GE Vernova moves to Electrify and Decarbonise the World

GE Vernova has a goal to electrify and decarbonise the world. In the next step of that mission, the company has rung the bell at the New York Stock Exchange NYSE and become an independent, publicly traded company, stepping back from General Electric (GE).

GE Vernova embarks on an independent manufacturing journey

General Electric manufactures items across energy, aerospace and healthcare, building everything from ultrasound systems to jet engines. The company was founded in 1892, while its subsidiary GE Vernova was established in 2006.

Now, GE Vernova has officially completed its spin-off from GE and stands alone as an independent, publicly traded company.

“GE Vernova is uniquely positioned with a scope and scale of solutions across our Power, Wind and Electrification segments,” says Scott Strazik, CEO of GE Vernova. “Our solutions are helping communities across the world maintain reliable, affordable and secure electricity systems, while also increasing access to power and reducing carbon emissions. With growing global demand for electricity and decarbonised solutions requiring generation capacity expected to more than double by 2040, our work is more important than ever to improve the quality of life of the communities and people we serve, alongside our customers.”

Scott sees sustainability, innovation and lean manufacturing as at the core of how the company operates, which will guide GE Vernova in creating a more sustainable future. 

“We are building on GE’s rich history of innovation by investing approximately US$1bn annually in research and development to commercialise breakthrough technologies such as energy storage, hydrogen, carbon capture, small modular nuclear reactors, advanced wind turbines, and electrification software.”

GE Verona’s financial momentum is also building, with a strategy to deliver disciplined growth and drive margin expansion, higher free cash flow and effective capital allocation.

“Today is Day One of GE Vernova, and I am looking forward to seeing all the great things we will accomplish – together – on every day that follows,” Scott concluded. 

Sustainable manufacturing at GE

As a digital solutions innovator, GE aims to help their customers make better informed decisions, using GE’s intelligent devices, data analytics and applications. As explored in our Top 10: Digital Factories, the company utilises Industry X to advance digital transformation and innovation across its manufacturing.

During COP28, GE Vernova announced its collaboration with Alfanar Construction and the Saudi Electric Company, to assist in the transition of turbines run on fuel to natural gas instead. GE Vernova made a commitment that at least 10% of all steel purchased will be near zero emissions by 2030. 

“GE Vernova is proud to join the First Movers Coalition (FMC) as we focus on accelerating the path to more reliable, affordable and sustainable energy,” said Scott Strazik, CEO of GE Vernova. “As we continue our work to electrify and decarbonise the world, the FMC’s initiative provides an important opportunity to succeed in product stewardship and energy at the same time.”

This is why we included GE in our Top 10: Manufacturing Technology Companies. 

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