In the early hours of October 25, 2023, residents of Acapulco watched Hurricane Otis gather strength offshore. Forecasts had suggested a manageable storm. Instead, within less than 12 hours, Otis intensified from a Category 1 to a Category 5, with gusts exceeding 165 miles per hour.

In 2025, as GE Vernova celebrated one full year as a standalone company, the company took ideas that were only recently on the drafting board and put them into action. From small modular nuclear reactors to advanced grid software to a high-voltage superhighway on the Baltic Sea, a new world of innovations is emerging to electrify and decarbonize the world. Take a look at how 2025 was the year GE Vernova began making the future come alive today.

Neha Joshi first heard of ANYbotics in 2024, from a colleague who’d just deployed one of the Swiss company’s four-legged robots at a power site in Israel. Little did she realize that the next few weeks of her work life would involve taking data recorded in Israel, testing it in Schenectady, New York, where Joshi is based, and deploying a robot to another site in Ireland to confirm the findings.

As the heat of summer wanes and the Northern Hemisphere turns its gaze toward autumn, a different kind of anticipation grips the electric utility sector in the southeastern United States. The end of summer doesn’t mean a respite from volatile weather for the region. This change in seasons ushers in the peak of Atlantic storm season, and with each passing year the stakes are getting higher.

CAMBRIDGE, Mass. / SAN FRANCISCO & FORT WORTH, Texas (September 11, 2025) – GE Vernova Inc. (NYSE: GEV) and TPG, a leading global alternative asset management firm, announced today the signing of a binding agreement confirming the intent under which TPG will acquire GE Vernova’s Proficy® manufacturing software business (“Proficy”) for $600 million. GE Vernova may receive additional sale proceeds in the future depending on various outcomes and conditions. TPG will invest in Proficy through TPG Capital, the firm’s U.S. and European private equity platform.

The proposed transaction would establish Proficy as a standalone software business that helps its more than 20,000 customers manage complexity, enable greater efficiency, and improve connectivity across their industrial operations. Proficy’s software portfolio solves industrial challenges across discrete, process, and hybrid manufacturing, as well as metro transit and other infrastructure applications. Its fully integrated solutions include cloud-based and on-prem HMI/SCADA, MES, industrial data management, and analytics, offering architectural flexibility from equipment to the production line, plant, and full enterprise. In partnership with TPG, Proficy would continue to deliver enhanced and expanded offerings that meet the evolving needs of teams across the broader manufacturing and infrastructure sectors. This manufacturing software business currently comprises approximately 20% of GE Vernova’s Electrification Software revenues.

“We are excited to reach this agreement with TPG to position the Proficy business for independent success, while also generating significant proceeds for GE Vernova to reinvest in our core businesses,” said Scott Strazik, CEO of GE Vernova. “The Proficy portfolio provides critical tools for manufacturing and production customers around the world, and I’m confident that TPG will help this important business continue to grow and meet the expanding needs of the industry. GE Vernova remains focused on delivering solutions to help customers electrify and decarbonize the energy ecosystem, including growing GridOS®, our enterprise software and AI platform for grid orchestration. We recently expanded GridOS through our acquisition of Alteia, an AI computer vision and machine learning company, as we continue to position that business for the future.”

“Manufacturing is undergoing a renaissance driven by customers’ need to increase throughput, optimize operations, and augment workforces. Proficy’s mission-critical, integrated, and increasingly AI-enabled solutions are leading the way, enabling customers to run, monitor, and improve the production process,” said Art Heidrich, Partner at TPG. “We are excited to partner with GE Vernova and Proficy’s leadership team to accelerate growth and power customers’ digital evolutions.”

TPG has deep experience executing corporate carveouts to support and grow innovative software businesses, with investments that have included Boomi, Elite, Everfox, Hospitality Solutions, McAfee, and Wind River.

Upon the successful completion of the proposed transaction, TPG would own and control the Proficy business and GE Vernova would retain a board observer seat. The proposed transaction is subject to information and consultation with employee representatives and other customary closing conditions, including certain regulatory approvals, and is expected to close in the first half of 2026.

Evercore and Morgan Stanley & Co. LLC are serving as financial advisors to GE Vernova. Centerview Partners LLC is serving as lead financial advisor to TPG, and William Blair is also serving as financial advisor to TPG.

