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![]() Headquarters in Cambridge, Massachusetts | |
Company type | Public |
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Industry | Energy |
Predecessors | General Electric |
Founded | April 2, 2024 |
Headquarters | Cambridge, Massachusetts, U.S. |
Key people |
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Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 80,000 (2024) |
Subsidiaries | |
Website | gevernova |
Footnotes /references [1] |
GE Vernova Inc., [2] formerly GE Power and GE Renewable Energy, is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts. [3]
GE Vernova was formed from the merger and subsequent spin-off of General Electric's energy businesses in 2024: GE Power, GE Renewable Energy, and GE Digital.
GE Power was founded as GE Energy, and was a division of General Electric. GE Energy was headquartered in Atlanta, Georgia. [4] GE Energy was founded in 2008, as part of a company-wide reorganization prompted by financial losses lead to the formation from GE Infrastructure division. [5]
In 2012, General Electric's GE Power division was created following the spin-off of GE Energy. [6]
Between April and June 2014, General Electric entered into negotiations to acquire the energy business of the French group Alstom. On 24 April 2014, the first information is published about General Electric's partial takeover of Alstom for $13 billion. [7] On 30 April, Alstom's board of directors accepts General Electric's €12.35 billion offer, for its energy business. [8] General Electric confirms its offer of $16.9 billion. [9]
In 2015, the Franco-American subsidiary GE Renewable Energy is created from the acquisition of the energy activities (Alstom Power and Alstom Grid) of the French multinational Alstom, which specialises in renewable energies. GE Renewable Energy was a manufacturing and services division of the American company General Electric. It was headquartered in Boulogne-Billancourt, France and focused on the production of energy systems that use renewable sources. Its products included wind (onshore and offshore), hydroelectric and solar (concentrated and photovoltaic) power generating facilities. [10]
In January 2016, General Electric announced that it was cutting 6,500 jobs in its energy division, GE Power. [11] In October 2016, General Electric announces the acquisition of LM Wind Power, a Danish company that is one of its main suppliers of wind turbine blades, for $1.65 billion. [12]
In May 2018, Alstom announced the sale of its interests in its three joint ventures with General Electric to General Electric for €2.594 billion. These joint ventures were active in the power grid, nuclear and renewable energy sectors. [13]
In July 2018, one month after buying all the shares in its joint venture with Alstom, General Electric announced a restructuring plan for the Hydro division, cutting 1,330 jobs worldwide, including 293 jobs in Grenoble, France even though GE had committed to creating 1,000 jobs in France when it bought Alstom's Energy division. [14] [15]
On 18 April 2021, GE Steam Power's management announced that it was reducing its job cuts plan, deciding to save 94 jobs and thus cut 144. [16] On 30 April 2021, the unions in France announced that they would continue to blockade the Steam Power site in Belfort ‘for as long as necessary’, also blocking the special convoy transporting a turbine to the Hinkley Point nuclear power plant in the UK. [17]
On November 9, 2021, General Electric announced that it would split into three publicly traded companies. The following year, they announced the names would be GE HealthCare, GE Aerospace, and GE Vernova. [18] GE Healthcare was the first to be spun off, on January 4, 2023. [19] GE Vernova was the second to be spun off. In preparation for the spin-off, GE Vernova, LLC was founded on February 28, 2023. [20] The LLC was incorporated on April 2, 2024, [21] as GE Vernova Inc. and was listed on the New York Stock Exchange under ticker symbol GEV. [22] After the completion of the two spin-offs, General Electric rebranded itself GE Aerospace. [23] [24]
In January 2022, France's EDF and General Electric agreed on a takeover of a major part of GE Steam Power (formerly Alstom Power), GE Power's nuclear activities. EDF will pay around €175 million for this transaction, once the cash and debt of the acquired business have been taken into account. This former Alstom Power business, valued at one billion euros, specialises in nuclear turbine-generator sets, in particular " Arabelle", and the maintenance services associated with the reactors deployed. The Arabelle nuclear turbine at Belfort, France is the most powerful in the world. [25] It sold this subsidiary to EDF in May 2024. [26]
As of 2 April 2024, GE Vernova is organised into four divisions based in the United States, France and Denmark:
Electricity generation is the process of generating electric power from sources of primary energy. For utilities in the electric power industry, it is the stage prior to its delivery to end users or its storage, using for example, the pumped-storage method.
General Electric Company (GE) was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston. The company had several divisions, including aerospace, energy, healthcare, and finance.
Alstom SA is a French multinational rolling stock manufacturer which operates worldwide in rail transport markets. It is active in the fields of passenger transportation, signaling, and locomotives, producing high-speed, suburban, regional and urban trains along with trams.
General Electric Company, doing business as GE Aerospace, is an American aircraft engine supplier that is headquartered in Evendale, Ohio, outside Cincinnati. It is the legal successor to the original General Electric Company founded in 1892, which split into three separate companies between November 2021 and April 2024, adopting the trade name GE Aerospace after divesting its healthcare and energy divisions.
