GE Vernova

GE Vernova, Inc.

Company type	Public
Industry	Energy equipment and services
Predecessor	General Electric's energy-related units (GE Power, GE Renewable Energy, GE Digital, GE Energy Financial Services)
Founded	April 2, 2024 (2024-04-02) in Cambridge, Massachusetts, United States
Founder	General Electric (spin-off)
Headquarters	Cambridge , United States
Area served	Worldwide
Key people	Mavi Zingoni (Power), Eric Gray (Gas Power), Valérie Marjollet (Steam Power), Craig Ranson (GE Hitachi Nuclear Energy), Vic Abate (Wind), Philippe Piron (Electrification Systems), Scott Reese (Electrification Software)
Products	Energy equipment and services including power generation, renewable energy, nuclear energy, wind turbines, grid solutions, electrification software
Parent	None (independent public company)

GE Vernova, Inc., is a manufacturer and service provider in the energy equipment sector, with its main office located in Cambridge, Massachusetts.

Formed in 2024, GE Vernova emerged from the combination and spin-off of General Electric's energy-related units: GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services.

Origins of GE Power

Originally established as GE Energy in 2008, this division of General Electric was based in Atlanta, Georgia. The creation of GE Energy was part of a corporate restructuring aimed at addressing financial setbacks, evolving from the former GE Infrastructure division. In 2012, after spinning off GE Energy, the company rebranded this segment as GE Power.

Acquisition of Alstom’s Energy Division

During the period from April to June 2014, General Electric engaged in negotiations to purchase the energy division of French conglomerate Alstom. On April 24, 2014, GE announced a partial acquisition valued at $13 billion. By April 30, Alstom’s board had approved GE’s €12.35 billion bid for its energy business. Subsequently, GE confirmed its offer amounting to $16.9 billion.

The year 2015 saw the creation of GE Renewable Energy, a Franco-American subsidiary formed through the acquisition of Alstom Power and Alstom Grid. Headquartered in Boulogne-Billancourt, France, this entity concentrated on renewable energy technologies including onshore and offshore wind power, hydroelectricity, and solar generation.

In January 2016, GE Power announced workforce reductions totaling 6,500 positions within its energy segment. Later that same year in October, GE acquired Danish manufacturer LM Wind Power, specializing in wind turbine blades, for $1.65 billion.

In May 2018, Alstom divested its stakes in three joint ventures with GE—covering power grid technology, nuclear energy, and renewables—to GE for €2.594 billion. Following this transaction, July 2018 brought a restructuring initiative within GE’s Hydro division that resulted in cutting 1,330 jobs worldwide. This included eliminating 293 roles in Grenoble, France despite earlier employment commitments.

On April 18, 2021, GE Steam Power revised its layoff plans by preserving 94 jobs while reducing cuts by 144 positions. Nevertheless, by April 30 unions in France maintained blockades at the steam power facility in Belfort, obstructing a turbine convoy intended for the Hinkley Point nuclear power plant located in the United Kingdom.

Spin-off

On November 9, 2021, General Electric revealed its plan to divide into three separate publicly traded entities: GE HealthCare, GE Aerospace, and GE Vernova. The initial spin-off was GE HealthCare, which became independent on January 4, 2023. Subsequently, GE Vernova was established, with GE Vernova, LLC formed on February 28, 2023, and later incorporated as GE Vernova Inc. on April 2, 2024. This entity was then listed on the New York Stock Exchange under the ticker GEV. Following these separations, the residual company adopted the name GE Aerospace.

Divestiture of nuclear turbine operations

In January 2022, EDF and General Electric reached an agreement for EDF to acquire a substantial portion of GE Steam Power’s nuclear segment, previously known as Alstom Power. The transaction amount was approximately €175 million after adjustments for cash and debt. This division, valued at €1 billion, focuses on nuclear turbine-generator units, particularly the Arabelle model, along with related reactor maintenance services. The transfer was finalized in May 2024.

Organizational structure

GE Vernova functions through four main divisions with headquarters located in the United States, France, and Denmark:

• Power, managed by Mavi Zingoni (Cambridge, Massachusetts);
  • Gas Power, under Eric Gray (Schenectady, New York);
  • Steam Power (previously GE Steam Power), directed by Valérie Marjollet (Baden, Switzerland), primarily sold to EDF in May 2024 as Arabelle Solutions;
  • GE Hitachi Nuclear Energy, led by Craig Ranson (Wilmington, North Carolina);
  • Hydro Power (formerly Alstom Power Hydro) based in Grenoble, France;

• Wind, overseen by Vic Abate (Schenectady, New York);
  • Onshore Wind (Schenectady, New York);
  • Offshore Wind (formerly GE Offshore Wind/Alstom Wind) located in Nantes, France;
  • LM Wind Power situated in Kolding, Denmark;

• Electrification Systems, headed by Philippe Piron (Boulogne-Billancourt, France);
  • Power Conversion and Storage (previously GE Power Conversion) based in Paris-Saclay, France;
  • Grid Solutions (formerly Alstom Grid) located in Boulogne-Billancourt, France;

• Electrification Software, formerly known as GE Digital and led by Scott Reese (Charlotte, North Carolina).