The wild Baltic Sea has produced its share of historic storms, and in the fall of 2023 it unleashed another titanic surge that pounded Germany’s north coast, causing 200 million euros’ worth of damage. But heavy weather is not enough to deter Germany in its quest to secure low-carbon energy; indeed, the same forces that drove that storm of the century in 2023 can be harnessed to produce electricity.

Last April, GE Vernova launched as a standalone company with a mission to electrify and decarbonize the world. The catalyst behind the change the company is creating is its 75,000-strong global team — their ideas, their energy, and their commitment. Meet a dozen of the people who helped GE Vernova get off to a running start.

The Enlightener: Vera Silva

LONDON (December 11, 2024) - Technip Energies (PARIS:TE), leader of a consortium with GE Vernova and construction partner Balfour Beatty – with the support of technology partner Shell Catalysts & Technologies – received Notice to Proceed by NZT Power Limited to execute a major(1) contract for the Net Zero Teesside Power (NZT Power) project in the United Kingdom.

NZT Power has reached financial close and has issued a Full Notice to Proceed to the Technip Energies-led consortium to start the full Engineering Procurement and Construction (EPC) package for the Onshore Power, Capture and Compression contract. Financial close follows the UK government’s recent announcement of a £21.7 billion pledge for projects to capture and store carbon emissions from energy, industry and hydrogen production.

This landmark project aims to be the world’s first gas-fired power station with carbon capture and storage. Up to 2 million tonnes of CO₂ per year will be captured at the plant and transported and permanently stored by the Northern Endurance Partnership. The plant could produce up to 742 megawatts of flexible, low-carbon power, equivalent to the average annual electricity requirements of more than 1 million UK homes, further supporting the UK's transition to a cleaner energy future.

Supported by the UK government, NZT Power could create and support more than 3,000 construction jobs and then generate 1,000 jobs annually during operations. This initiative is expected to attract private investment and help the UK to meet its climate goals and is aligned with the UK plan to reduce carbon emissions to net zero by 2050.

Technip Energies and GE Vernova, with the support of infrastructure group Balfour Beatty, plan to deliver a highly efficient combined cycle plant and associated carbon capture plant. Technip Energies will lead the integration of a state-of-the-art carbon capture plant using its Canopy by T.EN^TM solution, powered by Shell’s CANSOLV* CO₂ Capture System. The plant will be powered by GE Vernova's advanced 9HA.02 gas turbine, a steam turbine, a generator, a Heat Recovery Steam Generator, an Exhaust Gas Recirculation (EGR) system and benefit from GE Vernova’s maintenance service contract for 16 years.

Balfour Beatty, supported by Shell Catalysts & Technologies, together form the Carbon Capture Alliance (CCA). Alliance members are deeply committed to long-term investment in the UK and already possess a significant local footprint and supply chain.

Arnaud Pieton, CEO of Technip Energies, commented, “We are excited to partner with GE Vernova and Balfour Beatty on the first-of-its kind Net Zero Teesside Power project. This award confirms Technip Energies’ leading position as a provider of state-of-the-art integrated CCUS solutions. I would like to thank Net Zero Teesside Power for their trust. This groundbreaking project represents a significant milestone in our collective efforts to advance carbon capture technology at scale and support the UK’s ambitious climate goals through low carbon power generation from gas combined with renewables. By leveraging our Canopy by T.EN™ solution powered by Shell’s CANSOLV CO2 Capture System, we aim to set a new standard for low-carbon power generation. This project not only underscores our commitment to innovation and sustainability but also highlights the critical role of collaboration in driving the energy transition forward.”

Maví Zingoni, CEO, Power at GE Vernova commented : “We believe CCUS technology can be crucial to help decarbonize the planet, and we welcome the commitment from the UK government to invest in its implementation as well as NZT Power’s trust in our technology. Flagship projects like Net Zero Teesside Power can give the industry foundations to grow. We look forward to powering the station with our advanced H-Class combined cycle technology, as well as proceeding with the first commercial use of our Exhaust Gas Recirculation system and integration technologies, which aim to support carbon abatement by boosting the efficiency and performance of carbon capture.”

Leo Quinn, CEO of Balfour Beatty Group, said: “Net Zero Teesside is a transformational project, underpinning the UK’s transition to cleaner and greener energy consumption and driving regional economic growth in Northeast England. Today’s announcement takes us one step closer to realising this ambitious scheme, which will demonstrate collaboration at its finest and see us unite our unique strengths together with Technip Energies’ world-leading engineering and technology integration skills, Shell's state-of-the-art CANSOLV* CO₂ Capture technology and GE Vernova’s unparalleled power generation knowledge."

Elise H. Nowee, President of Shell Catalysts & Technologies, said: “Being selected as the carbon capture technology provider for Net Zero Teesside Power reflects the proven capabilities of Shell’s CANSOLV* CO₂ technology in delivering substantial, reliable emissions reductions at scale. This project also highlights the strength of our alliance with Technip Energies, which combines Shell Catalysts & Technologies’ expertise in technology licensing with Technip Energies’ excellence in project integration and delivery. Together, we are addressing the growing demand for scalable post-combustion carbon capture solutions. With the potential to capture up to 2 million tonnes of CO₂ annually, Net Zero Teesside Power marks a critical milestone in the UK’s journey toward net zero.”

(1) A “major” award for Technip Energies is a contract award representing above €1 billion of revenue. The award will be included in backlog in Q4 2024.

*CANSOLV is a Shell trademark.