Areva S.A. is a French multinational group specializing in nuclear power headquartered in Courbevoie, France. Before its 2016 corporate restructuring, Areva was majority-owned by the French state through the French Alternative Energies and Atomic Energy Commission (54.37%), Banque publique d'investissement (3.32%), and Agence des participations de l'État (28.83%). Électricité de France, of which the French government has a majority ownership stake, owned 2.24%; Kuwait Investment Authority owned 4.82% as the second largest shareholder after the French state.
Électricité de France SA, commonly known as EDF, is a French multinational electric utility company owned by the government of France. Headquartered in Paris, with €139.7 billion in sales in 2023, EDF operates a diverse portfolio of at least 120 gigawatts of generation capacity in Europe, South America, North America, Asia, the Middle East, and Africa.
EDF Energy is a British integrated energy company, wholly owned by the French state-owned EDF, with operations spanning electricity generation and the sale of natural gas and electricity to homes and businesses throughout the United Kingdom. It employs 11,717 people, and handles 5.22 million business and residential customer accounts.
Ansaldo Energia S.p.A. is an Italian power engineering company based in Genoa, Italy. The absorbed parent company, Gio. Ansaldo & C., was started in 1853 before it merged with Leonardo S.p.A. In 2024, the company's share capital was held between the Italian state investor, CDP Equity, (87.6%) and China's Shanghai Electric Group (12.4%).
According to the International Energy Agency, France has historically generated a very low level of carbon dioxide emissions compared to other G7 economies due to its reliance on nuclear energy. Energy in France was generated from five primary sources: nuclear power, natural gas, liquid fuels, renewables and coal. In 2020, nuclear power made up the largest portion of electricity generation, at around 78%. Coal energy is declining and due to cease. Renewables accounted for 19.1% of energy consumption in 2020. France has the largest share of nuclear electricity in the world. The country is also among the world's biggest net exporters of electricity. The country is increasingly investing in renewable energy and has set a target of 32% by 2030.
The Siemens Energy Sector was one of the four sectors of German industrial conglomerate Siemens. Founded on January 1, 2009, it generated and delivered power from numerous sources including the extraction, conversion and transport of oil and natural gas in addition to renewable and alternative energy sources. As of October 1, 2014, the sector level has been eliminated, including the Siemens Energy Sector.
GE Power was an American energy technology company owned by General Electric (GE). In April 2024, GE completed the spin-off of GE Power into a separate company, GE Vernova. Following this, General Electric ceased to exist as a conglomerate and pivoted to aviation, rebranding as GE Aerospace.
EDF Renewables is a wholly owned subsidiary of the French utility EDF Group, specializing in renewable energy production. As an integrated operator, the Group develops and finances the construction of renewable energy facilities, and manages operations and maintenance for its own account and for third parties.
GE Offshore Wind is a joint venture with Alstom and a subsidiary of GE Vernova, created in 2015 when most of Alstom's electrical power and generation assets were acquired by General Electric. GE's stake in the joint venture is 50% plus 1 share.
GE Wind is a division of GE Vernova. The company manufactures and sells wind turbines to the international market. In 2018, GE Wind was the fourth largest wind turbine manufacturer in the world. Vic Abate is the CEO of GE Vernova’s Wind businesses.
Atomenergomash JSC (AEM Group) (Russian: Атомэнергомаш, AEM Holding company) is a Russian power engineering company, a supplier of products for nuclear and thermal power plants, natural gas and petrochemical industry, shipbuilding, and special steel markets. It is the mechanical engineering division of Rosatom. Together with its subsidiaries it employees more than 17,000 people.
Under its commitment to the EU renewable energy directive of 2009, France has a target of producing 23% of its total energy needs from renewable energy by 2020. This figure breaks down to renewable energy providing 33% of energy used in the heating and cooling sector, 27% of the electricity sector and 10.5% in the transport sector. By the end of 2014, 14.3% of France's total energy requirements came from renewable energy, a rise from 9.6% in 2005.
GE Renewable Energy is a manufacturing and services division of the American company General Electric. It is headquartered in Boulogne-Billancourt, near Paris, France and focuses on the production of energy systems that use renewable sources. Its products include wind, hydroelectric and solar power generating facilities.
Vera Silva is a Portuguese engineer and the chief strategy and technology officer (CSO/CTO) at General Electric (GE) GE Vernova Electrification Systems division. She is one of the few women to hold a chief technology officer position in one of the top three players in the electricity transmission and distribution space. She works on electricity grids technology and renewable energy integration.
Arabelle Solutions, formerly GE Alstom Nuclear Systems, or GEAST, for ‘GE Alstom’, most of which was spun off from GE Steam Power, is a French multinational specialising in nuclear activities related to steam turbines (Arabelle) for the conventional island, present in nearly 16 countries including China, Finland, India, Romania and the United Kingdom, and headquartered in Boulogne-Billancourt, France. At Belfort, it is developing the Arabelle nuclear turbine, the most powerful in the world.