stock Exchange. They highlighted the 90-year strategic relationship between the Kingdom and the company, which has been marked by deep and continued cooperation on energy innovation.

“With a clear roadmap for Vision 2030 and beyond, Saudi Arabia is well placed to lead a new era of energy, and GE Vernova is honored to play a significant role in these efforts,” said Scott Strazik, CEO of GE Vernova. “We are applying technologies, skills, and knowledge from around the world to the Kingdom – including in our work at the GE Manufacturing and Technology Center campus and the Khobar Integration Facility. GE Vernova is proud to continue our near century of contributions to the Kingdom’s power sector, and today’s announcements underscore our commitment to investing and expanding our work in this important region.”

New initiatives and milestones announced at the event included the following:

• Plans to invest in manufacturing grid solutions in the Kingdom: In alignment with the Memorandum of Understanding (MOU) signed in November 2024 between GE Vernova and National Grid, GE Vernova announced the intent to make a significant investment to expand its GE Saudi Advanced Turbines (GESAT) facility located in Dammam. This will enable the local production of high-voltage gas-insulated switchgears, marking the establishment of the first GE Vernova facility of its kind in the Middle East. The investment is part of GE Vernova's broader strategy to support Saudi Vision 2030, including the timely delivery of essential, long-lead equipment critical for the modernization of the country's electrical infrastructure. It also underscores GE Vernova's commitment to deepening local industrial capabilities and generating employment opportunities for the people of Saudi Arabia.
• Expanded production capacity: GE Vernova will be expanding production capacity at its GE Manufacturing Technology Center (GEMTEC) facility in Dammam to advance grid automation products, services, and solutions in Saudi Arabia. This investment aims to accelerate grid digitalization and modernization, reinforcing its long-term commitment to a more efficient, reliable, and sustainable power network.
• First ever heavy-duty gas turbine outage led entirely by Saudi nationals: Saudi Electricity Company (SEC) and GE Vernova announced the safe and successful completion of the first gas turbine outage entirely planned and executed by GE Vernova’s Saudi engineers and specialists at the 8th Power Plant in Riyadh. The strategic facility plays a critical role in addressing the growing electricity demands. The outage execution highlights both companies' commitment fostering local talent within Saudi Arabia's energy sector.
• MOU with Saudi Electricity Company (SEC): GE Vernova’s Electrification Software business signed an MOU with SEC to help the country digitize, modernize, and accelerate on energy transition goals as it prepares for Vision 2030 and beyond. As part of the MOU, SEC will collaborate with GE Vernova and explore utilization of GE Vernova’s GridOS® the first software portfolio designed for grid orchestration. To support the adoption of the software, GE Vernova aims to help develop a Regional Center of Competency & Excellence in Riyadh.
• Protocols of Cooperation with Saudi EXIM Bank: In 2024, GE Vernova signed an MOU with Saudi EXIM Bank aimed at enabling the export of its goods and services from Saudi Arabia through lending and insurance support from Saudi EXIM Bank. Financing and insurance play an important role as Saudi Arabia progresses in diversifying its economy through the growth of non-oil exports. At the New Era of Energy forum, the two parties announced more detailed Protocols of Cooperation to define how they will work together moving forward by building on the previous MOU.

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CAMBRIDGE, Mass. (February 11, 2025) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer Scott Strazik will present at two upcoming sell-side hosted conferences in Miami, Florida to discuss how the company is a uniquely positioned industry leader, delivering on growing demand and creating value for stakeholders.

Strazik will participate in a fireside chat at the Citi 2025 Global Industrial Tech & Mobility Conference on February 19, 2025, from 8:50 AM - 09:30 AM EST. The following day, February 20, he will participate in another fireside chat at the Barclays 42nd Annual Industrial Select Conference from 08:40 AM - 09:10 AM EST.

Both conference webcasts and replays will be available through GE Vernova’s Investor Relations 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.

Yesterday, GE Vernova released its 2024 Annual Report, our first Annual Report as an independent, publicly traded company. The report includes a letter to shareholders from our CEO Scott Strazik, and our 2024 10-K. We encourage you to review the materials on our website at gevernova.com/investors/annual-report.

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.

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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*.