GE Vernova

Last updated

GE Vernova Inc.
Company type Public
Industry Energy
Predecessors General Electric
FoundedApril 2, 2024;22 months ago (2024-04-02)
Headquarters Cambridge, Massachusetts,
U.S.
Key people
RevenueIncrease2.svg US$38.07 billion (2025)
Increase2.svgUS$1.388 billion (2025)
Increase2.svgUS$4.884 billion (2025)
Total assets Increase2.svgUS$63.02 billion (2025)
Total equity Increase2.svgUS$11.18 billion (2025)
Number of employees
70,000 (2025)
Subsidiaries
Website gevernova.com
Footnotes /references
[1]

GE Vernova, Inc. [2] is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts. [3] The company operates through three main segments: Power, which designs, manufactures, and services gas, nuclear, hydro, and steam technologies; Wind, which provides onshore and offshore wind turbines and blades; and Electrification, which offers grid solutions, power conversion, solar and storage solutions, and digital technologies for the transmission, distribution, and management of electricity. [4] [5]

Contents

GE Vernova was formed as part of the breakup of General Electric (GE), which was founded in 1892 through the merger of Thomas Edison's Edison General Electric Company and Thomson-Houston Electric Company. In November 2021, GE announced plans to split into three independent public companies. [6] GE HealthCare was spun off in January 2023, followed by the spin-off of GE's energy businesses in April 2024 to create GE Vernova from the merger of GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services. [7] [8] The remaining aviation business became GE Aerospace. [9] [10]

GE Vernova engages in various contracts and partnerships with the U.S. government, including securing a deal to supply propulsion load systems for U.S. Navy testing facilities, [11] collaborating on cybersecurity assessments with the Department of Energy's CESER program, [12] participating in coalitions for small modular reactors with utilities like TVA to apply for DOE grants, [13] and working with the government to boost stockpiles of rare earth yttrium amid supply concerns. [14]

GE Vernova operates an Advanced Research Center in Niskayuna, New York, co-located on the historic GE Research campus that traces its origins to the company's 1900 establishment of one of the first industrial research labs in the U.S., founded by Thomas Edison, Willis R. Whitney, and Charles Steinmetz; this independent facility, separate from GE Aerospace's research center on the same campus, serves as a key hub for energy innovation. [15] [16] In 2025, GE Vernova announced an investment of over $105 million, supported by the State of New York, to expand the 50,000-square-foot center, creating 75 new research positions focused on technologies such as carbon capture, alternative fuels for power generation, AI and robotics for manufacturing, and advanced grid solutions. The center is characterized by a high concentration of advanced degree holders, with a significant majority of its research staff possessing PhDs in specialized engineering and physical science disciplines. Its workforce includes a global cohort of scientists and engineers recruited from top-tier technical universities and industrial research programs. [17] [18]

History

Founding of GE Power

GE Power was founded as GE Energy in 2008, and was a division of General Electric. GE Energy was headquartered in Atlanta, Georgia. [19] GE Energy was founded as part of a company-wide reorganization prompted by financial losses leading to the formation from GE Infrastructure division. [20] In 2012 GE Power was created following the spin-off of GE Energy. [21]

Acquisition of Alstom's energy business

Between April and June 2014, General Electric entered into negotiations to acquire the energy business of the French group Alstom. On April 24, 2014, the first information was published about General Electric's partial takeover of Alstom for $13 billion. [22] On April 30, Alstom's board of directors accepted General Electric's €12.35 billion offer for its energy business. [23] General Electric confirmed its offer of $16.9 billion. [24]

An offshore GE-Alstom Haliade 150 [fr]-6MW turbine in 2017. GE-Alstom 150-6MW nacelle at Osterild, 2017.jpg
An offshore GE-Alstom Haliade 150  [ fr ]-6MW turbine in 2017.

