GE Vernova

Last updated

GE Vernova Inc.
Company type Public
Industry Energy
Predecessors General Electric
FoundedApril 2, 2024;21 days ago (2024-04-02)
Headquarters Cambridge, Massachusetts,
U.S.
Key people
RevenueIncrease2.svg US$33.2 billion (2023)
Increase Negative.svgUS$(0.9) billion (2023)
Increase Negative.svgUS$(0.4) billion (2023)
Total assets Increase2.svgUS$46.1 billion (2023)
Total equity Decrease2.svgUS$7.4 billion (2023)
Number of employees
80,000 (2024)
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 is a result of General Electric merging and spinning off its energy businesses: GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services. [4]

Contents

History

GE Power

GE Power was founded as GE Energy, and was a division of General Electric. GE Energy was headquartered in Atlanta, Georgia. [5] 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. [6]

GE Renewable Energy

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. [7]

GE Digital

GE Digital was a subsidiary of the American multinational conglomerate General Electric, headquartered in San Ramon, California. The company provided software and industrial internet of things (IIoT) services to industrial companies.

GE Energy Financial Services

GE Energy Financial Services was a division of GE Capital. The division was responsible for providing financial investments in energy infrastructure around the world. It was the only remaining division of GE Capital, a division of General Electric that was responsible for financial services.

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. [8] GE Healthcare was the first to be spun off, on January 4, 2023. [9] GE Vernova was the second to be spun off. In preparation for the spin-off, GE Vernova, LLC was founded on February 28, 2023. [10] The LLC was incorporated on April 2, 2024, [11] as GE Vernova Inc. and was listed on the New York Stock Exchange under ticker symbol GEV. [12] After the completion of the two spin-offs, General Electric rebranded itself GE Aerospace. [13] [14]

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References

  1. ↑ "GE Vernova Registration Statement (Form S-1)". U.S. Securities and Exchange Commission. March 13, 2024. pp. 149, F-4, F-6. Retrieved April 2, 2024.
  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. ↑ justyna (December 14, 2023). "GE Digital becomes part of GE Vernova". VIX Automation. Retrieved March 30, 2024.
  5. ↑ GE Company Organization Chart Archived February 15, 2010, at the Wayback Machine
  6. ↑ axcontrol (January 27, 2020). "A History of GE Speedtronic Turbine Control". AX Control, Inc. Retrieved April 1, 2024.
  7. ↑ "University of Nebraska". June 2023.
  8. ↑ "Commentary: Corporations break themselves up all the time. So why shouldn't regulators break up Big Tech?". Fortune. Retrieved March 28, 2024.
  9. ↑ Gryta, Thomas. "General Electric Sets Healthcare Division Spinoff Plans". WSJ. Retrieved March 31, 2024.
  10. ↑ "EX-99.1". www.sec.gov. p. 17. Retrieved April 1, 2024.
  11. ↑ Cornell, Joe. "General Electric To Split Into Two On April 2". Forbes. Retrieved March 28, 2024.
  12. ↑ "GE Board of Directors Approves Spin-Off of GE Vernova". Yahoo Finance. March 4, 2024. Retrieved March 27, 2024.
  13. ↑ 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.
  14. ↑ 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.
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