(formerly a joint venture between Dussur and GE Vernova)

DAMMAM, Saudi Arabia (September 02, 2024) - The Saudi Arabian Industrial Investments Company (“Dussur”) successfully divested its 55% ownership stake in General Electric Saudi Advanced Turbines (“GESAT”) to GE Vernova Inc. (NYSE: GEV), bringing GE Vernova’s ownership to 100% in GESAT.

Since its establishment in 2017, GESAT has played an important role in meeting the Kingdom's demand for gas turbines, specifically through the localized completion of high-performance F-class and H-class gas turbines, and the manufacturing of post cast components and accessory modules.

GESAT is a successful joint venture that is supplying gas turbines and has manufactured more than 200 gas turbine modules to support power generation plants in up to 10 countries around the world, including Saudi Arabia.

In addition to GESAT’s above accomplishments, the company placed a great focus on transferring technological and industrial knowledge through trainings of Saudi cadres on gas turbine assembly and manufacturing processes. The trainings were completed at both GE Vernova’s Greenville site in the United States and the Belfort site in France.

“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents; and transfer knowledge in the field of gas turbine  technology,” said Dr. Raed Alrayes, Chief Executive Officer at Dussur.

He also noted that, “Dussur’s investment policy is to enter partnerships that establish transformational industries that the Kingdom needs or support its supply chains. After ensuring the stability and maturity of these industrial capabilities, Dussur exits with the aim of renewing its investments into new industrial opportunities of greater value to the local economy. Today, we are proud of the industrial capabilities that distinguish GESAT and can further grow under the sole ownership of GE Vernova.”

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa, said, “GE Vernova has been honored to partner with Dussur on GESAT since 2017. We have a strong legacy of almost 90 years of contributions to the development of Saudi Arabia’s energy infrastructure, with up to 580 employees in the Kingdom today. We intend to continue supporting economic diversification, localization, high value exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030. We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.” 

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate approximately 25% of the world's electricity and has a meaningful role to play in the energy transition in Saudi Arabia and around the globe.

###

About the Saudi Arabian Industrial Investments Company (Dussur)
The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment Fund (“PIF”), Aramco, and Sabic, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

Visit us at www.dussur.com, LinkedIn & X: @Dussur; For more information, you may contact us through: [email protected]

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 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.

المشروع السابق المشترك ما بين دسر و جنرال إلكتريك ڤيرنوڤا

الدمام، المملكة العربية السعودية (٢ سبتمبر 2024) اتفقت الشركة العربية السعودية للاستثمارات الصناعية (دسر) على بيع حصتها البالغة 55% في شركة "جنرال إلكتريك السعودية للتوربينات المتطورة" (جيسات) لصالح شريكها في المشروع، شركة جنرال إلكتريك ڤيرنوڤا، المدرجة في بورصة نيويورك بالرمز (GEV).

ومنذ التشغيل التجاري في العام 2017، ساهمت "جيسات" في تلبية طلب المملكة على توربينات الغاز، وذلك من خلال استكمال تصنيع توربينات الغاز عالية الأداء من الفئتين F وH محلياً، وتصنيع مكونات المسار الساخن بعد الصب وملحقات المحرك.

تعد شركة جيسات مشروعاً مشتركاً ناجحاً لتصنيع توربينات الغاز، حيث قامت بتصنيع ما يزيد على 200 ملحق مساند للمحركات لدعم محطات توليد الطاقة في 10 دول حول العالم، بما في ذلك المملكة العربية السعودية.

وبالإضافة إلى الإنجازات المذكورة، ركز المشروع بشكل كبير على نقل المعرفة والخبرات التكنولوجية والصناعية من خلال تدريب الكوادر الوطنية على عمليات تجميع وتصنيع التوربينات الغازية. وقد تم إكمال التدريب في موقع شركة جنرال إلكتريك ڤيرنوڤا في جرينفيل بالولايات المتحدة وموقع بلفور في فرنسا.

