GE Vernova

Overview
Activities

GE Vernova (NYSE: GEV) designs, manufactures, and services a range of products for electricity generation, transfer, conversion, and storage. As of December 2023, ~30% of the world’s electricity was generated using GE Vernova’s installed base of technologies. GE Vernova is a spin-off of the Power and Renewable Energy businesses of what was formerly General Electric (now GE Aerospace) and has been listed on the NYSE as an independent company since April 2024. The company generated revenue of USD 33.2 billion in 2023. 

GE Vernova operates under the following three business segments:

  • Power (~52% of total revenue excluding eliminations): Designs, manufactures, and services gas, nuclear, hydro, and steam technologies 

  • Wind (~29%): Carries GE Vernova’s wind generation technologies such as onshore and offshore wind turbines and blades

  • Electrification (~19%): Involves grid solutions, power conversion, solar and storage, and software for electricity management from generation to use.

The US was the company’s largest market, accounting for ~38% of total revenue in 2023. 

Europe (~25%), Asia (~16%), the Middle East and Africa (~12%), and the Americas excluding the US (~10%) were the other notable markets. GE Vernova’s medium-term plan focuses on achieving mid-single-digit organic revenue growth through 2024–2028 and improving its adjusted EBITDA margin to 10% by 2028. The company’s key strategic priorities include 1) delivering clean energy solutions, 2) decarbonizing existing energy portfolios, 3) increasing recurring revenue through services, and 4) focusing on a leaner cost structure. GE Vernova plans to reach net-zero emissions by 2050.

HQ Location:
5 Necco Street Boston MA USA
Founded year:
2022
Employees:
10,000+
Current-gen renewables
Current-gen renewables
Alternative Energy
Alternative Energy
Edge Computing
Edge Computing
Smart Factory
Smart Factory
Energy Optimization & Management Software
Energy Optimization & Management Software
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