In 2015, the Franco-American subsidiary GE Renewable Energy was created from the acquisition of the energy activities (Alstom Power and Alstom Grid) of Alstom, which specializes in renewable energies. 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. [25]

In January 2016, General Electric announced that it was cutting 6,500 jobs in its energy division, GE Power. [26] In October 2016, General Electric announced the acquisition of LM Wind Power, a Danish company that is one of its main suppliers of wind turbine blades, for $1.65 billion. [27]

In May 2018, Alstom announced the sale of its interests in its three joint ventures with General Electric to GE for €2.594 billion. These joint ventures were active in the power grid, nuclear and renewable energy sectors. [28]

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. [29] [30]

On April 18, 2021, GE Steam Power's management announced that it was reducing its job cuts plan, deciding to save 94 jobs and thus cut 144. [31] On April 30, 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. [32]

Spin-off

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. [33] GE Healthcare was the first to be spun off, on January 4, 2023. [34] GE Vernova was the second to be spun off. In preparation for the spin-off, GE Vernova, LLC was founded on February 28, 2023. [35] The LLC was incorporated on April 2, 2024, [36] as GE Vernova Inc. and was listed on the New York Stock Exchange under ticker symbol GEV. [37] After the completion of the two spin-offs, the remaining part of General Electric rebranded itself GE Aerospace. [38] [39]

Sale of nuclear turbine business

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. [40] It sold this subsidiary to EDF in May 2024. [41]

Structure

GE Vernova is organized into four divisions based in the United States, France and Denmark:

