GE Vernova

GE Vernova is a standalone energy-technology company created from General Electric’s power, renewable-energy, and electrification businesses. The company officially began trading independently on the New York Stock Exchange on April 2, 2024, after GE distributed GE Vernova shares to its shareholders in a spin-off. [1] GE Vernova describes its investment thesis as a portfolio of Power, Electrification, and Wind businesses intended to provide technologies and services for electrification and decarbonization. [1]

Its Power segment includes gas, steam, nuclear, and hydropower technologies, while Wind covers onshore and offshore wind turbines and blades. [2] Electrification supplies grid solutions, power conversion and storage, and software for the transmission, distribution, conversion, storage, and orchestration of electricity from generation to consumption. [2] The company’s R&D program is directed toward energy-transition technologies and is expected to total approximately $5 billion cumulatively from 2025 through 2028. [2]

GE Vernova reports an installed base of approximately 7,000 gas turbines and about 59,000 wind turbines representing more than 120 gigawatts of wind capacity, and says services account for more than 55% of its backlog. [3] Its installed technologies are used in systems that the company says generate approximately 25% of the world’s electricity. [1] In the partnership context relevant to this database, GE’s predecessor energy business and China Huadian announced a $100 million joint venture in 2011 called Huadian GE Aero Gas Turbine Equipment Co., Ltd.; China Huadian held the majority share, and the venture was intended to develop distributed-energy combined-heat-and-power projects using aeroderivative gas turbines. [4] The joint venture predates GE Vernova’s independence, but it explains the entity’s historical connection to the Huadian relationship. [1] [4]