GE Vernova Completes Spin-Off, Begins Trading On NYSE

GE Vernova has completed its spin-off from GE (NYSE: GE) and it will begin trading as an independent company on the New York Stock Exchange (NYSE) under the ticker symbol “GEV,” effective at the market opening today.

In a first for the NYSE, GE Vernova and GE Aerospace, which also launched as an independent company today, will ring the opening bell together at 9:30 AM ET.

“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” said Scott Strazik, CEO of GE Vernova.

“Our Power, Wind, and Electrification segments provide essential products and services to the electric power industry as we work to meet the growing power demands of economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is purpose-built to electrify and decarbonize the world, and I’m incredibly proud of what our team has accomplished with this milestone and excited to continue this journey alongside our customers and shareholders.”

GE Vernova currently provides up to 40% of Malaysia’s electricity needs with an installed power generation capacity of about 34GW, and is well-positioned to help drive Malaysia’s transition to a cleaner, greener energy future. With the largest base of installed gas turbines in Malaysia and a strong long-standing partnership with Tenaga Nasional Berhad (TNB), GE has grown together with the country’s power development needs.

GE Vernova’s H-Class technology has been installed at the new Sultan Ibrahim Power Plant in Pasir Gudang, Johor which is not only one of the most efficient and sustainable plants in the region, being able to burn up to 50% hydrogen blends, but has also generated approximately 2,500 job opportunities for the local community.

GE Vernova has more than 80,000 employees across more than 100 countries. Many of the world’s leading utilities, developers, governments, and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently. With an installed base of over 7,000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity.

At the company’s Investor Day in March, GE Vernova reaffirmed its 2024 financial guidance, and presented its 2025 financial guidance. Additionally, GE Vernova provided its outlook by 2028 including achieving mid-single digit organic revenue growth (Non-GAAP Financial Measure), 10% adjusted EBITDA margin, and 90-110% free cash flow conversion.

GE Vernova serves a vital USD265 billion industry segment that is estimated to grow to USD435 billion by 2030. Increased electrification and decarbonisation needs offer major opportunities, with generation capacity projected to more than double by 2040. To capitalise on this opportunity, the company is focused on executing with sustainability, innovation, and lean at its core and is building on its history of innovation by investing approximately USD$1 billion annually in research and development to drive breakthrough energy transition technologies.

The spin-off of GE Vernova was achieved by GE’s distribution of all shares of the common stock of GE Vernova Inc. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024. GE Vernova will announce its first quarter earnings on April 25, 2024 at 7:30 AM ET.

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