References

  1. ↑ "GE Vernova 2025 Annaul Report (Form 10-K)". U.S. Securities and Exchange Commission. January 29, 2026. pp. 7, 38–39. Retrieved January 30, 2026.
  2. ↑ "EX-99.1". www.sec.gov. p. 3. Retrieved April 1, 2024.
  3. ↑ Rulison, Larry. "Seat of power at GE Vernova moving out of New York". Times Union. Retrieved March 31, 2024.
  4. ↑ "GE Vernova Inc. GEV - Quotes, Financials, News, Charts and Research". U.S. News & World Report. Retrieved February 3, 2026.
  5. ↑ "GE Vernova (GEV) Company Profile & Description". Stock Analysis. Retrieved February 3, 2026.
  6. ↑ "GE Aerospace launches as independent, public company following spin-off of GE Vernova". GE Aerospace. April 4, 2024. Retrieved February 3, 2026.
  7. ↑ "GE Vernova completes spin-off and begins trading on the New York Stock Exchange". GE Vernova. April 2, 2024. Retrieved February 3, 2026.
  8. ↑ "GE Unveils Brand Names for Three Planned Future Public Companies". GE HealthCare. July 18, 2022. Retrieved February 3, 2026.
  9. ↑ "General Electric: From Industrial Giant to Modern Spinoffs". Investopedia. Retrieved February 3, 2026.
  10. ↑ "Investor Relations". GE Vernova. Retrieved February 3, 2026.
  11. ↑ "GE Vernova secures contract for U.S. Navy's advanced propulsion load system testing". GE Vernova. October 3, 2024. Retrieved February 3, 2026.
  12. ↑ "CESER Strengthens Energy Sector Cybersecurity Through Expanded GE Vernova Collaboration". U.S. Department of Energy. December 11, 2025. Retrieved February 3, 2026.
  13. ↑ "U.S. Department of Energy announces $400 million in funding to accelerate deployment of the nation's first commercial small modular nuclear reactor". GE Vernova. December 2, 2025. Retrieved February 3, 2026.
  14. ↑ "GE Vernova working with US government to boost stocks of rare earth yttrium". Reuters. December 10, 2025. Retrieved February 3, 2026.
  15. ↑ "Innovation Inside Our DNA: GE Announces GE Research's Evolution into Three New Advanced Research Centers". GE News. October 2, 2022. Retrieved February 3, 2026.
  16. ↑ "GE Research lab, major innovation center, saved amid GE break-up". Times Union. September 17, 2022. Retrieved February 3, 2026.
  17. ↑ "GE Vernova hosts exclusive sneak peek of new Advanced Research Center facilities in Niskayuna, NY". GE Vernova. November 17, 2025. Retrieved February 3, 2026.
  18. ↑ "Investing in Manufacturing – helping to power the future". GE Vernova. Retrieved February 3, 2026.
  19. ↑ GE Company Organization Chart Archived February 15, 2010, at the Wayback Machine
  20. ↑ axcontrol (January 27, 2020). "A History of GE Speedtronic Turbine Control". AX Control, Inc. Retrieved April 1, 2024.
  21. ↑ Linebaugh, Kate (July 20, 2012). "GE Shake-Up Will Audition New Leaders" . The Wall Street Journal. Retrieved October 29, 2015.
  22. ↑ "General Electric Said in Talks to Buy France's Alstom", Aaron Kirchfeld, Matthew Campbell and Jeffrey McCracken, Bloomberg, April 24, 2014.
  23. ↑ "Alstom is considering the proposed acquisition of its Energy activities by GE and the creation of a strong standalone market leader in the rail industry". Alstom. 2014. Archived from the original on September 19, 2015.
  24. ↑ "GE offers $13.5 billion enterprise value to acquire Alstom Thermal, Renewables, and Grid businesses". General Electric. April 30, 2014. Archived from the original on November 29, 2018.
  25. ↑ "University of Nebraska". June 2023.
  26. ↑ GE veut supprimer 6.500 postes dans l'ex-pôle énergie d'Alstom Archived March 25, 2019, at the Wayback Machine , Veronique Le Billon, Les Échos, 13 janvier 2016
  27. ↑ GE to buy wind turbine rotor blades maker for $1.65 billion, Reuters, 11 octobre 2016
  28. ↑ "Alstom signs $3 billion agreement with GE to exit energy joint ventures". Reuters. May 10, 2018.
  29. ↑ https://www.usinenouvelle.com/article/ge-hydro-reduit-un-peu-moins-les-vannes-a-grenoble.N697324 GE Hydro réduit un peu moins les vannes à Grenoble
  30. ↑ https://www.liberation.fr/france/2018/10/14/un-an-apres-les-salaries-de-ge-hydro-ont-le-moral-a-zero_1684944 Un an après, les salariés de GE Hydro ont le moral à zéro
  31. ↑ "A Belfort, General Electric revoit à la baisse son plan social chez Steam Power". LeMonde.fr. April 18, 2021. Retrieved May 2, 2021.
  32. ↑ "Belfort. Le blocage se poursuit chez GE Steam Power et sera reconduit "tant que ce sera nécessaire", annoncent les syndicats". estrepublicain.fr. April 30, 2021. Retrieved May 2, 2021.
  33. ↑ "Commentary: Corporations break themselves up all the time. So why shouldn't regulators break up Big Tech?". Fortune. Retrieved March 28, 2024.
  34. ↑ Gryta, Thomas. "General Electric Sets Healthcare Division Spinoff Plans". WSJ. Retrieved March 31, 2024.
  35. ↑ "EX-99.1". www.sec.gov. p. 17. Retrieved April 1, 2024.
  36. ↑ Cornell, Joe. "General Electric To Split Into Two On April 2". Forbes. Retrieved March 28, 2024.
  37. ↑ "GE Board of Directors Approves Spin-Off of GE Vernova". Yahoo Finance. March 4, 2024. Retrieved March 27, 2024.
  38. ↑ Pound, Jesse (November 9, 2021). "GE to break up into 3 companies focusing on aviation, health care and energy". CNBC . Archived from the original on November 10, 2021. Retrieved November 9, 2021.
  39. ↑ Ganapavaram, Abhijith; Singh, Rajesh Kumar (November 9, 2021). "GE, an industrial conglomerate pioneer, to break up". Reuters. Archived from the original on November 9, 2021. Retrieved November 9, 2021.
  40. ↑ Marleix, Olivier (January 17, 2018). "Compte rendu No. 12 | Commission d'enquête chargée d'examiner les décisions de l'État en matière de politique industrielle, au regard des fusions d'entreprises intervenues récemment, notamment dans les cas d'Alstom, d'Alcatel et de STX, ainsi que les moyens susceptibles de protéger nos fleurons industriels nationaux dans un contexte commercial mondialisé". Assemblée nationale (in French). Retrieved February 10, 2022.
  41. ↑ "GE Vernova completes sale of portion of Steam Power activities to EDF | GE Vernova News". www.gevernova.com. Retrieved June 1, 2024.
  42. ↑ "L'entreprise dérivée de GE dans le domaine de l'énergie espère des jours meilleurs pour l'éolien en mer". Boursorama (in French). March 6, 2024. Retrieved April 4, 2024.
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