وفي هذا السياق، قال الدكتور رائد الريس، الرئيس التنفيذي لشركة دسر: "إن قرار دسر بيع أسهمها لشريكها شركة جنرال إلكتريك فيرنوفا يأتي بعد ان تحققت الأهداف الاستثمارية والتنموية من هذا الاستثمار. فمنذ استثمار دسر في جيسات تمكنت الشركة من توظيف وتدريب عدد من الكفاءات الوطنية الشابة؛ ونقل المعرفة في مجال صناعة التروبينات الغازية". وأضاف: " تتمثل سياسة دسر الاستثمارية في الدخول في الشراكات التي تؤسّس لصناعات تحويلية تحتاجها المملكة أو تدعم سلاسل الامداد الخاصة بها؛ وبعد التأكد من استقرار هذه القدرات الصناعية ونضجها؛ تقوم دسر بالتخارج وذلك بهدف تدوير الاستثمارات في فرص صناعية جديدة ذات قيمة أكبر للاقتصاد المحلي. نحن نفخر اليوم بالقدرات الصناعية التي تميز شركة جيسات والتي تمكنها من النمو بشكل كبير تحت الملكية الكاملة لشركة جنرال إلكتريك فيرنوفا ".

بدوره، قال جوزيف أنيس، الرئيس والمدير التنفيذي لقطاع طاقة الغاز في شركة جنرال إلكتريك ڤيرنوڤا في أوروبا والشرق الأوسط وأفريقيا: "تفخر شركة جنرال إلكتريك ڤيرنوڤا بهذه الشراكة مع دسر والتي أثمرت إطلاق مشروع جيسات في العام 2017. نحن نملك اليوم إرث قوي يمتد لنحو 90 عامًا في تطوير البنية التحتية للطاقة في المملكة العربية السعودية، ونضم فريق عمل محلي مؤلف من 580 موظفًا. ونعتزم عبر استثمارنا الموسع في ’جيسات‘ مواصلة دعم أهداف المملكة في مجالات التنوع الاقتصادي والتوطين والصادرات عالية القيمة، بالإضافة إلى جهود تطوير المواهب انسجاماً مع رؤية السعودية 2030. ونؤكد أيضاً التزامنا بالتعاون مع مختلف أصحاب المصلحة دفعاً لجهود تسريع انتقال المملكة العربية السعودية إلى انبعاثات صفرية من الغازات الدفيئة بحلول العام 2060".

يذكر أن شركة جنرال إلكتريك ڤيرنوڤا قد انبثقت عن شركة جنرال إلكتريك، وبدأت التداول كشركة مستقلة في بورصة نيويورك (NYSE) في 2 أبريل 2024. ومع إنتاجها لما يقارب 55,000 توربين رياح و7,000 توربين غازي، تساعد تقنيات جنرال إلكتريك ڤيرنوڤا في توليد ما يقارب من 25% من الكهرباء حول العالم، ولها دور مهم في تحول قطاع الطاقة في المملكة العربية السعودية والعالم.

-انتهى-

نبذة عن الشركة العربية السعودية للاستثمارات الصناعية "دسر"
تأسست "دسر" بموجب مرسوم ملكي، من قبل ثلاثة من أكبر الكيانات في المملكة وهي: صندوق الاستثمارات العامة، وشركة أرامكو السعودية، والشركة السعودية للصناعات الأساسية "سابك". وتهدف الشركة إلى تعظيم الأثر التنموي على الاقتصاد السعودي من خلال تنفيذ استثمارات صناعية استراتيجية مستدامة، بالشراكة مع رواد الصناعة بهدف توطين سلاسل القيمة في المملكة. وتعتمد دسر نموذجاً استثمارياً مستداماً يساعد على تطوير القطاعات الصناعية الرئيسية وسلاسل القيمة المرتبطة بها في المملكة، لاسيما تطوير الصناعات التحويلية في القطاعات ذات الأهمية الاستراتيجية.