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About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

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 often address GE Vernova’s expected future business and financial performance and financial condition, the expected completion of the disposition of its Proficy Software business, the expected proceeds to be realized from such disposition and the use thereof, any potential future additional value to be realized in connection with such disposition and the performance of Proficy Software, 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 GE Vernova’s business operations, financial results and financial position and on the global supply chain and world economy.

CAMBRIDGE, Mass. (July 21, 2025) - GE Vernova Inc. (NYSE: GEV) and Alteia SAS today announced that GE Vernova has agreed to acquire Alteia SAS. Alteia is a France-based software company specializing in AI computer vision and machine learning, to bring visual intelligence into operations. The acquisition of Alteia is intended to further GE Vernova’s strategy to bolster AI capabilities and give utilities visual data solutions that provide situational intelligence and actionable insights.

GE Vernova’s GridOS® portfolio, within the Electrification Software business, helps utilities proactively plan for and operate the electric grid through disruptive events such as storms and wildfires that can impact the availability of reliable power to customers. GE Vernova currently offers Alteia’s software to customers through its GridOS® Visual Intelligence, which uses visual data and AI-enabled workflows to help utilities “see” the grid and assess damage, identify where vegetation should be trimmed, and inspect key assets along thousands of miles of electrical lines.

Through this acquisition, GridOS Visual Intelligence will further integrate visual data and operational data from core systems, like Advanced Distribution Management Software, to take action on the data and help utilities "see and sense" the grid, providing an enhanced level of situational awareness. Continued advancements of the AI-workflows will build on the insights delivered to help utilities reduce the probability of catastrophic events and enhance resiliency with expedited damage assessments to rebuild and restore the grid.

Scott Reese, CEO of GE Vernova’s Electrification Software business, said: “With this acquisition, we are excited to increase our investment in a critical element of our GridOS offering. Together with the Alteia team, whose expertise will help to advance our AI- and data-centric vision for GridOS, GE Vernova will be able to solve for critical pain points that our utility customers face every day and help them use visual data and AI in an actionable way to prevent disruptions or restore power quickly. This acquisition aims to further solidify our position as a data and AI leader in grid orchestration software and pave the way for additional use cases that could enhance the visual precision needed for modern grid operations.”

Michael de Lagarde, CEO of Alteia SAS, said: “We started Alteia with the mission to simplify visual data integration and analysis for utilities, a vision that aligns perfectly with GE Vernova’s GridOS portfolio. This acquisition is more than just a strategic step - it enhances our ability to deliver cutting-edge solutions to our clients while accelerating our AI roadmap for smarter, more efficient infrastructure operations. At a broader level, Alteia and GE Vernova share a deep commitment to tackling the urgent challenge of building and maintaining more resilient infrastructure networks. That’s why we are incredibly proud to join forces with the company that has been powering the world from day one.”

The financial terms of the acquisition are not being disclosed. The transaction is expected to close on August 1, 2025.

For more information on GridOS and how it can help utilities navigate the energy transition, click here.

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About Alteia
Alteia is a France-based software company headquartered in Toulouse, and a leading provider of AI-driven visual intelligence solutions, transforming how industries harness visual data for operational decision-making.

By enabling broad operational use of visual data, Alteia empowers businesses to extract actionable insights from images, 3D data, geospatial data and more, streamlining workflows and enhancing efficiency across critical infrastructure sectors.

At the core of Alteia’s technology is its advanced artificial intelligence (AI) stack, which enables grid operators and infrastructure managers to proactively address growing physical, financial, and compliance risks. By leveraging AI-powered analytics, these stakeholders gain unparalleled visibility into asset conditions, enabling smarter planning, risk mitigation, and cost optimization in an increasingly complex regulatory environment.

With a commitment to innovation and scalability, Alteia is defining the future of visual intelligence, ensuring organizations remain resilient, efficient, and future-ready.

GE Vernova Forward-Looking Disclaimer
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 often address GE Vernova’s expected future business and financial performance and financial condition, the expected completion of the acquisition of Alteia SAS, the expected performance of GE Vernova’s products and those it expects to acquire, 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.