About Technip Energies

Technip Energies is a global technology and engineering powerhouse. With leadership positions in LNG, hydrogen, ethylene, sustainable chemistry, and CO₂ management, we are contributing to the development of critical markets such as energy, energy derivatives, decarbonization, and circularity. Our complementary business segments, Technology, Products and Services (TPS) and Project Delivery, turn innovation into scalable and industrial reality. Through collaboration and excellence in execution, our 17,000+ employees across 34 countries are fully committed to bridging prosperity with sustainability for a world designed to last. Technip Energies generated revenues of €6 billion in 2023 and is listed on Euronext Paris. The Company also has American Depositary Receipts trading over the counter. For further information: www.ten.com

About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future.

In the UK, the company runs the only large-scale grid manufacturing facility, as well as numerous other major manufacturing sites. GE Vernova already helps to generate more than 30% of the UK’s electricity through its equipment. Its nuclear business, GE Hitachi, is one of the finalists in the Great British Nuclear competition.

About Balfour Beatty

Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.

We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.

Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.

Contacts

Technip Energies

Investor Relations                                         Media Relations

Phillip Lindsay                                                   Jason Hyonne

Vice-President Investor Relations                     Press Relations & Social Media Manager

Tel: +44 207 585 5051                                       Tel: +33 1 47 78 22 89

Email: Phillip Lindsay                                         Email: Jason Hyonne

Balfour Beatty

Antonia Walton 

+44 (0)203 810 2345

[email protected]

Teesside, the urban region perched on the muddy banks of the River Tees in northeast England, used to be a global beacon of industry. In the mid-19th century, the port of Middlesbrough forged its reputation as “Ironopolis,” boasting nearly 100 blast furnaces that roared away round the clock.

This year’s annual United Nations climate summit, COP 29, is the first COP meeting to focus on finance in 15 years, and among the major agenda items delegates have been discussing are financial commitments by wealthier countries to help developing nations transition their energy infrastructure away from coal and other high-emissions sources and toward more renewable forms of energy.

On a cold December afternoon in 2015, the lights blinked out, town by town, across western Ukraine. It was two days before Christmas, and by sunset more than 230,000 residents had lost power.

Maya Zabaneh has got an issue with Emily in Paris, the smash-hit rom-com about an American marketing executive adjusting to life in the City of Light. “Emily lives in an apartment, which would be really expensive here,” says Zabaneh, who’s based in the French capital, where she works as a global supply chain digital leader for GE Vernova. “I’ve got a classic studio,” she adds, gesturing at a cozy space that quadruples up as bedroom, living room, kitchen, and home office.

With net zero deadlines inching closer, the United Kingdom is in a race to ensure it has the capacity to generate enough electricity to keep the lights on throughout the country — while meeting its own legally binding mandates for carbon reductions.

Humans by nature are resource maximizers. Doing more with less — the essence of efficiency — is one of our oldest games. The economist Adam Smith thought deeply about the matter, which is why he is credited with devising the division of labor: the insight that better organizing factory worker tasks, rather than hiring more workers, is just as effective. But efficiency, which is a ratio, must be correctly understood.

LONDON (September 26, 2024) — GE Vernova’s Nuclear business, GE Hitachi Nuclear Energy (GEH), has progressed to the next stage of Great British Nuclear’s (GBN) Small Modular Reactor (SMR) competition.

The SMR competition is part of the government’s plan to revive nuclear power and for the UK to lead the global race to develop cutting-edge nuclear technologies. The shortlist has been narrowed to four candidates and in the next phase, successful companies will have the opportunity to bid for government contracts.

GEH’s 10th generation SMR design – the BWRX-300 – builds on decades of real-world operating experience and innovation, using a standard design, a proven delivery model and GEH’s experience with cross-border regulatory collaboration. GEH and Ontario Power Generation (OPG) are developing the first BWRX-300 at OPG’s Darlington site near Toronto. Early site preparation work has been completed, with construction expected to start in 2025 and commercial operation to commence by the end of 2029. A total of four 300 MW units are planned for the Darlington site.

Andy Champ, GEH UK Country Leader, said: "We have big ambitions for deploying our SMR technology in the UK, so we are proud to advance to the next stage of GBN’s competition. With site works already underway in Canada for our first BWRX-300 – the most advanced SMR project in the G7 – we are in a strong position to lead SMR deployment in the UK by leveraging our expertise in other markets.

Sean Sexstone, Executive Vice President, Advanced Nuclear, GEH said: “As the UK looks to deliver cleaner, cheaper and reliable energy solutions, the BWRX-300 offers a simplified, safer and scalable design that is tried and tested. We are ready to partner with GBN and the UK Government to deliver on our shared nuclear ambitions in the UK, accelerating the energy transition at pace.”

Building on a long and deep history in the UK, GE Vernova has a significant local footprint with four manufacturing facilities and more than 30 percent of the country’s electricity currently powered by its technology.

GEH is committed to developing its robust UK supply chain further for its BWRX-300, having recently signed a series of Memorandum of Understanding (MoUs) with Aecon, AtkinsRéalis, Jacobs and Laing O’Rourke. These agreements build on GEH’s previously announced collaboration with Sheffield Forgemasters to discuss how the Sheffield-based company’s forgings could help contribute to BWRX-300 deployment in the UK. GEH also held a SMR supply chain conference in Sheffield earlier this year, which was attended by over 150 UK businesses.

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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 planned and potential transactions, contract and project proposals and bidding processes, 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.