يرجى زيارة، www.dussur.com

لينكدإن ومنصة X: @Dussur

للمزيد من المعلومات، يمكنكم التواصل معنا على: [email protected]

نبذة عن جنرال إلكتريك ڤيرنوڤا
شركة طاقة عالمية تركز على مختلف تقنيات انتاج ونقل الطاقة الكهربائية، تضم قطاعات الطاقة وطاقة الرياح والكهرباء، مدعومة بما يسمى وحدات "التسريع" الخاصة بها: الأبحاث المتقدمة، الخدمات الاستشارية والخدمات المالية. في ضوء خبرتها الواسعة التي تفوق 130 عاماً في مواجهة التحديات العالمية، تتمتع الشركة بمكانة فريدة للمساهمة في قيادة تحول قطاع الطاقة عبر الاستمرار في إمداد العالم بالكهرباء مع العمل في الوقت ذاته على إزالة الكربون. تساعد الشركة العملاء لاقتصادات الطاقة وتوفير الكهرباء الضرورية لضمان الصحة والسلامة والأمن والارتقاء بجودة الحياة. يقع المقر الرئيسي للشركة في مدينة كامبريدج بولاية ماساتشوستس الأمريكية، حيث تضم حوالي 75 ألف موظف في أكثر من 100 دولة حول العالم.

وانطلاقاً من هدفها وشعارها المتمثل بـ "الطاقة لتغيير العالم"، فإن تقنيات وحلول جنرال إلكتريك ڤيرنوڤا تضمن مستقبلاً للطاقة أفضل لناحية التكلفة المعقولة والموثوقية والاستدامة والأمان. وتهدف أعمال طاقة الغاز التابعة للشركة لتطوير تقنيات وخدمات متقدمة وفعالة باستخدام الغاز الطبيعي، بالإضافة إلى حلول للتخلص من الانبعاثات والمساعدة في مسيرة التحول نحو عالم أقل انبعاثات كربونية. كما تتفرد الشركة بإنتاج توربينات الغاز وتقنيات وخدمات محطات توليد الطاقة بالغاز، وتمتلك أكبر محفظة في العالم بحوالي 7,000 توربين.

تتجلى رسالة جنرال إلكتريك ڤيرنوڤا من خلال اسمها، إذ تحافظ على إرث جنرال إلكتريك العريق الذي يمثل الابتكار والجودة بينما يشير مصطلح "Ver"/ "verde" باللاتينية إلى اللون الأخضر أي الانتقال إلى تقنيات أكثر استدامة، وأما كلمة "nova"، المشتقة من الكلمة اللاتينية "novus"، فهي تدل على عصر جديد ومبتكر للطاقة منخفضة الانبعاثات. وتركز أهداف الشركة على المساعدة في توفير مستقبل مستدام لقطاع الطاقة وبحلول موثوقة وبأسعار معقولة، ويتلخص ذلك في شعارها "الطاقة لتغيير العالم". لمعرفة المزيد، الرجاء زيارة صفحة الشركة GE Vernovaولينكد إن.

للمزيد من المعلومات الرجاء الاتصال بـ:

عبير مسعود

مديرة الاتصال المؤسسي لمنطقة الشرق الأوسط وأفريقيا في شركة جنرال إلكتريك ڤيرنوڤا

[email protected]

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.

Algiers, Algeria (July 17, 2024) – GE Vernova Inc. (NYSE: GEV) today announced that it has secured a major order from Sonelgaz through their joint venture, GE Algeria Turbines (GEAT), to enhance Algeria’s grid infrastructure. The order, which was booked in the second quarter of 2024, involves GE Vernova supplying GEAT with high voltage (HV) equipment, components, and grid automation solutions for 134 substations by 2028. GEAT will integrate this equipment at its Ain Yagout facility in Batna, Algeria for Sonelgaz projects.

The contract follows the agreement signed between Sonelgaz and GE Vernova earlier this year to diversify GEAT's core business towards manufacturing of high and extra-high voltage substations and marks a substantial step forward in the collaboration between GE Vernova, Sonelgaz, and GEAT. The supplied equipment is expected to play a pivotal role in integrating renewable energy sources and ensuring a reliable power supply for Algeria's growing population and economy.

Mourad Adjal, CEO of Sonelgaz Group said: “This order is the result of the expansion of existing capabilities between Sonelgaz and GE Vernova, through the recent amendment of their joint venture to enable the deployment of grid solutions in addition to the production of high and extra-high voltage substation equipment to implement Algeria’s electricity transmission network development plan. It also represents the culmination of Sonelgaz’s efforts to support the national integration program by producing high quality and advanced technology equipment for the first time in Algeria and Africa, ensuring the transfer of expertise in this field to Algeria.”

Philippe Piron, CEO of GE Vernova's Electrification Systems businesses, commented, "Securing this major order is a testament to our commitment to advancing Algeria's energy infrastructure. We are excited to deliver our advanced grid solutions that will enhance grid efficiency and support Algeria's energy transition. This order reinforces our dedication to fostering local talent and creating job opportunities in the region.”

GE Vernova spun-off from General Electric Company (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. In addition to the GEAT joint venture with Sonelgaz, the company has a strong legacy of contributions to the development of Algeria’s energy sector, providing power generation, transmission, and distribution solutions, as well as software applications, and employs over 300 people in the country.

###

Notes to Editors:

Forward Looking Statements

This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements 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 Sonelgaz Group

The Algerian Electricity and Gas Company (Sonelgaz) is an Algerian energy industrial group established in 1969. It is responsible for the production of electricity, and the transmission and distribution of electricity and gas across the entire Algerian territory. It includes 11 subsidiaries in its core businesses, industry, and services, as well as joint venture companies. Sonelgaz supplies the entire Algerian territory with electrical and gas energy, serving as a driver of economic and social development in Algeria. It currently serves nearly 12 million electricity customers and nearly 8 million gas customers. With a capacity of nearly 26,000 MW, Sonelgaz aims to expand internationally by developing interconnections with neighbouring countries and the southern shore of Europe. Moreover, Sonelgaz has been entrusted with the realization of the ambitious project to produce 15,000 MW of renewable energy by 2035. To achieve this, Sonelgaz has recently launched and awarded the execution of the first phase of this project, consisting of 3,200 MW. 

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.

DAMMAN, SAUDI ARABIA; (July 1, 2024) In the presence of His Royal Highness Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. (NYSE: GEV) today announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT. As part of the event, GE Vernova also signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (EXIM) to enable the export of goods and services of GE Vernova from Saudi Arabia. The ceremony was graced by His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, and other esteemed guests to mark the occasion.

GESAT is a world-class gas turbine and component manufacturing facility and a JV between Dussur and GE Vernova. The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia. By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals. The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

Hisham Al Bahkali, President of GE Vernova in Saudi Arabia, said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030. GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW. GESAT is now further growing its ongoing success with the rollout of one of the most advanced gas turbines, completed in Saudi Arabia.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, said: “GE Vernova has close to 90 years of legacy in the Kingdom, reflecting our strong commitment to advancing the country’s goals for energy security, economic diversification, and talent development under Saudi Vision 2030. The rollout of the first HA unit completed at GESAT is a testament to our efforts in further deepening power sector capabilities in the Kingdom. The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system.”

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank. Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by H.E. Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.

ENDS

Notes to editors

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 planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

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 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. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

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.

BARCELONA, Spain (June 19, 2024) - As countries across Africa continue addressing their respective energy challenges, requiring diverse solutions for unique situations, GE Vernova Inc. (NYSE: GEV) remains committed to keep electrifying and decarbonizing the continent and will be a lead sponsor of the Africa Energy Forum taking place in Barcelona, Spain from June 25 - 28, under the theme Energy Systems of the Future – Balancing Africa’s Needs with Global Goals. The event brings together the continent’s key stakeholders, investors, and future leaders, covering vital areas such as project developments, technology innovations, and cross-sector opportunities and collaborations.

A recent report reveals that about 600 million people in Sub-Saharan Africa – up to 50% of the region’s population – do not have access to electricity. Moreover, power demand is forecasted to grow further by about 3% in 2024, emphasizing the need to balance energy transition aspirations with electricity availability. GE Vernova’s team of industry experts plan to exchange ideas on and share best practices to accelerate the path to more reliable, affordable, and sustainable energy for the continent at several sessions at the Africa Energy Forum, including: Tackling Grid Challenges to Improve Energy Systems; The African Gas Conundrum: Is it a Transitional Enabler or Not?; Investing in Senegal: A World Class Energy Partner; and Leveraging New Technologies to Lower Emissions and Promote Balance Across Energy.

Joseph Anis, President & CEO of Europe, Middle East & Africa for Gas Power at GE Vernova says: “Progress is indelibly linked to uninterrupted power supply in modern society. Investing in reliable and affordable electricity generation is as critical as advancing lower carbon power to support health, connectivity, safety, security, and improved quality of life. Accelerating Africa’s energy transition efforts will require cross-sector collaboration among the public, private, and not-for-profit sectors; the strategic deployment of multiple energy sources, including renewables and gas power; and investments in the grid together with software solutions. These steps can enable substantive reductions in emissions quickly and at scale, while advancing the technologies for low or near-zero carbon power generation and helping to meet the continent’s growing energy needs.”

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines globally, the company's technology base helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition. In Africa, GE Vernova-built technologies comprise up to 40% of installed power generation capacity. The company serves up to 260 customers across the continent and has a legacy of over 120 years of presence in Africa, supporting the development of critical infrastructure. It works across the electricity value chain on the continent, from generation through various power sources including wind, hydro, gas, and more, to providing transmission, distribution, and software solutions.

###

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 mission is embedded in its name – it retains its legacy, “GEV,” 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.

ANKARA, Turkey (May 28, 2024) - GE Vernova Inc. (NYSE: GEV) today announced it has signed a contract with Kalyon PV to supply its FLEXINVERTER^TM solar power station, as well as design and engineering services, to Kalyon PV in Viranşehir, Turkey. Inogen, GE Vernova’s regional solutions provider, will be in charge of the construction and installation of the solar power station.

GE Vernova’s solar power station is expected to power Kalyon Enerji’s 157 megawatt (MW) solar photovoltaics (PV) factory, making Kalyon Enerji one of the first companies in Turkey to produce solar panels using 100% renewable electricity when commissioned.

“We are proud to be a driving force behind Turkey’s transition to clean energy. By investing in solar panel manufacturing and providing these solar panels to large-scale solar power plants, we’re not only providing sustainable energy solutions, but also creating jobs and contributing to Turkey's energy independence,” said Dr. Murtaza Ata, Board Member of Kalyon PV.

"After having executed several Renewable Energy Resources Zones (YEKA) projects in Turkey, we are now focusing on industries that want to produce captive power at a utility scale for their self-consumption through PV projects, such as Kalyon PV’s solar power plant in Viranşehir, and renewable hybrid projects, including large scale storage. We offer a comprehensive financing to support our customers, which includes support from export credit agencies. This financing package enables us to provide competitive financing options to facilitate and scale up the adoption of renewable energy technologies in the energy sector," said Megi Gabriyel, Region Leader Solar & Storage Solutions, Middle East, Africa & Turkey at GE Vernova.

With 2.5 GWp/1.9 GWe of combined solar power capacity in Turkey, including commissioned and ongoing projects, GE Vernova’s FLEXINVERTER^TM technology is playing a pivotal role in the development of Turkey’s solar industry.

“Thanks to our strategic relationship with GE Vernova, we ensure seamless coordination of supply chain and field activities, addressing key challenges in project execution. Our professional teams, comprising more than one thousand employees, will provide continuous support, enabling swift intervention during both the installation and operation phases of the Viranşehir power plant,” said Ali Murat SOYDAN, Assoc. Prof. Dr., Chairman Inogen Group.

This collaboration builds upon an existing relationship, leveraging the success of Kalyon Enerji’s 1,347 MWp/1,000 MWe Karapinar solar power plant in the Konya Karapinar province, which deployed GE Vernova's FLEXINVERTER^TM solar technology. Commissioned in 2023, the Karapinar facility is Turkey’s largest single source of solar power to date. The project was part of the first Turkish solar YEKA GES tender launched in 2017 by the Turkish Ministry of Energy under the Renewable Energy Resources Zones (YEKA) program that streamlines the development of large-scale solar and wind farms.

Turkey's rapid expansion of its renewable energy sector, driven by a growing electricity demand and a commitment to reducing carbon emissions, positions solar power as a key driver of this growth. According to the International Energy Agency (IEA), Turkey aims to commission an impressive 10 GW of solar capacity between 2017 and 2027, with projections indicating a surge of approximately 500% to 52.9 GW by 2035. ¹

Additionally, GE Vernova is uniquely positioned to deploy its Battery Energy Storage Solution FLEXRESERVOIR^TM coupled with financing to support Turkey’s next phase of renewable energy projects with storage.

###

Notes to Editors
GE Vernova’s Solar and Storage portfolio includes the FLEXINVERTER^TM, the FLEXRESERVOIR^TM and the FLEXIQ^TM technologies. The FLEXINVERTER^TM solar power station is an integrated containerized solution that combines a solar inverter, a medium voltage power transformer, and an optional MV Ring Main Unit, all integrated in a standard 20-feet ISO high cube container. FLEXRESERVOIRTM is a systems integrated battery energy storage and power electronics solution for multiple configurations and market applications. FLEXIQTM is a digital platform that provides design, operation, and fleet management solutions to enable grid compliance and maximize lifetime customer value. These solutions reduce capital and operation costs and enable more reliable plant performance.

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 more than 80,000 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 Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls to drive dispatchable and reliable renewable energy solutions and to help with the transition to a cleaner energy future.

About Kalyon Enerji

“We produce clean energy for a self-sufficient world in energy. Guided by sustainability principles and development goals, we are working with dedication to continuous improvement and make impact investments.”

Kalyon Energy, emerged from Kalyon İnşaat, the locomotive company operating under the umbrella of Kalyon Holding, during the realization process of 1,350 MWp Karapınar YEKA GES-1 project and 1,000 MW YEKA RES-1 project of which the tenders were made in 2016 and the contracts signed in 2017 and reached to its current shareholding structure in 2022 after the acquisition of 50% of the shares by International Holding Company(IHC) from UAE.

By approaching the escalating energy demands of Türkiye and the world with a sustainability vision, taking into account both the country's targets and global needs, making our impact investments in clean energy, we play a prominent role in the fight against climate change.

Our top priority is to make energy accessible to everyone, including disadvantaged groups, by using clean and renewable energy sources. To this end, we focus our investments on solar and wind power plants. We also invest in energy storage facilities so that renewable energy can become widespread and a part of our daily lives.

In 2009, the United States Department of Energy was seeking a dose of radical thinking. Early that year, its newly created Advanced Research Projects Agency–Energy (ARPA-E) issued an open call for “the most revolutionary energy technologies.” If ARPA-E officials were expecting a steady trickle of ideas from business, academia, and research laboratories, they were wrong. They’d just opened the floodgates.

Dubai, UAE (May 6, 2024) – GE Vernova’s Gas Power business (NYSE: GEV) held the annual regional ‘Power Supplier Partnership Summit’ in Dubai, UAE, convening over 200 representatives from up to 135 organizations in person and virtually from across Europe, Middle East, Africa, and beyond.

The event featured insightful presentations and case studies, interactive discussions, and one-on-one meetings among senior representatives from GE Vernova and participating organizations. The themes covered revolved around safety, quality, power sector trends, challenges and opportunities, ideas on how to bridge gaps in the supply chain as various actors seek to decarbonize the region’s energy system while meeting growing demand, and more.

GE Vernova recognized select organizations with ‘Supplier Partnership Awards’ at the Summit for excellence in the areas of safety, quality, on-time delivery, competitiveness, and overall partnership. Awards were given to suppliers from various countries, including Algeria, Iraq, Libya and the UAE.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East & Africa (EMEA), said, “As organizations and governments look to accelerate the energy sector’s transition to net zero, we recognize that no one company or actor can deliver the world’s growing needs for more reliable, affordable, and sustainable power alone. Strengthening our vast network of diverse suppliers is a critical part of our strategy to maintain operational agility and help deliver the high quality solutions that our customers are looking for reliably and on time. By organizing events such as this annual summit, we contribute towards nurturing the regional supply chain and driving forward national industrialization and economic diversification goals to create greater shared value in the power sector.”

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate about 30% of the world's electricity and has a meaningful role to play in the energy transition.

GE Vernova has a long history in the Middle East, with a presence here that spans back up to 90 years. The company has provided power generation, transmission, distribution, and digital solutions to support the development of the energy sector across the region. Its investments in the GCC include the GE Manufacturing and Technology Center campus in Saudi Arabia, the GE Kuwait Technology Center, and the Jebel Ali Service Center in the United Arab Emirates.

###

NOTES TO EDITORS

Follow GE Vernova in Middle East & Africa on LinkedIn.

About GE Vernova
GE Vernova (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerators. 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. 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 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.